#147 What it really takes to make a $50K salary as a jewelry designer

It’s possible to earn a salary as a business owner. You don’t have to settle for leftovers.

In fact, I highly recommend this strategy and I teach designers how to do this in our signature program, Laying the Foundation.

Lots of designers shy away from setting the goal of having a “6-figure business.”

Maybe because it sounds too hard, or possibly greedy?

But here’s the thing, m’dear, when you’re a business owner you have to be bringing in lots more in sales than you end up taking home as your paycheck.

So in this week’s episode, I’m cutting down some myths about 6-figure businesses and showing you ways to earn the salary you have in mind.

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Money Is Good

When you’re making good money, you have more opportunities to grow as a person and reach more people. You might be scared off by the term 6-figures because you associate it with greed or corporations, but money is not about greed.

Money is a tool and when you use it the right way, you can help others and show up better for yourself and your customers. This is your safety net, it’s a way for you to feel secure and who doesn’t deserve security?

What it Means to Have a 6-Figure Business

What does it really take to run your business? Where are you spending your money and where are you making your money? Pricing has a lot to do with this part of it.

Having a 6-figure business means you, as a CVO, are taking home about $50K a year. So whatever your salary goal is, you need to bring in about twice that much in sales to cover your salary.

Get Lean & Liquidate!

If you’re anything like me, you have tons of materials lying around your studio (or in the back of the closet!) If you want to earn $50K a year, start by bringing in all the money you can right away.

Sell the product you’re sitting on, host a trunk sale, or do a big promotion on your website or Facebook to get some money coming in the door! Your margins won’t be as good as you planned, but some money is better than a box full of jewelry, m’dear. So sell, sell, sell!

Then, you can use that money to invest into growing your business the best way possible!

xo, Tracy

P.S.

This episode is sponsored by our Masterclass, The 5 Common Mistakes Even Talented Jewelry Designers Make – And How to Avoid Them!

So if you’re loving this show, show up live to our Masterclass! Sign up here and choose the time that works for you!

Links:

The 5 Common Mistakes Even Talented Jewelry Designers Make – And How to Avoid Them! – Masterclass
Laying the Foundation
The Diamond Insiders