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7 Ways to Turn Your Dreams Into Reality

Dreams without action is a world of make believe. Consider the following.

• 96 percent of college professors believe they have above average teaching skills.
• 50 percent of high school students believe they will attend law school, medical school or grad school.
• Time magazine asked in a survey, “Are you in the top 1% of wage earners?” Nineteen percent said yes! And 36 percent expected to be.

Really?!!!

A dream without a plan is soon exposed.

“When the tide goes out, you discover who’s been swimming naked.” —Warren Buffet

John Kotter has said there are two kinds of people in the world: those who accept their life, and those who lead their life. Some people just get up, look at their life and hope something good will happen. The successful person says:

• I’m going to make something happen.
• I’m going to build on trust.
• Make that relationship work.
• Take control over the things I have influence over.
• Lead my life.
• Create a personal learning agenda that will help fulfill my dreams.

The obvious lesson? The key to transforming dreams into reality is to set goals that can be broken down into doable steps.

“The secret to change is one step at a time.” —Mark Twain

Is there a gap between what you know or the skills you have, and the information or the skills you need to actualize your dream? These seven steps will help.

Related: 7 Steps to Achieve Your Dream

1. Start with the end in mind.

Determine your goals and ask yourself: Where do I want to be next year? What do I need to do to accomplish these goals? Your answers instantly become your learning agenda.

2. Assess the skills or knowledge you’ll need.

Some goals won’t require new skills or knowledge, but others will. What specific skills are needed to make your dream(s) come true? What skill that you already possess would you like to improve by 25 percent within the next year?

3. Explore the best sources.

Is it going back to school? Enrolling in a training course offered by your employer? Developing a relationship with mentors and/or co-workers who can teach you skills or give you insights? Look for that optimal source for every skill you decide you need to learn.

4. Create your learning agenda.

You now have the information, so start creating your learning plan. It should lay out the skills and knowledge you need to acquire. It should include a timeline of where and when you will go about it. And it should be in writing, on no more than one page. It’s too easy to lose your “ball” in the weeds.

5. Begin with the most important.

Don’t start with the hardest or the easiest. What is the most important thing you can do right now? Evaluate and then rank them according to value. Enroll your action plan into M.I.T. (Most Important Thing).

6. Get moving.

Execute. What is your W.O.W. (Within One Week)? What step will you commit to this next week?

And of the utmost importance….

7. Identify your limiting beliefs.

We all have them. When you identify them, they begin to lose their power. Don’t doubt your dream.

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12 Tips on Deciding Your Own Salary as a Business Owner

It’s your company—and you’re the one who has the most at risk, financially and otherwise, if it fails. But you’re also in the unique position of setting the tone for what will hopefully be a thriving business. The question is, how do you decide what your own salary should be?

 

 

1. Pay Yourself Less to Start

You’ll have the big payoff down the road, right? If so, it’s fair to pay staff more than you to start. If they know it, they’ll appreciate your sacrifice more and be willing to work harder for you. Plus, paying yourself less means you’ll have extra funds to hire an extra employee, or invest in other growth areas. Paying yourself less provides the right incentives for the long run.

2. Consider Your Exit Strategy

This depends on your exit strategy. If the goal is to grow the company as fast and big as possible to be acquired, increasing salaries stunts the growth of the company because that money could have been invested back into the business. On the other hand, if the goal is to create a lifestyle business with no intention of becoming acquired, then pay yourself enough to buy that shiny sports car!

3. Use a Three-Pronged Approach

When looking at salaries (management or staff) we keep the following three considerations in mind: 1.) Comfort: We need people focused on their jobs, and not survival. 2.) But, without getting too comfy. They still need to be hungry enough to want to advance the company. 3.) Reinvestment: We make sure to reinvest enough of our revenues back into growing the company for everyone’s future benefit.

 4. Don’t Live on Ramen

Make sure your take-home salary is decent enough to keep your family happy. It does no good for you, your family, or your business if you are always stressed out on these fronts. A peaceful mind can bring amazing results in business, trumping the shortening of your runway a tad.

5. Ask Your CPA or Financial Planner

In the early days, founder salaries should be as small as possible to keep money in the business. My co-founder and I celebrated our one-year anniversary by doubling our monthly salaries from $1,000 to $2,000! As your company grows and cash flow improves, work with your CPA to make sure you’re taking everything into consideration for your compensation, from taxes to retirement planning

6. Pay Yourself Base Plus Percentage of Growth

If your start-up is in the black, then you should definitely pay yourself a reasonable wage. You may not ever see an exit, so making sure you have a reliable salary is important. Start with what you feel you can comfortably live on and then attach a bonus to the percentage you grow month over month. It’s a great way to give yourself a little reward and taste the fruits of your labor

7. Calculate the Cost of Your Replacement

When you are first starting out, every dollar counts. From the days when you are not paying yourself a salary or taking a rent-only salary, it’s pretty easy to undervalue yourself. Once you get past break-even and you are trying to decide on a payment schedule, think about how much you would pay a salaried employee who would replace you. What would that CEO/founder be worth?

 8. Use One Standard for Everyone

You need to have a standard calculation of payment for each job—one method for determining all salaries. Being an owner of the business is distinct from being the CEO; you have equity in the company as well as your pay. How you determine your pay must be the same as how you decide everyone else’s.

9. Incentivize Yourself

Incentivize yourself in a similar way to how the rest of your team is incentivized. You have to deliver just like they do, and that way you can base your compensation on the percentage of company growth and other data-driven metrics.

10. Live Well, But Not Like a King

Build from the ground up what your living costs are, month by month (the essentials—rent, car, food, medical, insurance). Then add in some leisure. See where it’s at compared to staff. Live well, don’t live like a king—if you’re convinced of success, short-term cash is of little import compared to equity. It also motivates employees and investors if that confidence is shown.

11. Don’t Compare

Pay staff members whatever you need in order to keep them from leaving. Pay yourself whatever your CPA tells you to.

12. Practice Fairness

This can be a really tough call for anyone at the top of the chain. Practice fairness to the best of your ability, and do your absolute best to make sure that all of your employees are getting rewarded sufficiently for their talents and work. Taking good care of your employees should be a big priority.