June | Hello Summer
Let’s be real. There are some months you get so busy that you don’t even get to see your friends and then poof! The month is over. That has been the last few weeks! But don’t you worry - I haven’t forgotten about you!
Summer mode has set in. I decided to take the summer off (okay not off, but just taking on a lighter workload) I am scheduling lunch dates with a different friend every day during the week, I’m taking naps without feeling guilty about it, going on vacation with the hubs. And y’all, let me tell you -this has been the mid-year recharge I needed. But what has been the biggest eye opener throughout all of this is that even though my workload is half of what it was 2 months ago, my monthly income has pretty much stayed the same. Finally! That little saying “work less, make more” is actually a thing! Valuing yourself pays off.
Ohhh the money talk.. How I hate it. I am the person who would literally give anything and everything away (gifting is my love language) When I started my business I would ask everyone that mentored me what I should charge (I am pretty sure that’s the most asked question for entrepreneurs) It’s not only finding what works for you and your industry but also having the confidence to lead with it.
So how did I get there? By breaking it down.
Figure out how much it’s going to cost you to make your something - including processing fees, taxes, supplies, shipping - Then figure out how long it’s going to take you to accomplish the task, including getting supplies, corresponding with the client etc. Your time is valuable!
Finally, you need to set your hourly rate. I would recommend this 1 of 2 ways:
- Figure out you need to make each month in order to pay those bills and live a little. Break that down to figure out how much you need to sell in order to make that monthly goal, then calculate how long that would take you.
- Do some research on rates in your field and then set your price based on what you think your worth. In my opinion artists should charge nothing less $50/hour.
If you don’t want to flat out ask for guidance, make a fake email account and see what others are charging in your area. (No shame in the game.. it helps you to make sure there aren’t huge price gaps) Take some online courses, join some online communities. I have done all of these and have seen it help!
Another huge game changer is having Multiple Revenue Incomes. AKA business insurance. When one part of your business is maybe slow, another part can fill in the gaps. To give you an idea I have in my shop: jackets, murals, books, online retail, wholesale, custom illustrations, teaching , and weddings (which I am stepping away from for a while). Multiple revenue streams is really the only way I have seen the whole “work less, make more” actually work.
When we start to value ourselves and charge for that value we all win. You are making something with your own two hands, probably something that is custom. You are not Hobby Lobby and should not charge Hobby Lobby prices. If you’re in the corporate world, this goes for you too, your time is valuable.
There's some really exciting things happening with the podcast so stay tuned for that! We've had amazing discussions featuring some awesome guests so make sure you go catch up on our latest episodes!