Today my guest is Brandee Gaar, owner of the event planning company in Orlando, Florida, called Blush by Brandee Gaar. Blush strictly caters to weddings. She also has a corporate events planning company called Eleven Events by Blush.
Brandee is also the host of the She Who Dares podcast, a podcast dedicated to small businesses. She’s passionate about teaching business owners how to show up and run their businesses quick, easily, and efficiently.
Brandee is giving us tips on the importance of valuing our time as service-based entrepreneurs and creating a sustainable business model where we actually get paid appropriately for our time.
Your time is valuable, and you are the most important asset.
Time is the only non-renewable resource that we have! It’s the only even playing field we have in common with every other human being on earth.
You need to be able to pay yourself a fair wage for what you’re working in order to sustain your household and other personal expenses that you may have. If you’re creating a business, this business has to be able to pay its employees and you have to be one of the employees.
Remember you are the most important asset, i.e. the owner! The business will not be sustainable in the long run if you’re not able to pay yourself first.
How much should you charge to bring home a reasonable salary?
The first step is to create a budget for your business. Document your expenses in this budget and also put in a value for your ideal salary. Remember you don’t have to pay yourself what you were originally making at your full-time job.
Once you enter all these values into this spreadsheet, these are the total costs that you will have to cover as a business owner. You have outlined how much you will need to make in order to reach your goal salary.
This will help you to break down your service packages and determine how many sales (i.e. clients that you will need to book) in order to reach your goal salary.
Every single month you must pay yourself the same amount.
How do you work towards making this happen?
Making the budget is key! Identify how much you really want to make from your business in order to pay yourself a salary.
For example, if you would like to make $60,000, whatever number you plug it into your budget and document all your total expenses (software, domain hosting etc.). will represent the revenue you need to make. Then. determine the number of clients you will need to book in order to hit that target revenue.
Its important to have a conversation with your spouse to determine how much you will need to make in your business in order to quit your day job. Their input is key in determining if this is worth your time and effort.
How can we show up and be visible in order to fulfil our revenue goals?
You need to determine the rate or cost of your package – it must be based off of something. Determine how many packages have to be sold in order to cover your overhead costs.
Remember success doesn’t mean six or seven figures or a full-time salary. You define what success means to you and put blinders on everything else in order to keep focused on your goal.
As women we do not charge enough for our time and we often have a hard time charging for our time. Understand that time is your non-renewable resource and remember for every single thing you say yes to, you’re saying no to something else. So make sure it’s worth it, and don’t undervalue yourself. Be confident in selling the best product or service to your client.
Utilize social media to your advantage for advertising your business and showing your real authentic self. Show your face on social media and discover where your ideal clients are located. Pick one platform where the majority of your clients are and stick to that platform. Lastly, believe in your product/service and tell people why they can’t go without it!
A big Thank You to Brandee Gaar for her amazing insight and tips today. I hope you have found this information helpful. I hope you remember that your time is valuable, and you are the most important asset.
As always mama, I am here rooting for you and you are not alone on this journey.