Why your tarot business isn’t making a profit

by Theresa Reed on October 22, 2014

tarot business isn't making a profit

Does this sound like you?

You’re a talented tarot reader and people love your readings – but,  year after year, you barely break even.

And every year, you wonder – why am I doing this when I can’t even make a sustainable living?

Or maybe you host classes and workshops – they sell well enough but making a profit?  Pfffttt……you’re lucky to have enough left over to give you gas money to get your tarot-loving butt home.

Are you ready to step it up and start seeing profit every year?

If so, here is the secret:

It begins with knowing your numbers: how much you need/want to make.

You’re probably thinking I’m nuts and if you hate math or money (like many of my fellow mystics seem to), bear with me a minute, please.

Listen up:  if you have a random idea of how much money you’d like (or need) to make, you’ll probably find that your results are rather haphazard – sometimes great, sometimes a bummer.  The Universe likes specifics.  (Law of attraction, baby.)

 

You need absolute clarity around your money: it all begins with “the number.” 

Every year, I have a specific number that I want to reach (and yes, I set a number goal for every product I launch, every class or workshop I create, etc.).

How do you find your number?  Ask yourself this:  how much do I need to make?  How much do I want to make?

Start there.  (For the record, I have two numbers – one that reflects my bottom line and one that hones in on my desired amount.  I usually reach the desired amount every single year.)

 

Once you have your yearly number, do a little math:

Divide your number by 48

Then divide that number by the number of days you want to work each week

The remaining number is what you need to make on your work days in order to reach your goal.

 

Let’s use an example:

Let’s say that my bottom line, the amount I need to make in order to live decently (pay the bills, business expenses, and livin’ without money stress) is $40,000 a year.

40,000 divided by 48 = 833.33

Divided by the days I want to work (five) = 166.67

 

How can that be accomplished?

Four email readings at $25.00 each

One phone reading at $120.00

One information product at $25.00

 

Can that be done?  YES.  When I break it down like that, it doesn’t seem so hard, does it?  It becomes doable.  I start to see the way and put my efforts into making that number happen.

 

Let’s do a bigger number (cause some of us like to live large, yo):

100,000 divided by 48 = 2083.33

Divided by the number of days I want to work (five) = 416.67

 

Four email readings at $25.00 each

Three phone readings at $100.00 each

One information product at $25.00

 

Can that be done?  YES.  Especially when you throw in profitable tarot parties and classes.

 

Once you shine a light on the numbers, you can set a goal and work towards it.  When you know your number, you are going to be focused and putting your efforts into the right products, services, and marketing.

 

You can use the number for events as well.  Let’s say you want to host a tarot conference.  Begin by figuring out how much you want to make.  Then, calculate your costs.  From there, you can figure out how much to charge depending on how many people you want at your event.

For example:

If you want to make $25,000 and your expenses are going to total $10,000, then you would need to bring in $35,000 to reach your goal.  If you only want ten people at your event, you’re going to need to charge $3500 for each person.

You would not believe how many people I talk to who have zero clue on how much they want to make and instead focus only on a low ball number in order to get people in the door.  This is poor planning and scarcity thinking.  Once I teach them about starting with THEIR number, the light bulbs go off and they begin to create events that actually pay off for them.

Got it?

Start with your number.  Reverse engineer your business or event to move you towards your goal.  Once you know what you need or want, you can make that happen.

From there, it all comes to down to excellent service, smart marketing, and dedicated client care. And you’re already great at that, my tarot friend.

Blessings,

Theresa

© Theresa Reed | The Tarot Lady 2014

image from stock photography

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tarot tip keep it simple with your spreads

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