If you want to get 2024 off to a good start, you’ve got to do some planning to make it happen. In this episode of Solopreneur Money, we’ll take the information you learned from the last episode about how your year went to plan for next year.
Make sure to start off on the right foot, listen to this episode to hear how.
You will want to hear this episode if you are interested in…
- Considerations as you move forward into the next year [1:22]
- Use your life wheel to plan for changes [4:21]
- Review your plan [10:12]
Use your life wheel to plan your next year
In the last episode, we took a look at the State of the Union for Solopreneurs. You learned about the life wheel and how to use that tool to assess the different aspects of your life. You can find the life wheel in my book The Solopreneur’s Money Manifesto, or you could also find one online if you still don’t have a copy of my book.
Now that you know what you need to work on the most you can take that information and apply it to next year’s plan.
What will your business look like next year?
Let’s see how that will work. Go back to your P&L statement in Quickbooks or whichever software you use to track your profit and losses. Use the information from the State of the Union Review to create a budget for the next year. This will help you understand what to expect.
Look to see if you notice a pattern over the years. Do you notice any extenuating circumstances that happened last year or in years past? Will your revenues be close to this past year’s? What else can you predict about your financial situation? Do you need to invest in your business? Will you need any new equipment?
Next, look for ways to save. How much will you set aside for reserves, retirement, and taxes? Can you bump any of those numbers up? Is there anything you want to change from last year? Do you want to change any of your investments?
Next, think about your life
Next plan your personal growth. How will you invest your time and money? Do you want to create a morning routine? Hire a coach? Invest in a few self-help books?
What are you doing for fun? Do you want to travel more? Make sure to plan so that you set aside enough money to have the fun you want to have.
Do you want to change anything about your physical environment? Will you be moving or doing any renovations around the house?
How about your romance? Should you plan more date nights or getaways with your significant other?
What are you doing to invest in your health? Do you want to hire a personal trainer or update your gym membership? Do you want to invest in your own equipment?
This isn’t a complicated exercise. I want you to keep it simple. Remember, you are a solopreneur so you can have more control over your time and money. So, plan ahead to ensure that you maximize both areas.
Resources & People Mentioned
Connect With Gabe Nelson
- BOOK – The Solopreneur’s Money Manifesto by Gabe Nelson
- FREE Downloadable Resources at https://www.gabenelsonfinancial.com/resources/
- EMAIL: Gabe (at) GabeNelsonFinancial.com
- Follow Gabe on LinkedIn
- Follow Gabe on Twitter: @GabeNelsonCFP
- Follow Gabe on Facebook
- Follow Gabe on Instagram:@GabeNelsonCFP
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