• Home
  • About
  • Podcast
  • Lindsay J Williams

  • Learn with Lindsay
    • One-on-One Mentorship
    • The Wedding Booking Blueprint
    • The Bridal Show Blueprint
  • Freebies
  • Schedule a Call

Lindsay J Williams

Build That Business Podcast, Business
/
September 16, 2021

07: Achieving your profit goal: The formula I used to grow my business $100k in one year

Episode #7 : Build The Business Podcast
Listen on Apple
Listen on Spotify
Listen on Google

Today, we’re going to talk about gaining clarity in your business by setting your one profit goal.

Notice I said profit goal, NOT revenue goal. I don’t care about your revenue right now. I care about your profit. What you’re able to take home. I also said one goal.  I’m going to rein you in, girlfriend. One thing at a time.  I know, it’s so tempting to do all the things, but as Gary Keller said, “Extraordinary results are directly determined by how narrow you can make your focus.

Years ago as a baby business owner, I was obsessed with tracking our revenue. Revenue was what I focused on, revenue was how I set our financial goals. But, as you can probably guess, at the end of the year when we looked at our numbers for tax time. The ACTUAL profit (or lack of) was alarming. 

It was then that I took a step back to figure out my profit goal. What we realistically wanted and needed to take home to support our family and gain the financial freedom we desired. It was so empowering to know exactly where I needed to be to reach my goal, so every time I sat down to work, I knew the goal. I could look at what we were doing and ask myself, “Are we on track? Do we need to course correct?”

When you have sight of the end goal, those questions are easy to answer. I’m going to help you do that today. 

By the end of this episode, I want you to have a crystal clear vision of your profit goal. I want you to feel confident that you can hit it. AND I want you to have a tangible realistic plan to get there. 

Ready to dive in? We got this!

#1 Set Your Profit Goal

What is the number that you would like to take home after all expenses this year? For this example, I am going to use “Sara. Sara is a Florist and her profit goal is $100,000. That is what she wants to take HOME this year.” 

Now, let me pause here. If this number seems crazy to you, just set a realistic profit goal for your business. If your profit goal is $5k, $10k, $20k – all of that is something to be proud of. A profitable business is something to be proud of. You are making an income for yourself and your family and you are well on your way to financial freedom

I’m using Sara’s $100k goal as an example here because it’s easy numbers (and I absolutely know this goal is possible).

#2 Determine How Many Orders you need to book to reach your goal.

First, we need to know our profit. The formula to calculate your profit is Revenue – Cost = Profit

Sara is a florist, so we are going to use weddings as an example, but use whatever you sell here:

  • Sara’s average wedding sale is $5,000. That is on average, what she charges her couples. That is her REVENUE, the top number she is taking it.
  • That wedding costs Sara $3,000 to produce (material, labor and customer acquisition)
  • So, that means that Sara profits $2,000 in profit per wedding. Revenue ($5k- Cost ($3k) = Profit ($3k)

Now let’s take that and figure out how many weddings per year we need to book to reach our profit goal of $100k. 

PROFIT GOAL FORMULA: Profit Goal ($100k) / Profit for each wedding ($2k) = 50 weddings.
>> If Sara wants to take home $100k this year, she needs to book 50 weddings.

#3 Breaking that goal down into milestones

Again, we are going to use Sara as an example here. Sara has a yearly profit goal of $100k. In order to reach that goal, she needs to book 50 weddings this year. So, naturally, the first instinct is to break that down in monthly goals. 

MONTHLY GOAL FORMULA: 50 Weddings  / 12 months  = 4/5 weddings per month
>> If Sara wants to sell 50 weddings, Sara needs to book about 4-5 weddings per month.

But, we all know that Sara’s wedding business is seasonal. If your business is seasonal, I want you to take out a piece of paper and determine your SLOW sales months and your busy sales months. You may need to rev your engines during those busy sales months, so you can give yourself some grace when times are slow. 
_______

RECAP: Here’s what we did to determine that profit goal:
Step 1: Set the Goal
Step 2: Determined how many orders you need to reach that goal
Step 3: Break it down into milestones. 

Sound doable? I want you to really take some time to do this. Take some time to look at your numbers and set a realistic goal for yourself! When I sat down and did this simple exercise, it set up my whole year for success.  I gained so much clarity in my business. I was less anxious and I was truly FOCUSED on where I needed to be. This is what I want for you. I know it’s possible. Financial freedom is absolutely possible for you and your family. But you need to know where you are going. 

Any questions? Shoot me a DM on instagram and tell me about your goals! I love to see you chasing those dreams, girlfriends.

LINKS MENTIONed IN THIS EPISODE:

Free Goal Setting Worksheet, “How to Eliminate Overwhelm and Gain Clarity in your Business”

Our Private Facebook Group

Our Free HoneyBook Guide

Coupon Code for 50% off HoneyBook

0 Comments
Share

You May Also Like

August 23, 2021

02: The importance of building a magnetic personal brand for service based businesses with Becca Ellison

December 13, 2021

26: 4 Things you should evaluate in your business before the new year

August 23, 2021

04: How to create a financial plan for your small business that you can actually stick to with Alli Williams

Leave a Comment Cancel Comment

Previous Post
06: How to stop wasting time in your business with vikki louise
Next Post
08: How to stop worrying about what your competition is doing so you can let who you are shine with Nikisha King-Hidalgo
Hi There!

Hi There!

I'm lindsay

Wifey to Ryan and new mama to our sweet baby boy, Jamison. I’m also the owner of a custom wedding invitation company, Hoopla House Creative and I know a thing or two about closing a sale. Through personality packed content, and out of this world customer service, I’ve managed to grow our company by 10x in yearly revenue. All from the comfort of my home, in my PJs.

Personal

Business

Weddings

Recent Posts

  • 43: 3 difficult client situations and how to handle them

    May 19, 2022
  • 42: Finding fulfillment while audaciously pursuing your dream – The Power of Y.E.T. – with Hayley Luckadoo

    May 10, 2022
  • 41: How to make your competition irrelevant

    May 3, 2022

Follow on Instagram

One of my favorite things about my mentorship program is it’s completely catered to your goals, a unique personalized plan for every one of my students. In fact, many of my students agree that this is their favorite thing, too – next to the ready to use templates and one-on-one support they get from me for 6 months after. ​​​​​​​​
​​​​​​​​
If you’d like to see for yourself, schedule a free business strategy call to get started at the link in our bio 👇(LindsayJWilliams.com/coaching)
mslindsayjwilliams
mslindsayjwilliams
•
Follow
One of my favorite things about my mentorship program is it’s completely catered to your goals, a unique personalized plan for every one of my students. In fact, many of my students agree that this is their favorite thing, too – next to the ready to use templates and one-on-one support they get from me for 6 months after. ​​​​​​​​ ​​​​​​​​ If you’d like to see for yourself, schedule a free business strategy call to get started at the link in our bio 👇(LindsayJWilliams.com/coaching)
2 days ago
View on Instagram |
1/4
Wanna know something? There are moments in life when you need people who push, pull, and believe in you, even when you don't believe in yourself. I'm blessed to have this community of like-minded people to share the ups and downs of entrepreneurship in the wedding world. ​​​​​​​​
​​​​​​​​
Thank you for filling in my gaps and helping me bring a new dream to life ❤️ What are you grateful for today?
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Wanna know something? There are moments in life when you need people who push, pull, and believe in you, even when you don't believe in yourself. I'm blessed to have this community of like-minded people to share the ups and downs of entrepreneurship in the wedding world. ​​​​​​​​ ​​​​​​​​ Thank you for filling in my gaps and helping me bring a new dream to life ❤️ What are you grateful for today?
3 days ago
View on Instagram |
2/4
You know what’s always in season? Celebrating the good things in life! For me, front porch sitting, Jamison giggles, and worn in cowboy boots are always ripe for the picking. ​​​​​​​​
​​​​​​​​
What’s one good thing that you’re celebrating today? ☀️
mslindsayjwilliams
mslindsayjwilliams
•
Follow
You know what’s always in season? Celebrating the good things in life! For me, front porch sitting, Jamison giggles, and worn in cowboy boots are always ripe for the picking. ​​​​​​​​ ​​​​​​​​ What’s one good thing that you’re celebrating today? ☀️
3 days ago
View on Instagram |
3/4
Such an honor to have @jennakutcher on the podcast today! She was amazing, of course 🔥🥰

I'll keep you posted when the episode airs. It will be closer to the launch date of her new book "How are You Really" - launching June 28th 

Lear more about the book here! 👉📒 JennaKutcher.com/book (link in bio) 

#jennakutcher #theinstagramlab #goaldiggers #howareyoureallybook
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Such an honor to have @jennakutcher on the podcast today! She was amazing, of course 🔥🥰 I'll keep you posted when the episode airs. It will be closer to the launch date of her new book "How are You Really" - launching June 28th Lear more about the book here! 👉📒 JennaKutcher.com/book (link in bio) #jennakutcher #theinstagramlab #goaldiggers #howareyoureallybook
3 days ago
View on Instagram |
4/4
One of my favorite things about my mentorship program is it’s completely catered to your goals, a unique personalized plan for every one of my students. In fact, many of my students agree that this is their favorite thing, too – next to the ready to use templates and one-on-one support they get from me for 6 months after. ​​​​​​​​
​​​​​​​​
If you’d like to see for yourself, schedule a free business strategy call to get started at the link in our bio 👇(LindsayJWilliams.com/coaching)
mslindsayjwilliams
mslindsayjwilliams
•
Follow
One of my favorite things about my mentorship program is it’s completely catered to your goals, a unique personalized plan for every one of my students. In fact, many of my students agree that this is their favorite thing, too – next to the ready to use templates and one-on-one support they get from me for 6 months after. ​​​​​​​​ ​​​​​​​​ If you’d like to see for yourself, schedule a free business strategy call to get started at the link in our bio 👇(LindsayJWilliams.com/coaching)
2 days ago
View on Instagram |
1/6
Wanna know something? There are moments in life when you need people who push, pull, and believe in you, even when you don't believe in yourself. I'm blessed to have this community of like-minded people to share the ups and downs of entrepreneurship in the wedding world. ​​​​​​​​
​​​​​​​​
Thank you for filling in my gaps and helping me bring a new dream to life ❤️ What are you grateful for today?
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Wanna know something? There are moments in life when you need people who push, pull, and believe in you, even when you don't believe in yourself. I'm blessed to have this community of like-minded people to share the ups and downs of entrepreneurship in the wedding world. ​​​​​​​​ ​​​​​​​​ Thank you for filling in my gaps and helping me bring a new dream to life ❤️ What are you grateful for today?
3 days ago
View on Instagram |
2/6
You know what’s always in season? Celebrating the good things in life! For me, front porch sitting, Jamison giggles, and worn in cowboy boots are always ripe for the picking. ​​​​​​​​
​​​​​​​​
What’s one good thing that you’re celebrating today? ☀️
mslindsayjwilliams
mslindsayjwilliams
•
Follow
You know what’s always in season? Celebrating the good things in life! For me, front porch sitting, Jamison giggles, and worn in cowboy boots are always ripe for the picking. ​​​​​​​​ ​​​​​​​​ What’s one good thing that you’re celebrating today? ☀️
3 days ago
View on Instagram |
3/6
Such an honor to have @jennakutcher on the podcast today! She was amazing, of course 🔥🥰

I'll keep you posted when the episode airs. It will be closer to the launch date of her new book "How are You Really" - launching June 28th 

Lear more about the book here! 👉📒 JennaKutcher.com/book (link in bio) 

#jennakutcher #theinstagramlab #goaldiggers #howareyoureallybook
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Such an honor to have @jennakutcher on the podcast today! She was amazing, of course 🔥🥰 I'll keep you posted when the episode airs. It will be closer to the launch date of her new book "How are You Really" - launching June 28th Lear more about the book here! 👉📒 JennaKutcher.com/book (link in bio) #jennakutcher #theinstagramlab #goaldiggers #howareyoureallybook
3 days ago
View on Instagram |
4/6
Isn’t life an adventure? If someone would’ve told me I’d be coaching wedding professionals to build multi 6 figure businesses (after doing it myself) back in high school, I wouldn’t believe it. ​​​​​​​​
​​​​​​​​
It’s nice to know that reality can be far greater than your wildest dreams. Could you have predicted where you’d end up today?
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Isn’t life an adventure? If someone would’ve told me I’d be coaching wedding professionals to build multi 6 figure businesses (after doing it myself) back in high school, I wouldn’t believe it. ​​​​​​​​ ​​​​​​​​ It’s nice to know that reality can be far greater than your wildest dreams. Could you have predicted where you’d end up today?
4 days ago
View on Instagram |
5/6
Pray for our city. Pray for the families who’s loved ones stepped out for a quick trip to the grocery store and never came home. For the families who were prepping for Sunday dinner and now have a seat forever empty. Pray for the victims that justice is served.

Our city of good neighbors is devastated, angry, grieving. This horrible act of hate will not be accepted. #PrayforBuffalo. ❤️💙
mslindsayjwilliams
mslindsayjwilliams
•
Follow
Pray for our city. Pray for the families who’s loved ones stepped out for a quick trip to the grocery store and never came home. For the families who were prepping for Sunday dinner and now have a seat forever empty. Pray for the victims that justice is served. Our city of good neighbors is devastated, angry, grieving. This horrible act of hate will not be accepted. #PrayforBuffalo. ❤️💙
5 days ago
View on Instagram |
6/6
@mslindsayjwilliams
  • Home
  • About
  • Podcast
  • Freebies
  • The Wedding Booking Blueprint
  • Contact

Lindsay J. Williams Powered by Graphic Lux