For most designers, making a $100,000 salary is what it will take for you to quit your job or achieve your goals.
I hear it all the time. “Tracy, I want to make $100,000 a year. What does it really take?” The truth is, it’s… complicated.
Someone who is bringing $1 million in revenue still might not be able to take home $100,000 if their business isn’t run like a well-oiled machine. At the same time, a smart business owner bringing in $250,000 could still take home that $100K if they do it right.
People like you and I, we’re idea generators. Seeing our visions come to life is what really drives us. Finances, profitability, break-even points, margins… Those aren’t the things that come naturally to us.
But it can be learned!
You don’t have to sacrifice your creative passion to be a smart business owner. When you really hone your visionary and leadership skills, you will be blown away by what you can accomplish.
When I started my first company, Tracy Matthews Design Inc., I was NOT approaching my business like a visionary. That’s totally changed. Instead of CEO, I call myself the Chief Visionary Officer.
That has a better ring to it, don’t you think?
So how did I go from being a hopeful hobbyist with no business experience to the CVO of Flourish and Thrive Academy? It started with a simple goal to transform my jewelry business so I could take home $100,000 a year. Let’s talk about it…
Everyone Starts Somewhere
I believe in setting tangible goals that can be broken down into yearly, monthly, and daily tasks.
If your overarching goal is to make $100,000, that’s great! But how do you break that down?
Here’s your first step: Find your break-even point. That’s the amount of money your business has to make to cover all your expenses.
Once you have that number, you can really evaluate how much you have to sell each month to hit that $100,000 mark.
It might feel like a lot right now, and that’s okay! There is no reason to judge yourself for where you are now. As my mentor, Marie Forleo always says, “It’s about progress, not perfection.”
Let Go of “Shiny Object Syndrome”
Real talk, this one is hard for me. I have what I like to call “shiny object syndrome.” I used to go to gem shows and just buy whatever I thought was pretty, with no plan of action to back it up.
This eventually led to being stuck with $150,000 of unused inventory. It took me a long time to get out of that hole, and it hurt my bottom line.
Don’t spend on your business, invest in it. When you buy materials and tools, have a budget and a plan. Don’t be like me and buy the stuff you don’t need just because it made you go, “Oooh… shiny!”
Are You Thinking Like a Rockstar Designer or a Hopeful Hobbyist?
You and you alone are responsible for growing your business. If you don’t take up the mantle and start acting like someone who is responsible for their own success, your business just won’t budge.
If you’re a hopeful hobbyist, you have dreams of making it big in the jewelry industry, but you don’t think about the business side of things very much. You’re working in your business.
If you’re a rockstar designer, you’re committed to the growth of your business. You’re investing in the resources you need to be successful. You’re working on your business.
Maybe you’re somewhere in the middle, that’s okay too! There’s no shame in either of these, it’s just about acknowledging where you’re at so you can focus on growth.
I wasn’t able to cover everything I wanted in this episode. There’s so much to say, I just ran out of time! Be on the lookout for future podcasts, and we can continue this conversation.
See you next week!
Can you believe it’s August already? Our Train Your Customers to Buy From You Online 12-week intensive starts in just one week! We cover everything from driving traffic to your website, email marketing, building engagement online, and more! Better yet, the course wraps up just in time for you to crush it during the holiday season!
Are you ready? Let’s do this. Apply now if you want to think like a rockstar designer.
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