Do you want to make a step up in your own business revenue? Did you set a New Year plan for profits that you are still quite a way from achieving?
I often see clients who ADORE their business, love what they do and because it’s a passion of theirs, money is second in the IMPORTANT queue…
I ran a franchise with a company called House of Colour for many years and it was and my DREAM job. I used to say, ‘it’s not like real work’.
HOWEVER, I knew that I wanted to make money, enough to pay the investment back and enough to afford the nicer things in life. A little bit to prove to myself I could earn good money and a lot to do with justifying why I was sometimes working on a Saturday.
SO, I got focused on the end goals and I knuckled down to understand the following in depth.
- My costs to each service I gave – I literally knew how much each blusher, lipstick or refreshment cost me.
- My profits to each day I worked – what was my turnover and what was my net profit. This way I knew that if I gave up a precious Saturday to see clients that I had a handle on what I earnt.
- I tweaked what didn’t work moneywise and readjusted my boundaries so that I focused on delivering services and products that made me money. I wasn’t a charity.
- I also made notes on what I loved and didn’t like so much so I ensured I kept the joy!
- What is your hourly rate based on the above? Is this high enough? (this will surprise you!)
I am always surprised on how we as businesswomen do not understand our costs that sit in the root of the business. These are the foundations of our business. So ask yourself these questions:
Last Month – How much revenue did you turn over and what was your net profit?
This Month – What is your revenue target and what do you need to do to achieve that? (ie how many clients/products to sell/programmes to run etc)
Lastly – how are you tracking this?
Remember a ‘revenue goal’ needs forward focus and the ability to understand how you are going to get there and why it is important to you. Start that vision board now!
These are practical steps to track for money success and to focus, however there are often underlying fears around money abundance, and these are the types of things I work together with my clients in their coaching sessions…why?
If you have deep routed fears around money, maybe from your childhood (this was me!) then you could be holding yourself back from welcoming money into your business subconsciously. You may be hiding from money, maybe spending frivolously and irresponsibly and when you face these thoughts and habits to look at changing them it is extraordinary!