Per her newsletter: “You may have heard of the 80/20 rule in business, which says that 80% of your income (and your work) comes from 20% of your clients. Is this true for you? The only way you'll know is to do the math.
This month is the perfect time to take a closer look at your income. Every quarter, I add up my gross income, but the last quarter of the year I take it a step further, and divide it by client. Then I categorize my income […] Totaling these figures tells me where my money is coming from, and what types of work have been the most lucrative for me. It also helps me set my goals for the coming year […]
You can do the same thing quite easily. Make a list of your clients, and add up what each has paid you this year. After you've determined those figures, figure out what types of work you were paid for this year […] Adding up your income and where it came from is a critical first step. With this information, you'll be able to set more specific, realistic career goals for the coming year. Revisiting where you've been the prior year is an important part of that.”
I couldn’t have said it better myself, and I have to admit to never even thinking of doing this before with my writing or when I was actively selling my jewelry. But, it makes a lot of sense. If you know where your major income is coming from, then you can concentrate on those areas of your jewelry business.
Think about it. Who are your customers? Where does your income come from?
Kelly’s advice may be geared toward freelance writers, but I think her advice can be adapted to just about any type of business. So, take the time either at the end of the year or each quarter and crunch some numbers. You may be surprised at what you find, and you may learn something that may help you make your jewelry making business more successful.
