It's that time of year. When I start taking a look at what the next has in store. The other day I broke down my monthly expenses and some of the other spending I'm anticipating to get a hold on how much I need to make. That gives me a more tangible goal to shoot for - which is needed, because as a small business owner, "As much as I can" is honest, but insufficient as a goal. This exercise also put me into a slight panic mode. haha.
Following my last blog post, where I was celebrating the comparative success and how much grown I've seen in my business since starting it in October of 2013... my projected needed bookings are still a bit scary.
To be able to afford what I (semi-realistically) would like to spend next year, I would need to book:
- 5 more weddings for 2015
- 10 portrait sessions
- 15 Event/commercial shoots
- 2 website designs
- 10 weddings for 2016 (deposits)
Really, this could be in any combination that makes up $27k.
It's certainly doable, but that doesn't leave any wiggle room - for things like exceeding my monthly budget (which I do regularly), and any unexpected expenses that may pop up. It also doesn't account for any savings.
What it does count for (beyond monthly expenses):
- Photography Classes ($750)
- Travel ($2,000)
- Extra student Loan Payments ($3,000)
- Photo Equipment ($1,000)
- Wedding Expenses ($2,500)
- Bridal Show Fee ($350)
These obviously encompass a lot of money, and would be where the sacrifices start taking place if my bookings don't make the mark. But to me, they are all worth the spending and worth sacrificing for. So it's going to come down to really stringently following that budget this coming year. And making the dollars stretch as far as they can. At least until I make my booking goals.
So at least I know where I stand and what I should expect. Now to get to the action 
I hope you all are making progress on your goals and ready to start out the new year right!
Setting Finance Goals for 2015
December 16th, 2014 at 02:21 pm
December 16th, 2014 at 03:48 pm 1418744924
December 16th, 2014 at 04:45 pm 1418748327
December 16th, 2014 at 10:34 pm 1418769295
I recently had a cancellation during the thanksgiving week and the client had purchased travel insurance. Normally I don't charge a cancellation fee unless it is during a holiday week or long weekend and there is not enough time to book another client. This client had to cancel and processed a payment for me for half the week booking to their travel insurance. It actually paid! I wasn't going to charge them anything because it was nice to have only one drop in client that week instead of an overnight, too.
I have only actually charged one client the fee and that was after they cancelled and reschedule 4 times. I finally stopped accepting their bookings even after they offered to pre pay me. Prepaying does nothing if they never use the money on account because I have to put it into a "holding" account until they can use the credits they have. I won't spend money I haven't earned.
I hope to get my act together and finish the website articles I need and take the certification test in the next month. I hope to make 12k this year from this side business.
Good luck with hitting your goals!
December 17th, 2014 at 06:35 pm 1418841315
@creditcardfree: I do have a (pseudo) marketing plan - it's just a matter of finding the time to actually execute it. There are seriously not enough hours in the day! A good portion of my marketing comes from word of mouth, but I also work a couple of bridal shows every year and need to start branching out and fostering more relationships with other vendors. I've been experimenting with some online avenues, but I have yet to see any really pan out. Thankfully the first few months of the year are fairly slow. That's when I'll be playing catchup and looking into additional marketing. So much to think about! Phew!
@Kiki: So happy to hear at least one cancellation paid! I've been fortunate enough to not have too many cancellations - probably because my clients have to pay a non-refundable 25% deposit. That might help your clients stay true to their word, and then you wont have to feel guilty about collecting a cancellation fee when they flake on you. Regardless, I wish you the best of luck hitting your $12k goal! You can do it