Goals for 2023

Making this post a little late, but here are my goals for 2023! My biggest priority will be growing Nathan’s Mobile PT and I’m excited to see where I will be by the end of 2023. I also have other goals related to financial/wealth and health/fitness, but with a focus on a few key goals to work towards rather than a lot of smaller goals.

This post will have my goals along with a a short description outlining what I’m planning to do, smaller targets and guidlines. Same as the years before, I’ll be posting a monthly progress report against these goals.

NATHAN’S MOBILE PT

Reach a revenue of $240,000 by the end of 2023

To reach a revenue of $240,000, I’ll need to hit an average of $20,000 in revenue per month. In 2022, I managed to reach a milestone of $51,000 in total revenue. This goal will mean I’ll need to increase revenue by almost 5 times. This is quite a big jump, but I’ve been working with a business coach in 2022 and I believe this is possible (but very challenging).

It may require a few changes later in the year depending on growth, and my role in the business might need to move away from admin/invoicing/client acquisition/staff management to more of a CEO role to focus on the growth and direction of the business. I’m super excited by this!

I did a few calculations, and to hit a target of $20,000 per month: I’ll need a minimum of 13 PTs, each with 5 regular clients having 1 session per week. This is definitely doable, and as mentioned above, if there are any changes to the model or how revenue is created this may make it easier to hit the target.

I’ll be tracking my monthly revenue against the target in the table below:

MonthRevenueTargetDifference
January$20,000
February$40,000
March$60,000
April$80,000
May$100,000
June$120,000
July$140,000
August$160,000
September$180,000
October$200,000
November$220,000
December$240,000
TOTAL$240,000

Generate $50,000 in profit by the end of 2023

In 2022 I was able to reach a total revenue of $51,000. However, my profit was essentially $0 as I have been operating on very thin margins and putting the money back into the business for growth (e.g., advertising costs).

With my goal above, and with a few minor changes I made in late 2022, I’m confident that I’ll be able to reach $50,000 in profit. However, I might put even more back in the business and therefore won’t be having a large amount of profit left over if I’m still looking to increase the size of the business (perhaps expand outside of Canberra). Hopefully my month to month revenue will show a profit.

It won’t really be an issue if I don’t achieve this goal by the end of 2023 due to the reasons above, but I’m hoping that with the foreseeable growth, I won’t require continued expenses on advertising for clients and staff, and therefore the expenses will be lower, but who knows what could happen 😛

MonthRevenueExpensesProfit
January
TOTAL

Gain 10 new clients every month (minimum of 120 new clients by the end of 2023)

In 2022, I was able to grow my business to have 22 total clients across a number of different trainers.

The reason I have this goal, is so I can focus more on ensuring I reach my revenue goal above. The income source for my business is people paying for personal training sessions, and unless I drastically change the model, I won’t be able to reach my goal without increasing the amount of training sessions.

Doing some rough calculations, to reach my income goal of $20,000 per month, this will require roughly 250 training sessions per month. Breaking this down further, this is 62 individual training sessions per week. Basing it on averages, to have 62 clients, I could have 13 personal trainers each with 5 clients. And if each client had 2 sessions a week, then it’s only 31 clients.

Taking that into account, reaching a revenue of $20,000 per month is a 4x increase in my current revenue, and therefore, a 4x increase in clients would get me there. So ending the year with more than 100 trainers would be amazing and something I’m aiming to do. Ideally I’d like 10 new clients per month.

For clients, I also need to have enough trainers. So to gain 10 clients each month I’ll also need to work on brining on more trainers per month. Currently, each trainer has on average 3-5 clients, with the ability to take on more. This supply vs demand of clients and trainers will be something I need to focus on, and clients do drop off every now and then depending on the situation.

MonthNew Clients
January
TOTAL

FINANCES/WEALTH

Reach a net worth of $250,000

While I fell very short of my goal last year (which was the same as this goal), I would like to be able to reach this goal in 2023. In 2022, there were a few big changes (like buying a property, market conditions, etc) which had a large influence on my overall net worth.

As of 1 January 2023, my net worth was $134,000 outlined in the below table. While $250,000 is a huge jump from where it is currently have, I have previously been able to grow it by approximately $70,000 in one year (2020), and with my goals for this year, I’m confident that after a growth of each component below (growth also applying to less debt), my net worth will be very close to $250,000. I’ve purposely made this goal challenging to achieve as I don’t believe in setting goals that are too easy. I could have set it at $200,000, but if I gained the $50,000 in profit as mentioned above, that will almost reach it.

Here’s my net worth grows over the years since I started tracking! 2019, 2020 and 2021 were awesome years for growth, whereas 2022 was very average and actually went down in overall value. Lots of things impacting this and the changes.

Here’s a table showing the monthly breakdown of growth needed to go from $134,040.98 to $250,000 over the course of 12 months:

MonthDollar GrowthPercentage GrowthTotal Dollar AmountTotal Percentage Growth
1$9,696.576.5%$143,737.5510.8%
2$9,696.576.5%$153,434.1214.2%
3$9,696.576.5%$163,130.6917.6%
4$9,696.576.5%$172,827.2621.0%
5$9,696.576.5%$182,523.8324.4%
6$9,696.576.5%$192,220.4027.8%
7$9,696.576.5%$201,916.9731.2%
8$9,696.576.5%$211,613.5434.6%
9$9,696.576.5%$221,310.1138.0%
10$9,696.576.5%$231,006.6841.4%
11$9,696.576.5%$240,703.2544.8%
12$9,696.576.5%$250,399.8248.2%
Consistent and linear growth shows that I’ll need to increase my net worth by roughly $10,000 per month to reach my goal. It sounds crazy, but with my normal growth in terms of savings, reducing debt, tax time, and growth from the business it’ll be fun to see if I can reach it.

Grow investment portfolio to $50,000

My share portfolio took a hit during 2022 (withdrew some of it to pay for a house deposit). My goal in 2023 is to start investing regularly again, and I’m aiming for $1,000 per month at a minimum. I will be trying to invest more than that, and I want to reach a portfolio value of $50,000.

This will also be dependent on how the market is performing in 2023. My portfolio has also be condensed into a few broader ETFs, and I’m happy with the composition at the moment. I made a few changes in 2022 and in very early 2023, but I’ll be sticking with these holding for the distant future. Some others may also be added but I’m happy with these:

Current holdings as at 15 January 2023.

HEALTH/FITNESS

Increase lean muscle mass by 3kg

My goal in 2023 is to focus on building muscle, and aim to increase muscle mass by 3kg. In 2022, my focus was all on fat loss, it went well but I realised that after I lost the fat mass, I had some decent muscle mass but not as much as I’d hoped after the years of training.

Without providing too much information on the principles of muscle gain, 3kg is actually a very high amount in one year for someone who isn’t a complete beginner. However, given I’ve never allowed myself to eat a lot of food to gain weight (excpet for 2021 which was pretty bad becuase I didn’t pair it with working out… so I’ll skip over that year), with the right amount of calories and protein, along with a good consistent workout routine, I’m confident that I can still build a decent amount of muscle mass in a year (even though I’ve been in and out of the gym for 10 years).

I’ve got Withings Body+ scales which show an awesome breakdown of muscle mass, fat mass, and other measurements. I’ll also be taking measurements with tape to assess any changes month to month. The goal will be to increase my weight each month, but keep it within a 500g to 1000g range to avoid additional fat gain.

If I do end up gaining a bit too much fat, I’ll go through a short cutting phase to drop a bit of fat mass and hopefully maintain muscle mass. Perhaps 25% body fat will be the limit, then I’ll drop back under 20%.

MonthWeight (kg)Muscle Mass (kg/%)Body Fat (kg/%)Muscle Mass Change (kg)
January84.663.4 / 74.917.9 / 21.2
TOTAL CHANGE

That’s it.

Those are my goals for 2023. Definitely the lowest number of goals I’ve had per year for a long time! But I’m really focused on these goals and I’ll do my best to acheive them.

What are your goals for 2023? Let me know in the comments below!

Nathan

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