Do you have big money goals but don’t know how to hit them? Have you created an easy to follow revenue plan, so that you know exactly what you have to sell, at what price, every month, to hit your big 2017 income goal?
If you want to get your money in check, and know the exact prices, and number of sales you need, to hit your dream income, it’s time to create a revenue plan. This is why we’re talking to 2 Financial Strategist in this episode: Brittany Griggs and Mary Beth Storjohann.
In this episode you’ll learn:
How to set a revenue goal
How to price your products and services
How to calculate the number of sales you need to hit your goals
Recap Of First Questions + Answers In This Episode
WHAT IS THE DEFINITION OF A REVENUE PLAN?
I like to keep it simple. It’s understanding what’s coming in and what’s going out so we can make sure you have a positive number.
The most important thing when it comes to a revenue plan is understanding the gross vs net revenue. Revenue is all encompassing but you need a good understanding of your different income streams and having goals around the amount of money you want to bring in.
WHY DO YOU NEED A REVENUE PLAN?
If you don’t have it all laid down on paper you cannot really understand how much money you need to bring in to cover your expenses and support your lifestyle. You need to understand how profitable your revenue streams are to be able to create a clear path or direction to work towards.
Revenue plan is going to give you clarity. Is your business successful or is it just a hobby? Are you treating your business as a serious venture or are you self sabotaging yourself because you don’t have a clear goal? Revenue plan gives you clarity and confidence when making financial decisions in your business and personal life.
HOW DO YOU FIGURE OUT THE REVENUE GOAL THAT WILL SUPPORT YOUR LIFESTYLE?
The first step would be to figure out how much it costs to run your business. How much do you need to cover your monthly expenses? How much do you need to pay in taxes and how much do you need to pay yourself to survive? It is important to figure out how much you NEED to survive and then move on to how much you WANT to earn.
When setting up a revenue goal you need to figure out the expenses in your business and personal life. That includes retirement plan, savings, credit card debts, business expenses. It is important to know your why. Do you want to retire early? Pay for your kids school fees? Travel more? Start with your why as that will help you set your financial goals.
To Dive Deeper Watch The Full Episode
If There’s One Thing I Know It’s…
Each episode I ask my guest to teach us about a lesson they’ve learned through their business and life experiences, by completing the sentence “If there’s one thing I know it’s..”. I’m always taken back by the incredible insight they have to share!
Brittany: Don’t be scared to fail.
Mary Beth: No one will look out for you like you look out for you.
Quotes Worth Sharing
To Keep In Touch With These Ladies
Brittany is a fun financial strategist for creative small business owners. Her goal is to make your business finances a walk in the park so you can get back to what you love most. In 2008, she graduate with an Accounting and Finance degree and started her career in the Corporate Finance world. 3 years later, she left Corporate America to pursue her passion of photography. In April 2012, she opened her photography studio, Brittany Lauren Creates, in Charlotte, NC focusing on newborns and families. As she got to know other creative business owners, she recognized the financial piece of business was a huge hurdle. There was a big need for business education designed for the creative at heart. So in 2015, Simply for Creatives was born! Brittany currently travels with her husband full time focusing all of her time to helping creatives conquer their numbers and grow successful businesses.
Her website: http://www.simplyforcreatives.com/
Her Instagram: https://www.instagram.com/simplyforcreatives/
Mary Beth, CFP® and Founder of Workable Wealth is an author, financial planner and accountability working to help clients in their 20s-40s across the country make smart, educated choices with their money. Her recent accolades include the “Top 40 Under 40” by Investment News, “10 young Advisors to Watch” by Financial Advisor Magazine, and “10 of the Best Personal Finance Experts on Twitter.” She frequently appears on NBC as a financial expert and her expertise has been featured in The Wall Street Journal, CNBC, Forbes and more. You can connect with her via Twitter @marybstorj, on Facebook, or via Instagram.
Her website: http://workablewealth.com
Her Instagram: https://www.instagram.com/marybstorj/
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