It’s extremely important to be intentional with your goal setting. We all know this, but we don’t always follow through with our good intentions. I’m so guilty of this, even in business, where I try really hard to follow through with my goals.
One of my biggest fails is due to one of my biggest fears, public speaking. We all know how important it is to get in front of our audience in a way that will resonate with them.
In photography, it was easy for me. I didn’t really need to put myself out there as far as speaking in public. I just needed to be in front of my audience, let my work speak for itself, and find the right local ambassadors to promote me so I was in front of my ideal client everywhere. Super easy and I was able to do it relatively quickly and grow my boudoir photography business to where it is today.
With business education it’s a whole different ballgame.
Pretty photos and branding aren’t enough.
I quickly realized I was going to have to get over my fear of speaking pretty fast if I wanted to make it in this industry.
For about a year, I wrote out exactly what I wanted to say when I went live on Facebook or Instagram. Literally, wrote it out and read it directly from the paper. I’m positive everyone could tell I was reading my script. Looking back now, I am so embarrassed about this, but live and learn.
In January 2020, I sat down and planned out my goals for the year. One goal was to stop reading my well written scripts. I wanted to speak from my heart about a subject that I know super well, business.
I wrote out a plan of exactly how I was going to do this. Hire a speaking coach was the main thing on this list. And I followed through and made it happen. Yes, I still write out what I want to say because honestly, that’s how I think. Reading from a script isn’t necessary though, so let’s mark that as a win.
Why are business strategy and goal setting important?
“By failing to prepare, you are preparing to fail.” – Benjamin Franklin
It’s very important to set aside time for goal setting and business strategy so you know where you want to go for the year and you can map out exactly how you want to get there.
You don’t leave on a road trip without a map. Why would you navigate your business and ultimately your goals without a map?
What should your goal setting strategy sesh look like?
Obviously it will look different for everyone, but overall it should definitely include a few important things, like money, schedule, and a marketing strategy to make it happen.
Let’s run through a few things you want to plan out for the year.
1. How much do you want to make?
What’s the dollar amount you want to take home for the year? What number will help you live a comfortable lifestyle without a 9-5?
Got it? Awesome. Now you need to know exactly how much total revenue you need to bring in to make that happen so multiply your salary goal by 30%.
Salary goal X 30%(3.33)= Total Revenue
2.How often do you plan to work?
After years of working crazy hours, I finally realized time with the person I love is way more important to me than working all the time. Funny how things change when you finally meet the right person, huh?
Remember money is a renewable resource, but time isn’t. Make the memories.
List out what you can ideally work for the following:
- Hours Per Week
- Weeks Per Year
- Hours Per Year(Hours Per Week X Weeks Per Year)
- Admin Hours Per Year(Hours Per Year/3)
- Hours left for sales(Hours Per Year- Admin Hours Per Year)
- Hours Per Client(Average hours for each client from start to finish- ex. Portrait photographers spend 8 hours on average per client)
- Clients Per Year(Hours left for sales/Hours per client)
Use the information here to plan your yearly schedule around your family’s schedule. Don’t plan your life around your business. It’s not worth it.
3. What should your sales average be?
With the information you have from #1 and #2, figure your sales average per client. By the way, your sales average is what you build your price list around using sales psychology.
Total Revenue/ Clients Per Year = Sales Average
4. Plan an actual strategy to get you there.
There’s a strategy to building an automated and profitable business. All of my coaching clients use this exact strategy, which begins with a business foundation based on their dream, using the plan above, and allows for infinite growth in their business, while living a life they love.
Step 1: Dream
Prep your business and your life for success. First you need to plan out your ideal life and business using the information and goals above.
Step 2. Income
You know what the number is from step 1, but how exactly can you make it happen? Step 2 is where you actually plan your business finances to allow for your dream income.
Step 3: Clients
Once you have your financial plan and pricing in place, you need clients, right? Step 3 is where you find, attract, and convert your dream clients with an EASY strategy so you don’t have to work crazy hours all the time.
Step 4: Business
Like I just mentioned, you don’t want to work crazy hours. The best way to do that, without hiring a ton of employees, is to automate your business and marketing to free up time in your life, without the added expense of an employee.
Step 5: Life
Once all of this is implemented, you can adjust and grow you business while living a life you love! I promise it’s possible. I’ve done it and my coaching clients are doing it, too.
Goal setting is something you need to take seriously. If you don’t, you’ll end up going about your year or your life and never actually achieving what you set out to do.
It’s very important to write your goals down and keep them on your desk to look at regularly. If you don’t keep your goals top of mind, you’ll forget about them and never achieve them.
A goal needs to be something you can’t stop thinking about!
*Free Goal Setting Strategy Session*
I actually call these Action Planning Sessions, but in an action planning session, we actually go through the exact exercise above.
With one big difference. We plan out your ideal lifestyle and business goals PLUS set your current goals to help you achieve your ultimate goals faster.
It’s a super fun, 30 minute Zoom meeting and it’s FREE. If you’re interested, I would love to chat. You can either email me, DM me on Instagram, or set up your Action Planning Session here.
Tracy Lynn is a boudoir photogapher for brides-to-be in the St. Louis area, and a mentor + coach for photographers looking to level up their businesses with better systems and processes.