For today’s lesson, I wanted to talk about something that I see as one of the key factors as to whether or not you will be successful as a Paparazzi consultant.
If I had to pick one thing that separates the successful Paparazzi consultants, from those that don’t end up making it, I would say it is whether or not they treat Paparazzi as a business, or a hobby.
You will absolutely get out of Paparazzi whatever you put into it. If you are casual about your Paparazzi business, and put in just an hour here, an hour there, you will see small results.
For some people, that is ok. Maybe Paparazzi is just a hobby for you. Maybe you are hoping to just make an extra $200-$300/month to earn a little spending money.
That is 100% ok. But it is important to keep your goals in mind. Don’t think that you will be able to work 5 hours per week, and make $3000/month like you might be able to in a full-time job.
The point is, if you want Paparazzi to be your business, you need to treat it like a business.
Know your numbers
One area where we commonly see people forgetting to treat their Paparazzi business as a business is with their numbers.
Do you know what your revenue was for last month? Do you know how much you spent? Do you know your profit? Do you know how much new inventory you need to purchase? Do you know what you will owe in taxes? Do you know how many items you need to sell to break even?
Don’t panic if you answered “no” to all those questions, you don’t have to learn them all right away. But you should be thinking in that direction. Maybe look around a little bit online for basic business principles. If you are feeling really ambitious, pick up a copy of The Personal MBA: Master the Art of Business by Josh Kaufman.
Actionable Exercise For Day 3:
Pick 3 key metrics that you are going to start tracking for your business. Here are a list of some of the metrics that the top retailers track:
- Cost of goods sold
- Profit per customer
- Top Selling Items
- Number of Items Sold
Create a Google Spreadsheet and begin tracking these numbers. Set a goal for each of these numbers for next month, and track your progress.
As always, please reach out if you need some help!