In my role as a photography business coach, I work with photographers to focus on five simple numbers they should be tracking and growing —increasing— every single month.
I’m the sort of a big number of person, and I do believe in tracking stuff that matters.
Here are the five simple numbers that we track every single month.
The first number that we track is the number of leads.
And by leads, what I mean is how many leads are you getting every single month?
A lead is a response from any Marketing that you are doing, be it a Facebook ad, an e-mail marketing campaign, a third party Gift Voucher program, or a referral.
But that’s what we track every single month. Just once a month, you’re going to report in on your numbers. Okay? Number one: leads.
Number two, we’re going to track weekly revenue.
The second deal we’re going to track is dollars per month; it’s gross sales per month. Right?
Most of the photographers in my Signature Coaching Program are doing between $5,000 and $15,000 with some a little bit more.
By the way, if you’d like a hand —if you’re already doing about a $100,000 a year and you want to scale, then, send me a private message via firstname.lastname@example.org and I’d love to help you get a little bit of a plan, or we can brainstorm.
So, number one, number of leads per month. Number two, monthly revenue.
3. Profit margins
Number three, profit as a percentage, is the third measure that we track. And so, obviously, how much money your business brings in is fantastic, but I think someone wise once said “Revenue is vanity, profit is sanity.”
And so, the third metric is profit —what’s your margins as a percentage?
We’ve got most clients who are doing a 90% gross profit margin, which relates in most cases to a 40% net profit.
That’s very doable when your business is super lean and in a “push” mode.
The fourth one of our five dials is the photography side and whether you are a smart photographer or not.
You don’t want to work 100 hours a week, right?
What’s your smartness? It’s the thing that you have created in your photography business so that you work Smarter not Harder.
You do it effortlessly and easily. Your photography session goes seamlessly and so does the rest of your business.
So, what I want to know is how smart your business is?
What percent of the photographs that you take do you actually sell?
5. Time Off
And finally, the number of free days. So, free days are the one that my high-performing photographers don’t struggle with.
For a lot of photographers, it is really hard to have time off. They take too many photographs, take too long to cull and edit them, have a too long sales process, and take too much time on the full customer experience. They find it all really hard.
Whichever of the 5 different ways you are selling, it is imperative that we maximize the sales, and create the highest profit.
My own “Soft Sell System” (I will send you the E-book on how to do this if you email me (email@example.com) has proven to be simple, time-efficient, and produce great sales.
So, here’s the thing right now. If you think about those five numbers, here’s your assignment; is to sketch up what they currently are for you.
And if you’d like some help brainstorming ways to make those numbers go up. I’m going to issue this as a challenge. My gut feeling is that almost no one’s going to do this. Maybe one.
And whoever it is, I reckon they’re the one who’s going grow their photography business.
“Screw it…..let’s do it.”