Math Can Help You Reach Your Handmade & Etsy Business Goals
What’s going on LL here and welcome back to the podcast. Today I am talking about math lol. But this is good math I promise. Simple math when it comes to your business can make goals seem more obtainable and really take some of the pressure off. Let’s dive into today’s show… Remember in school when you took geometry or algebra and you wondered how the heck that would help you in the real world… maybe you were stupid like me and took pre-calculus and stats as well.. Well, you were right.. most of that math is useless practically. But I find myself using a ton of basic math to help me set goals and run my business. I am honestly obsessed with it. Breaking things down into bite sizes pieces just takes a lot of stress away. Most people make the mistake of looking at the whole piece of the pie when starting an online business but you really have to work backward. You don’t show an entire pizza in your mouth all at once do you? Hopefully not. You take one bite at a time. But too often I see people try to show the entire business pizza in their mouths lol. Goal salary? Maybe start with what you’re making now or made. Avg USA income is 50k year. Let’s use that. Also, keep in mind that with taxes you don’t take home 50k a year. It’s probably more like 35K. Goal 50k a year That’s $4166 a month $1,923 bi-weekly $961 a week $137 a day - what’s nice is with an online business you can make money every day, not just Monday-Friday Now $137 is much better to think about and tackle than 50k! Now relate this to what you sell. Say your average product costs or average sale per customer is $25. This is 5.48 sales per day on average to meet your goal of $137. Remember you only need to average this because some days you’ll do more and some days you’ll do less. Maybe you’re doing 1 sale a day now. 4-5 more sales a day isn’t that far of a stretch. So set your salary or revenue goal and work backward. That’s what you need to strive for and pay attention to. Then from there, you can focus on what drives daily sales. Working on your shop, SEO improvement, more products, marketing, etc. But those are things you can add to your workflow and work on improving over time. So if you are not making an average of 1 sale a day make that your goal first. Maybe you’re doing that, then maybe set your goal at 5, then 10, etc. Wherever you want to get to, take steps to get there. Don’t start out at 10 because it doesn’t work like that and you’ll just disappoint and demotivate yourself. I have a brand new free training out called, "How to become a top 1% full-time, Etsy seller: The top 7 things the best Etsy shops focus on to be successful." Click here to watch the training today and start gearing up your shop for the success you deserve!