How do you create a business plan for your Tarot reading business? What is it you must do to achieve the income you want? Is there a template or formula for writing a Tarot business plan? If you find yourself asking these questions and wonder how the professionals make business plans read on!
Before we begin, I should stress that, like yourself, I was in an eternal state of confusion over my business plan. I didn’t know how to write a business plan, and I had zero ideas over how I was meant to ‘plan’ my income.
How was I meant to project how much money I was going to make?
I once bought a book which taught how to write a business plan. However, although I knew how to write business plans, I didn’t know how to project my income. My uncertainty over how I could estimate future earnings meant that I often gave up making goals and plans. I have ‘winged it’ pretty much most of my Tarot business (not recommended!)
However, once I became a successful Tarot business owner, I realized a few trends in my business. For example, I knew that most parties I performed at would involve reading five people earning me £250. I could expect a party at least once every three months.
After I followed the trends in my Tarot business, I could predict how much money I would earn each month. Once I did this, I would make generalized goals which I would work at achieving to grow my business, such as seeing three clients a week in July instead of the usual 2 per week I had seen in May.
Business planning is not an exact science, but you can make educated guesses based on past trends. You can then work with these trends to help you see where you should be devoting your time so that you can grow your business faster.
Below is the 3 step process I go through when I am making financial plans for my businesses. I apply this process when I am writing business plans for everything, even e-books, and courses. Give it a bash, and get planning your Tarot business!
STEP ONE: MAKE AN INCOME GOAL
You should be making income goals for your Tarot business as setting goals ensures that you’re on track and in the right mindset. Your income goals are going to be the core of your business plan.
I recommend that you always make goals which are a minimum of 20% above what you think you can achieve — the reasons why is because it is human nature to underestimate the effort needed to hit goals (which is why nobody achieves what they want). So, if you aim higher than you would like to, you will do everything in your power to make that goal achievable. You will put more effort into a harder target than the one you assume is effortless.
For example, say your income goal is to make at least minimum wage in your Tarot business, which would be about £320 per week. It is better if you shoot for the £382 and fall slightly short than it is if you aim for £320 and fall short.
A lot of people do not like to make high goals out of fear they will not achieve them. However, there is nothing more discouraging than not hitting a target you assumed would be easy, which often happens with easy goals. Do not underestimate yourself. Aim high, shoot for the stars (or at least 20%!)
It is all fine and dandy to say that you want a million dollars this year, but you need a plan. A goal is not a plan unless you have steps in place to make it a reality. To make that plan, you need to measure.
STEP TWO: DO THE MEASURING
Not being able to convert my plans into tasks is what made me never be able to complete them. Selling Tarot readings seemed to be so unpredictable, so I couldn’t work out how I was supposed to ‘plan’ to make £300 this week or £500 next week. However, once I became an experienced business owner, I realized that the secret was in measuring.
There are some things which can be measured which will help you predict the growth of your business and give you clues as to what you can do to achieve your income goals. Below are the stats which I have found to be accurate for my businesses but variables will apply (such as how good you are at marking, brand consistency, and the location you live).
These measurements will give you a general ballpark idea of how you can measure certain aspects of your Tarot practice for yourself and the types of results you should be aiming for:
- If you do no active promotions other than posting on your social media accounts (1000 followers each) about your Tarot readings, you can expect around 2-4 face to face booking per month.
- With the same platform as above, you can expect to book a party once every three months. The average Tarot party has 4 or 5 seekers.
- You should earn about £100 or $100 for every event you read for, sometimes a bit more, sometimes a bit less. Be sure to average out your earnings over multiple events for a more accurate figure for your area of operation.
- Once you hit 1000 email subscribers, you should be making $1 per month for every subscriber (if you are sending out weekly newsletters).
- Around 1 in every eight people, you read for will refer a friend very soon after you read Tarot for them.
- If you read on phone lines, a few hours working on a busy night can earn you around £50. Remember, you must take into consideration the in-between time calls where you make no money, so average out the payment made for the overall time you are clocked in for.
- If you launch a Tarot course, 2% of your email list and 0.2% of your social media presence should buy this course.
- You will make a full-time income from your blog (around $3000 per month) once you hit 100,000 monthly page views. Therefore, if you have a blog which gets 10,000 hits a month, you can expect to make $300 per month from your website in Tarot readings sales.
I strongly advise that you pay attention to how many hits you get to your website and how this correlates with sales. If you are getting 1000 views per month and selling 2 Tarot readings through the website at $20 each, you know that you need to double your traffic if you want to make $80 per month.
STEP THREE: PUT THE PIECES TOGETHER
Based on your desired income, you must work out exactly what you must do to achieve that figure, and you can do that once you know the stats for your business. So, if you plan to make a full-time living (£320 per week, or $400) you know you can:
- Promote heavily on social media to book two face-to-face reading of $100.
- Do an event to bring in $100
- Spend four nights on the phone lines for a total of $200
Based on the above formulas, you can get a general idea of how you could make money reading Tarot without making your business a chore. Or worst, preparing business plans which are unrealistic. For example, you know that not every week there will be Tarot events to read at, or you will not have the energy to do so, so you can instead make your $100 working extra time on the phone lines.
Alternatively, if you're unhappy with your income, you can try increasing the costs of your readings. If you're currently charging less than 50 an hour (that's $50 or £50), you should have a plan to increase your prices sometime in the near future.
Are you trying to grow your Tarot business but hearing nothing but crickets in your PayPal account (and free reading requests in your inbox)? Then feel free to to download the ‘Spiritual and Making Money” guide below. It is fun, it is free and available to view on mobile, tablet and computer!