- Do you have any financial goals (I don’t mean – yeah, make lots of money) are they tangible with real numbers?
- You do, great? Do you work within a budget? Yes? Awesome!
- Now how do we figure out 1 and 2?
Well, for me. I determined how much I needed to make per year to meet my PERSONAL goals:
5 kids IRAs – $10k
1 SEP IRA – varies goal of $8k
1 ROTH IRA – $2k
1 Savings account – varies
1 investments $500 per month $6000
There is more, but we will stop there, that is enough for this exercise. So, bottom line, I need to profit 26k per year. Whoa. Ok, so how do I figure that out?
Well, I know I want to work 6-8 weddings per year. So roughly: 3250 per event if I had no costs what so ever.
Do you know what your overhead is?
I know you have the direct costs (phone, rent, office supplies, but what about the indirect costs?
What is that? mileage, wear and tear on the car, time spent, your wardrobe, everything else you possibly need to get the job done.
so I have factored in all my costs to work, whether from home or outside and added it to my 26k figure.
Wow. I better get back to work.