The Gap Between Where You Are & Where You Want to Be
Lesson 1 from: Set Your Income Goals and Develop a Revenue StrategyMegan Auman
The Gap Between Where You Are & Where You Want to Be
Lesson 1 from: Set Your Income Goals and Develop a Revenue StrategyMegan Auman
Lesson Info
1. The Gap Between Where You Are & Where You Want to Be
Lessons
The Gap Between Where You Are & Where You Want to Be
07:20 2Determine Your Big Audacious Revenue Goal
08:33 3What Determines Your Revenue Potential?
09:29 4How Many Hours Can You Devote to Your Business?
05:07 5Find Your Production Ceiling
19:31 6Find Your Production Ceiling: Student Example
09:06 7How Many Sales Do You Need to Make to Hit Your Production Ceiling?
04:44 8How Does Your Audience Size Affect Your Revenue?
11:37Audience Size: Student Example
07:49 10How Frequently Do You Sell to Your Audience?
05:48 11Promotional Calendar: Student Example
07:30 12How Does Your Budget Affect Your Revenue?
07:38 13Set Your Annual Revenue Goal
09:32 14Create a Revenue Tracking Document for the Next Year
19:40 15What Did You Do Today to Make Money?
07:44Lesson Info
The Gap Between Where You Are & Where You Want to Be
So we have covered a lot of ground, and we are now going to talk about setting your income goals and developing a rabbit revenue strategy, and I want to start with the gap between where you are anywhere you want to be because I realized for a lot of people, for I think our in studio audience for a lot of our online's you're in, you know, where you want to be, and it feels kind of far for some of you, right from where you are right now, and so I want to talk about what it is that makes revenue planning so challenging, how many people are really revenue planning on it on a regular basis and how many people are just kind of winging it? Yeah, okay, and I want to talk about what makes this so planning, and I want to start by having you guys share. Where do you struggle when it comes to setting your income goals? And you guys can share online and our create to make hashtag and if you're watching this live, you can also share in our chat room, but I want to pick on our in studio audience. So ...
where do you struggle when it comes to setting income goals? I think a number on divided by a card, which is forty was fifty that's, a lot of cards. It's about scary I think I have a slide in here that looks just that very same hey karen I'm I struggle with fear just like am I going to be able to make x amount of dollars brennan um I struggle with the fact that in in my experience I've had wildly variable incomes depending on I mean I've done the same show twice and had one show made fistfuls and the other show made nothing you know it's it's very hard to predict with the incomes going today yeah tiffany it's honestly where I need to be versus what I can physically produce right? They don't match up part that uh I think that sending a revenue goal has been really challenging because of the the struggle of being on etc and having to feel some of the elements being out of my control my shops knew I just opened a couple months ago so I have no idea what a good income goal would look like yes, yes I'm with me as far as that goes it's been wildly and predictable and stuff out of my control you know it's been tough to reach my goals yeah I've also never even thought of an income income gold before since when I started the etc shop it was just something for fun so now I'm trying to make it into something a little more serious so right I don't even know where to start and chris in the time to physically make what I what I have and also I'm storing raw materials for what I made you have a case inventory thing happening there yeah, so there's a lot of things that make setting your income goals really challenging and the truth is if it feels like guessing technically it is guessing technically, you know if we could predict the future than you, I would have bought a powerball ticket two days ago and you wouldn't be here right now, right? We can't predict the future on dh this is especially true when you're just starting out and I'm hearing this from a couple people I don't have revenue goals because I'm just starting out or if you weren't anywhere close to your goals the previous year or if you're in the middle of a transition so I'm about teo up level my products hit a new market whatever it is all of these things make revenue planning really really challenging but here's the thing if you don't have a goal, he'll never get there so you want something to shoot for because setting income goals gives you focus if you know what you're trying to achieve, it makes it easier to decide what you should be spending your time on if you know where you want your revenue to come from, it makes it easier to pick your most critical action steps every day and that's especially true when those goals are grounded in reality and combined with strategy, and I want to talk about who this class is for. So this class is really designed for anyone producing a physical product because there are certain parameters and limitations to your revenue when you make something and we heard that from a couple of people, how do I actually make enough to produce my revenue goal or wow, that's a lot of cards that I have to sell, so this is really designed, you know, if you're not a product person, if you're not an artist or feared automaker, you can certainly follow along because income strategy is really important, but I want to talk about how we do this revenue planning, even if or when you actually make a product, and you have to account for the time to make things in the amount of revenue that you can make. So I also want to talk about how this class is different, so some of you guys have tuned in. Hopefully many of you guys have tuned into the boot camp that iran here on creative live called make a living selling what you make, and we talked about and set some income goals in that class, and they were really based on the amount of money that you need to make. To actually make a living from your business and what this class is doing is a little bit different because I want to answer that question of how do you set realistic goals when you don't have previous sales data or when you're making big changes are big leaps in your business? So I want to focus on setting your goals for this year, even when you're several years off from achieving your big goal, because the goal for this year it's what's going to drive all of your action for the next twelve months. So by the end of this class, you are going to declare your big, audacious revenue goal. We're going to examine the six factors that impact your revenue potential you're going to create, you're gonna set an income goal for this year that is realistic, but just a little bit scary because that's, what pushes us right? And then you're going to create a system to track your revenue for the year, and once you start tracking your revenue, how many of you guys are really good about tracking month to month revenue? See a couple I see a lot of I'm gonna ignore megan's icon talking right now, so I want to get you in this habit of tracking your revenue because here's the thing once you do this. It makes revenue planning so much easier. Tiffany. I know you're really good about that when you say that it's so much easier to revenue plan when you can look back at your previous data, it's fantastic, and I actually use an automated program that just takes all of my accounts and puts it into one nice, beautiful spread. So it's not even a complicated thing, because people are going to ask what I mean is that I actually use go daddy bookkeeping, which used to be called out, right, right, it's, great, perfect, yeah, it's like nine bucks month. Yeah, it's. It is a really good service. I used them as well, but so this we're going to look at kind of like what numbers you should track and what's important to keep track of, and this is going to make revenue planning easier and easier in the future. But for now, we're going to start with kind of setting those goals when you don't really have a lot of data to work with.
Class Materials
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Ratings and Reviews
user-029387
This was the best class I've taken regarding revenue growth! I've even taken "entrepreneurship" courses and this class was excellent: Megan makes the information palatable, the exercises are simple and she answers every question with ease and aplomb. If I could, I'd give it FOUR thumbs up. Thank you, Megan; I feel like I can take on any goal now with skill.
a Creativelive Student
This was an AMAZING class! Watched twice today and needed to. So much to absorb but oh so worthy! Great way to start the year...can't wait to create my promotion calendar and move my business forward. Thanks @meganauman and Creative Live! Katherine Carey www.katherinecarey.com
Polina
Very valuable 2.5 hours. I appreciate that Megan took her experience and expertise and approached the audience with a lot of respect: condensing a wealth of knowledge into logical and actionable steps. Presenting one's passion is a skill in itself, and it's refreshing to see a speaker so eloquent in their messaging. Have your pen and paper ready, because this course is rich with valuable information. Thank you, Megan!