Today on the podcast we’re talking all about planning for success. A pretty hot topic, don’t ya think? It’s my intention to bring you guys more in-depth, quality podcast topics this season and I couldn’t think of a better episode to kick things off!
Know Your Definition of Success.
First & foremost, you need to know what your personal definition of success is. For me, I simply want to be able to provide for our needs by doing what I love. That means being able to pay our bills and pay off my student loans. I’d love to get coffee whenever & wherever I want, or take spontaneous trips across the globe; but that’s not my baseline.
My definition for success may not be what yours is, and that’s good. I want you to think about this for a bit, do a brain dump and see what comes out. What do you want your definition for success to be? What’s most important to you? Leave other people’s opinions out of this exercise. This is about you & your desires.
Prayer
At this point, most of you have probably picked up on the fact that I’m a pretty faith-based person. I love a good God-date, worship music lifts me up, and I could not do any of this without God. I firmly, 100% believe that.
Last summer my mentor, Nicole Balsamo shared on her Insta stories two screenshots of her calendar. At the beginning of the month she didn’t have much booked, it looked pretty empty. But at the end of a month? She had something almost every day, most times twice a day! When I asked her about it, she had the most beautiful answer I’ve ever heard from another entrepreneur. “It’s a lot of prayer.” It made me realize how little I had praying for my own business. So, I challenged myself to pray every single day for something specific in my business. At the time I wanted more portrait sessions, so that’s what I began praying for. Within a few weeks I was booking more than I ever expected. I’ve used the same prayer tactic for weddings and this year is the biggest load I’ve had yet (13 and counting!)
You might not be a faith-based person and that’s okay. But I dare you to give this a try for one week and see if it makes a difference. It has been the most effective tool for my business.
Vision Board
I’ve loved putting together a vision board for this year! On my vision board I have photos of the people and moments that mean the most to me, the reasons why I’m driven to reach higher levels of success. Seeing these reasons displayed on my wall every day reminds me why I’m doing this.
Goals & Rewards
On my vision board, I have two post-it notes. One is a set of goals and the other is a list of rewards. I got this idea from my friend Liv, so I can’t take full credit for it! But, it has motivated me tremendously.
The key is to think of a handful of goals you’re trying to reach. For example, a big one for me this year is hitting 20 weddings. To motivate myself to reach that goal, I have a list of rewards. These shouldn’t just be any reward – make it meaningful. Something you really want, but can’t justify right now. For example, on my list of rewards I have a massage. Once I hit 20 weddings, I can book myself a massage. It’ll feel 10x more meaningful when I hit that goal because I’ll know how hard I worked for it!
Income Goals
This one is crucial. Knowing what your income goals are provides clarity for you, gives you direction and purpose. I want you to make a list:
- If you’re a licensed business, you should account for your taxes. A good rule of thumb is to set aside 1/3 of your income. Place it into savings and don’t touch it!
- Add up all of your personal expenses (rent, electricity, groceries, clothes, etc.)
- Add up all of your business expenses (insurance, equipment, education, software, domain names, etc.)
Add up all 3 of these estimates to know the number you need to hit in a year just to meet your expenses.
- Taxes + personal expense + business expenses = Amount to make each year to meet expenses
Then take the big number (I know it feels big right now, but we’re going to break it down!) and divide it by the number of sessions or weddings you want to book in a year.
- Annual expenses / Amount of sessions you want to photograph in a year = What to charge per session
Think of the different services you can offer – business coaching, portrait sessions, products, wedding photography, etc.
How many weddings do you need to book in a month to reach your monthly goal?
How many boudoir sessions do you need to book in a month to reach your monthly goal?
It can be a mix of services. Let’s say you want to book 1 wedding, 3 boudoir sessions, and 4 headshots. Add up how much income you’ll be able to make from booking those numbers!
Doing this exercise will give you clarity on how much you need to make and you’ll have a plan for how to reach those numbers! You’ll feel so much more driven.
Be Resourceful
If you want to run a business well, you have to have a good business mindset & part of that is being resourceful.
- Look for people to trade with (need a new website? Maybe a local website designer needs fresh headshots. See if you can work out a trade!)
- Be content with what you have (for example, equipment. You can do a lot with basic equipment you have – hello, crop-sensors – work up to a full-frame or higher-quality equipment when you can afford it. Make sure you’re prioritizing.)
Be Mindful of Who You’re Surrounding Yourself With.
As a business owner, it is so smart to surround yourself with people who are going to be good influences on you. People who are smart with their business, who are productive, people who know things that you don’t and can teach you those things.
My mentor told me that when she moved to her new home, she made a point to hang out with people who she knew were better than her, and it helped her grow more than she ever thought.
Make sure you’re surrounding yourself with people who motivate and encourage you, who push you in your business.
One last thing:
Your Business is Only As Strong As You Are.
In other words, your business reflects you. Take care of yourself and do what you need to do in order to feel like you yourself are thriving and in a good place, and you’ll find that your business will begin to thrive and reflect that.
Thank you guys so much for tuning in! Please leave us a review on iTunes; my goal with this podcast is to encourage and educate as many people as I can & I need your help to do that! By leaving a review, you’ll help us reach more creatives. Feel free to share a screenshot on your stories, too.
‘Till next week!
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