Can I let you in on a little secret? This year, I have a goal of doubling my take-home pay in my business. Through using the Profit First method, I’m hoping to increase my revenue and increase my take home pay! Listen in as I’m sharing a few things I’m doing to strategically support this goal of doubling my profitability.
Listen to this episode now:
Search for episode 110 of Called to Both on your favorite podcast player!
Are You Paying Attention to Your Money?
I think it’s so important that you’re paying attention to your numbers—including how much you’re paying yourself. We often hear about the fluff that comes with money and glamorize the unrealistic expectations around revenue, but today I want to talk about real strategies that can increase your revenue and personal income.
If your business is bringing in a lot of money, but you’re personally not seeing a big paycheck, this episodes is for you! I want you to be making money, not just your business!
5 Strategies to Double Your Take Home Pay
1. I hired a coach.
The very first thing I did in my business was hire a coach to help guide me through the nitty gritty details that make up the numbers, pricing, overhead, hourly rate, profitability, etc. I needed accountability and knowledge from someone outside of my business.
2. I made a new vision board for my life.
As many of you know, I moved with my family to Florida earlier this year. In starting basically a new life here, I wanted to refresh my vision board. There is so much power in having a very vivid picture of what you want your life to look like.
I refreshed what my life’s vision looks like and I created a beautiful graphic to represent it—this allowed so much clarity in my life and business. When you have financial goals that are driven by what your life goals are, it makes for more motivation from deeper roots in your life. Without those roots, you will fall flat in the rough times. Consider your why behind your goals, including when it comes to money.
3. I’m narrowing my focus onto my highest income offers.
While there are so many different offerings in my business, the best way for me to make the most money is to focus on my highest income offers. For example, I’m not pitching brand deals for my Youtube or Podcast (unless they come to me).
Since moving to Florida, I’ve been gardening a lot—which has caused me to notice a lot of parallels in gardening and business. Tomato plants have suckers that grow out of the main stems—in order to get the best tomatoes, you’re supposed to remove the suckers otherwise it will become it’s own stem. That takes nutrients away from the primary plant and it won’t be as good. It’s similar to in business; there are so many things that look fruitful, but if you don’t allocate the time to those things, imagine the needle-moving activities you could do in a higher income offer if you just stay focused.
4. Daily repeating marketing activities
I often get sucked into the new and different things in business, when really I need to focus on what I know works well already. I’ve created repeating tasks in my Notion board’s weekly view where I make sure I’m doing all of the boring, repetitive tasks before I dive into new projects.
It’s so easy to forget to do these simple marketing tasks that have continued to work for you, because they aren’t as fun.
5. I created a budget
In the most glamorous strategy of them all, I created a budget. When I created this year’s budget, I’m basing it on prior years’ numbers of actual spending. Look at your past and see where you can allocate money—not much changes year over year in business expenses and spending habits.
Pull your P&L for the past years and average your budget. While you may be increasing your revenue, you might also be increasing your expenses.
If you’re looking for more conversations around money, back in episode 24 with Val Duvick, we dive further into numbers and money mindset! Take a listen!
Ready to take your hobby to the next level?
I know just how many steps and pieces it takes to set up a professional photography business that you can feel confident in. So I created a one stop solution. It’s called Hobby to Pro Toolkit, where you will get every tool, template, and guide you need to confidently go pro.
In your business so that you can get back behind the camera and spend more time doing what you love. Hobby to Pro includes email templates I’ve been using for eight years in my business, pricing guides, three contracts, consultation guides, and more. It is quite literally a one stop solution for all.
If you’re enjoying the content we’re creating on the podcast and want to connect with others who are called to both, make sure you come join us in the PhotoBoss Facebook Group!
Mentioned in this Episode:
24: Master Your Business Finances & Money Mindset with Val Duvick
Connect with Joy:
Instagram: instagram.com/joyymichelle
Youtube: youtube.com/channel/UC-Ou6jRKxcjMrVMxWxLO_fQ
Facebook: facebook.com/joymichellephotography
Coach with Joy: joymichelle.co/coaching
If you decide to use any of the links above and buy through them, I’ll receive a small commission back. All of those affiliate income commissions really add up over time and help generate revenue to help support this podcast.
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