So many creatives invest in ways to hone their craft, yet they don’t invest in the necessary tools they need to manage their business.
Why is this?
If I dare to guess I would imagine that confronting and embracing the financial side of a business can be scary and overwhelming for so many of us.
But believe it or not, a few simple steps will get you started understanding your numbers and change the trajectory of your business.
Chances are you are responsible for every aspect of your business. Maybe you are tired of flying by the seat of your pants, hoping that you make enough money each month to cover your expenses? Are you figuring things out as you go? You have nothing to show for all your hard work?
Let’s end the cycle of being overworked and underpaid and create a business that thrives.
I know, I know, this is where it gets boring. And I want to make understanding this easy and as ‘interesting’ as possible (I can see that eye roll, but I’m serious).
Not very many. (see I told you, this isn’t that bad!)
Total Sales. Total Expenses. Net Profit.
Once we know these numbers we start to get an understanding of the financial health of your business.
How much do you need to make to keep your business going and pay yourself a salary? What are your expenses (ALL of them)? Having this information allows us to up your pricing for profit, create sales goals and manage your expenses.
So to get started, in the next few blog posts we will do some simple exercises to break down this information, to understand what it really means and what you can do with it.
Review your pricing.
Track your time.
What other expenses go into producing your product or service?
Understanding your costs, getting organized, creating workflows and systems will create the foundation for long term benefits.
You are great at your craft, now let’s get great at business.
>>>read this post: earn what you are worth>>>
I love Medium, so many on point reads. This one is a perfect complement: 7 Reasons Why Creative People Don’t get paid what they are worth