A Geek and her Babies

How one geeky Mom combines technology and old fashioned values to raise her babies.

What Are You Working For? May 5, 2009

Filed under: Uncategorized,Working at Home — geekch1ck @ 10:24 pm

I have been reading a lot about making goals for your business.  If you have been following along, you know that I must have my deadlines.  I also must know what my goals are.  What exactly am I working toward?

I don’t have an actual business plan (although I’m considering writing one) but I do have written down goals and plans to meet them.

For example, one of my goals is to be able to make enough money to pay for preschool for my son.  I love being a stay at home mom, but there are no kids around that are his age.  I am a firm believer in socialization, so he’s going to preschool a few days a week.

Writing down your goals is only the first step to defining what you are working toward.  It’s great that I know I want to put the baby in preschool but what exactly does that mean?  This is where you have to work a little bit.  You have to figure out the costs.

In my situation I had to figure some things out:

  1. How many days/hours do I want him to go?
  2. How much will it cost per month?
  3. Will I have to provide lunches?
  4. Are there any hidden costs (field trips, art supplies, travel costs)

Once I have that number, I have my base financial goal for the month.  I could take that number and say that I need to make x amount each month but without a little more work, I would come up short every month.

I need to know what my hidden costs for the business are. These are costs that you can’t really bill a client for.

  1. What fees do I need to pay regularly (association fees, credit card processing fees, etc.)
  2. How much are my office supplies (ink for the printer, paper, etc.)
  3. What do I have to put back for taxes?
  4. Any other hidden costs

I first need to pay the business costs before I can pay the preschool costs.

Finally, I need to plan for slow months.  I’m a crafter and a freelancer.  There are going to be months that I don’t meet my goals.  Hopefully, not many, but I still have to plan for them.  Preschools don’t accept IOUs when your business is slow.  Since it is my job that will pay for the daycare, I can’t expect to take the money from my husband’s income to pay for the slow times.  Therefore, I should have a few months of tuition in an emergency account.

Now I have a clearly defined plan for sending my son to preschool.  This is not my only goal, but it is a good concrete example of how I figure out how much I have to work each month.

Do you have clearly defined goals?  How did you come up with your plan of attack?


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