Recently I worked with a husband and wife photography team that was looking to expand their business so that the wife could leave her current job and work full time in her photography business. I have worked with many small business owners in this situation; wanting to grow their business to support their family but they are unsure if they can make it work financially. I sat down with them both and we talked through what their goals are, personally and professionally.
I learned about their current business and we talked about what income they needed to make from the business for her to work full time. I created a monthly plan for them that shows the activities they needed to complete each month to meet their goals. These activities were mainly focused on the number of weddings and other photography activities they needed to complete each month. I also prepared a plan for all the expenses in the business each month so they understood the costs of doing business.
After reviewing the plan, they were excited that they could see the specific activities they needed to do each month and how that generated the income they needed to support their lifestyle. Moving from part time to full time did not seem as challenging when they had specific goals in place!
Eric has over 25 years’ experience in small business, startup, and large companies and has held numerous roles focusing on business and financial strategy in businesses. He is currently the CEO and Owner of EDGe Business Planning. EDGe works with small business owners to help them understand their financial and business information and use it to grow their business profitably. Contact us at hello@edgebusinessplanning.com.