A Key Concept For Planning For The Growth Of Your Business
The second of the Three Key Concepts is Income.
At Middleton Elite Coaching, we believe there are Four Levels of Income that will motivate your growth, the growth of your team members, and the growth of your business.
These levels of income will play into your ability to recruit and retain talented team members. The level of talent on your team will influence your ability (or inability) to grow your business.
Related: While we’re on the subject of income, here is a quick link to a 6-part mini-series on The 4 Points of Retention: Income. It’s worth a watch.
Now onto the Four Levels of Income. Dive in!
The survival level of income is the level we do not want to find ourselves or our team members.
Individuals in the Survival level of income are barely making enough to get by. There is no breathing room between you and life. You cannot do anything fun.
The comfortable level of income is just that, comfortable. You have a little room to breathe. With the ability to breathe, you can focus on the important work that needs to be done without cringing when you look at your bank account.
At one point or another during the growth of your business, you have likely found yourself living within the comfortable level of income. You probably desire more comfort than comfortable. Us, too.
The fun level of income is rarely having to say “no” to anything you want to do.
To find yourself in the fun level of income, you will need to have a steady income stream that offers you the ability to take that bucket list trip or buy that new sports car, without batting an eye.
We all want ourselves and our team members to work toward a fun level of income.
If you are currently there….isn’t it fun?
4. HOLY COW!
The Holy Cow! Level of income is the point at which you say “Holy Cow! That’s a lot of money”.
If you are in the Holy Cow! Level of income, you have more money than you could imagine.
Accurately planning for your business growth means planning for your financial future, and for the future of the members of your team.
It is ideal to plan for your team members to be operating between the income levels of Comfortable and Fun within a 12-18 month period.
As part of your business growth planning, you should include a strategy for guiding your team into the Fun level of income.
Are you interested in learning more about The Four Levels of Income? We teach this concept and so much more in our On-Demand Courses. CLICK HERE to learn more!