How much do you want to earn?  And no, this is not a trick question! 

There is no reason in the world why you can’t earn as much as you want. There is enough money in the world to go around and all entrepreneurs that work hard and smart have the potential to reap what they sow.

Write your number down on a post-it-note and put it somewhere you’ll be able to see it every single day. This is your target!  Women often find it difficult to measure their value and will often undervalue themselves, so it’s important to choose a figure that you deserve and that measures up to your potential.

You now need to develop a strategy outlining how you intend on making this figure.

How much are you charging for your products and services?

There are two key things to consider when creating your financial strategy, and they are how much you charge for your products and services and the number of different revenue streams you have coming in.

If for example, your figure is $150,000 and your products or services are sold at $150 each, you’ll need to sell 1,000 items to make $150,000. These are the financials in their simplest form, but of course you will need to deduct any outgoings and business expenses, so if your plan is to sell 1,000 items over 12 months, you’ll need to estimate how much your business expenditure will be over that same period.

How many different revenue streams do you have coming in? 

Of course, selling 90 items a month can seem like a steep hill to climb for a small business. Realistically, until you push forward with your marketing plan you are more likely to get one or two sales per month at best, and that’s normal if you aren’t making any concerted efforts to push your business. But to increase your earning potential it’s important to have several different revenue streams coming in.

We would advise having at least 5 different revenue streams from your one business.

How can you create 5 different revenue streams from 1 idea?

If, for example, you had a taxidermy business (something that has seen a resurgence over the last few years), you could monetise your business in the following ways:

1. Sell your taxidermy online and in-store.

2. Sell commissioned artwork and offer a bespoke service.

3. Run taxidermy classes.

4. Publish a book of your work.

5. Curate your own exhibitions and charge and entry fee.

Task

Write down 5 different revenue streams for your business.

Work out how much you are going to charge for each revenue stream and how many you aim on selling over the next 12 months to reach your target.

 

How much do you want to earn?  And no, this is not a trick question!  was last modified: August 29th, 2017 by TRS

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