I was delighted to meet my friend! She had a sun-kissed tan, full of energy, and was in a cheerful mood. Spending a month at the beach is much more refreshing than in the office, where your face becomes paler daily. Sara shared an exciting story about how her bravery led her to attend a prestigious studio master class, and the studio owner was impressed by her skills.
“We should organize embroidery workshops,” Sara suggested.
“Consider this: an average master class costs $30-40, with materials expenses ranging from $10-15. If we gather 10 participants, we can earn around $200-250 in a single day, after deducting the material costs!”
“But what about the rental fee?” I raised a concern.
“Right, we should factor in studio rental costs for the entire day, which could be around $50. However, we need to confirm the exact amount.
Even if it exceeds $50, we can still profit at least $150! Let’s give it a try. But the question is, how do we find people to attend?” I pondered.
“Advertising!” Sara exclaimed. “We can create an ad inviting people to the workshop and see how many respond.”
“Do you know how to do that? I’m not well-versed in advertising. Can you assist me?” I asked.
“Absolutely! I’d be glad to help. First, let me look at your account to understand the current situation,” Sara offered. I opened my
Instagram page and was taken aback. The profile, which was initially filled with attractive pictures to attract bloggers, now mainly consisted of photos depicting “me at the beach,” “yummy food I’m eating,” or “me just sitting around”.
There was nothing related to our work except for a couple of low-quality photos from our last workshop. “Sara, this won’t do! We won’t attract anyone to the workshop with this content,” I said sternly.
“Why? What’s wrong?” Sara asked in surprise. “That’s the problem! Where are your artworks? We need to remove everything unrelated. Give me your phone,” I extended my hand, waiting for her to hand it over.
“Oh, It’s a pity. There are so many memories and pictures,” Sara expressed with a hint of regret.
“Sara, can’t you keep those pictures on your phone and reminisce about them whenever you want? Why display them all on your work page? If you want to organize a workshop, delete everything unrelated to embroidery,” I explained.
Sara looked at me intently and realized I was serious. If she didn’t take down those pictures now, I might impose a new condition for motivation, like dancing, singing, or playing the violin in public.
She agreed. We deleted all the photos unrelated to embroidery and prepared a new post announcing the live master class. We also advertised.
Surprisingly, seven people signed up for the workshop!
Finding a studio for the selected date was challenging. I considered the studio’s appearance from the photos and the rental price. I expected it to be around $50 per day, but it turned out that the price was higher on weekends, starting from $70!
We had seven participants for the master class. I sat down to calculate the financials.
The workshop’s cost was $35.
Income: $35 x 7 = $245.
Total expenses: $164.
The net profit was $81.
“Well, for the first time, that’s not bad,” Sara thought, considering her limited budget. She continued her search for a space within her means and eventually found a reasonably priced studio. She called and scheduled a date for the
Everything went smoothly as planned! The only remaining task was to share the workshop’s address with the participants. It was just two days away! Sara hadn’t felt so worried and anxious in a long time. She wanted to ensure everything was organized to the highest standard, leaving everyone satisfied and eager to return.
– How To Start Fulfilling Those Big Plans and Financial Goals Today?
Importance of Financial Goals
When I talk to artisans, I often hear people wanting to turn their hobby into a business to increase sales. However, many don’t know how much they want to earn per month or year, which means they lack financial goals. One widely accepted financial planning strategy is called SMART. While many people are familiar with it, only a few actually use it.
SMART stands for:
Let’s say your goal is to double your sales. According to the SMART technique, you need more than just that statement.
You need to:
- Define an exact amount, such as $1,000.
- Choose a specific way to earn it.
- Ensure that the amount is realistic and achievable.
- Set a timeframe within which you will achieve it.
Example of a correct goal statement: “In the next three months, I will earn $1,000 per month by selling knitting workshops using sales channels like Instagram, Facebook, and Udemy.”
When setting financial goals, describing monthly and yearly target amounts is important. Feel free to aim high and set ambitious goals. Setting small goals may limit your potential at a subconscious level. Write down more significant amounts in your plan, and your brain will take them more seriously.
Of course, it won’t happen magically, but your brain will start accepting those figures as more achievable.
In addition to business-related financial goals, it’s also worth planning personal goals for the year. Personal and business goals are often interconnected. You can also meet your personal goals by achieving success in your business. These personal goals should motivate and drive you forward.
Be specific when setting personal goals, such as enrolling in a massage course in September at a particular salon and cost.
Once you clearly understand your financial and personal plans, you will gain confidence and inner peace in managing and growing your business.
Assignment 12. Write out your SMART financial goals.
Financial goals for the month
Financial goals for the year
Personal goals for the year