Do you even know if you’re profitable in your business? The truth is… Many of us don’t have a clue and we are here to tell you… You are NOT alone my friend! Help is on the way.

 

We are joined by Amber Dugger, founder of Profit For Keeps, a system developed for online entrepreneurs to end the stress and anxiety around numbers.  It is a holistic system combining personal finance and business cash flow strategies using Profit First and YNAB (You Need a Budget).  She has helped hundreds of coaches implement this system and has helped thousands more calculate revenue goals that actually make sense! She is a certified health coach from IIN and worked in corporate finance for 15 years before venturing out on her own in 2015 and thrives on being location independent. We found Amber from listening to one of OUR favorite podcasts by Amy Porterfield, Online Marketing Made Easy.

Let’s get started… Step One: Your Goal

What is it that you want to do when money comes into your business, that comes into your world? Often times we get bogged down with debt and lose touch with what we truly desire. We need to view our debts with the gratitude of allowing myself to be where I am right now.

The difference between Luxury vs Over-Consumption. Luxury is where your receiving sparks of joy and providing sparks of joy while over-consumption is spending money on things you don’t actually care about. As long as you spend money and it fills you with joy that is absolutely worth the money. (Thanks Marie Kondo for making us all aware of this!)

Step Two: Analyze

Look at your current situation and analyze how much money is going out the door. List out the things you are currently spending money on in both personal and business. Go to Amberdugger.com for Amber’s revenue calculator to enter in these numbers. The tool is fantastic! You enter how much you want to pay yourself each month and how much your business is costing you each month. It also accounts for taxes and profit and this gives you a revenue goal that you can focus on. This is the goal that will tell you how much you can pay yourself each month as well as cover your business expenses.

Next, you can reduce expenses, increase prices OR do both to set you up for making a profit and setting you up for success.

Step Three: Action

After you’ve reduced your expenses, take a look at your pricing. Do the specific math to figure out how many photo sessions or jobs you need and WANT to take on. How does the recipient values the result, outcome or experience? Choose your own adventure and decide where you want to go from here.

Need a way to create and maintain your budget? What is Y.N.A.B.? It’s an online budgeting system that stands for You Need A Budget. It takes the money that comes in and you give each one of those dollars a place. You only budget what comes in the door and not what you want to come in the door. It helps you age your money.

Show Links

Amberdugger.com (Revenue Calculator)
Ambers’ Facebook Group: Sweet Life, Purposeful Money 
Profit for Keeps: https://amberdugger.com/profit-for-keeps/
YNAB