Today we are talking about revenue planning and I can already see some of you beginning to check out, but I want you to stick with me.
IE 215: Revenue Planning for Your Business
If you are looking at your business and trying to get an idea of the revenue that could be coming in, you may feel like it is a super tedious task. It may even feel like something that is too hard for you to do.
I am going to break it down as simply as I can for you.
You’re going to want to grab the Revenue Planning Worksheet I’ve created. It will help walk you through everything we talk about in today’s episode as we look toward the revenue that will come in for you in 2021.
Create Your Goal Revenue Number
You always hear me talk about treating yourself as a business. When you do this, you are manifesting revenue coming in. As you manifest and put in the work, you can get an idea of what to expect as far as revenue coming in each month.
Please understand, I am not looking for you to have exact numbers. Put an emphasis on what you have done in the past and create a goal number for yourself.
What is that ideal number that you would like to see come in, based on the money you made month to month in 2020? You can also look at data from 2019 or 2018 to create these expectations for yourself.
I talked recently about how I became complacent in 2020. I know 2020 was a rough year for everyone. However, you survived and you can continue to move forward.
Now is the best time to set your revenue goals.
Formulating Your Plan
If you haven’t been keeping track of your revenue for the last few years, go to your bank records and make a note of your different revenue streams and what they brought in for you.
We know that ad revenue dips in January and February for most online businesses. If we have this data in front of us, we will always have a better idea of what to expect moving forward.
I can guarantee you that in 2021, we will see a ton of brands putting money into influencer marketing. A lot of that is going to Instagram, 79% to be exact.
Knowing this will help you know what to charge and how to formulate your package proposal for the brands you want to work with. Having all of this will help you reach those revenue numbers you are dreaming up.
Setting Smart Revenue Goals
You have to set smart goals. Having a specific number in mind will only work if you follow it up with specific strategies, projects, and tasks.
In episodes 53 and 54 of the podcast, we talked a lot about goal setting. If you are not really clear on what goal setting should look like, go back and listen to those two episodes.
Setting goals for yourself will give you the tasks that you need to complete in order to see that goal actually be fulfilled.
This might mean pitching to brands more, creating Instagram Reel content, posting on Instagram Stories every single day, or growing your email list.
You need to set your goals, figure out your tasks, and then put in the work to make it all happen.
Revenue planning will only work if you have a system and goals in place.
Tie Everything To Revenue
Everything in your business should be tied to revenue.
If you are just focused on growing your following, and that only translates to likes and comments, that is not enough.
Growing your following should always be linked to growth in revenue. If that is not the case, you need to find another avenue to bring in revenue.
A brand is not going to care if you have pseudo-engagement from an engagement pod. You won’t be able to sell products or services to those types of followers either.
Keep this in mind when you are putting your tasks together. Everything is connected to your revenue.
Get to Work
Once you have set your goals and figured out what your tasks need to be, get to work.
Check out the Revenue Planning Worksheet; it will walk you through exactly what you need to do to set your revenue goals and crush them.
I will give you specific examples you can use and help you work on growing your email list. As I’ve said so many times before: it is the only thing you can depend on.
Once you start setting your goals, make sure you tag me on Instagram so I can see what you’re working on. I can’t wait to watch you meet your revenue goals for 2021!
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