Lots and lots of all the IPS (In Person Sale) groups for photographers are talking about becoming millionaires, “how I became a millionaire photographer” “My average sale is 10.000$ and up” and so on and so on …
I would rather talk about how you make a good average income.
Don’t get me wrong – I am aiming for the sky – and I won’t complain if someday I become a millionaire – and maybe I will. But when two years ago, I decided to switch my business around, my goal was to hit the average Danish salary. I work my butt off – I am good at what I do – so I should be able to make an average salary – and so should you!
The Average European Salary
The average European salary is around 18.100€ a year (This is just under 20.000$ or 16500£). It does, of course, differ from country to country – where Denmark is in second place – with 37.200€ a year (41.000$ or 33600£).
You can see your countries numbers here: Average Salary in Europa Union 2016.
So when you sit down and decide to go IPS and crunch your numbers – an average salary for your CODB (cost of doing business) is a good place to start.
Free calculator for you to start and crunch those numbers: NPPA Calculator
Learn from my mistakes!
As I have said in previous posts, I am a bit daft. I have skipped the steps to do a CODB – and just made up a number in my head “I need to have this much turnaround for it to make sense”. And that was all great, except for the fact that the first year of IPS my salary was not an European average because I did not crunch my numbers (my profit margin was not high enough)!
This year my profit margin is a lot higher. Again, my daftness did that. I was a little late on figuring out my numbers – so, even though I have made the European average this year, I have not hit the Danish one. Yet.
If you are less daft than me – and look at my many mistakes and LEARN from them – you will be hitting that number within the first year of your IPS!
BUT! I have made more money this year, than I have ever done before in my life!
(This only tells you I have been really bad at making money up until this point)
2017 – I will be making the average salary, and I will be rolling in the monies! (And in 2020 – I will be making double the average salary, this is my five-year goal! )