Decide now that you will make more money in 2013.
You with me so far?
Okay, so how are you going to do it?
Let’s think through this.
It’s never a bad idea to make more money, but your idea has more of a chance to become reality if you create a plan.
Your Income Plan
Step 1: Review your financial records from 2012.
What were your gross sales? What was your net income?
Where did the money come from? Break down sales of original works, reproductions, and any other markets you have into categories. For example, you would want separate categories for different forms of art, such as paintings and jewelry.
What was most profitable for you? Compare this to sales numbers for the past two or three years.
Step 2: Set your goal.
Your income goal should be challenging, but also grounded in reality. If you made $10,000 from your art business last year, setting a goal of $100,000 probably isn’t realistic.
Step 3: Break down your goal into categories.
Using the same categories that you used in Step 1, what do you have to sell and how much of it do you have to sell in order to reach your goal?
Are you able to keep up with the production rate required to make that goal?
You don’t want to set an income goal that is beyond the scope of what you can actually make in a given time period!
Step 4: Distribute your goals over the course of the year.
We business owners know that there are times of feast and times of famine. Smart business owners prepare for both.
For example, your plan would reflect the April event that you know will bring you more income than you expect in February.
Likewise, look at the lean months and see what you can do to boost sales when times are slow.
Step 5: Work the plan.
Add a Strategy Day to your calendar at the beginning of every month. Review your income from the previous month and look at what’s ahead.
Make adjustments in your marketing in order to reach your goal.
What did you discover?