What are your recommendations on setting an income goal for a new business? When looking at the percentage chart for a business, I'd need to make over 500k as a business to obtain 50K plus as an owner's income from that business. How do you find a realistic but ambitious goal for an income with a new business? My business will be my backup primary income as I search for a regular job, it will also be used to pay for my education/living expenses once I start my doctorate program.
What is your owner’s compensation percentage from that breakdown. It looks like it’s around 10-15%?
That would be really LOW. Receiving $50k from a $500k business would SUCK lolol
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A new business income goal would be something to replace your full time position FIRST, then something to build toward the dream goal.
When I started my business, I knew I wanted to have a $83k a month business but I set my initial goal for $2,000 a month (because I started at $0-$500) lol, then after I hit that, I shifted the goal to $5000 a month, that was a dream, after that I shifted it to $10k a month, then $30k then $50k etc etc.