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 wont complain if I someday become a millionaire – and maybe I will. But when I two years ago decided to switch my business around, my goal was to hit the average Danish salary. I work my butt of – 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 is around 18.100€ a year (This is just under 20.000$ or 1650£). It does of course differ from country to country – where Denmark is on a second place – with 37.200€ a year (41.000$ or 3360£).
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 does numbers: NPPA Calculator
As I have said in previous posts, I am a bit daft – so 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 is all great, I am going to hit this goal this year … I just forgot to crunch the numbers … so 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 marten 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 NOT copy my mistakes – 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! )