Thursday, November 15, 2012

Benjamins or Washingtons? How does your business stack up?


Let's be honest~no one ever wants to talk about money deets. How much we actually make or how much we actually spend are always secretive + personal topics. People are afraid to ask, people are afraid to tell. No secret here: we live in a materialistic society. Right or wrong, people judge each other by how much they earn, how much they spend and what kind of material items they possess. It is quite sad that many equate success with financial wealth. So not true. Being a good person is not usually the definition of success. Kind of sad when you think about it.

Anyway, I have been part of many conversations as of late discussing cold hard cash. Specifically, how much money all of the party related businesses are actually making in this economic market. We all see hundreds of parties and related business each day and I know everyone is curious about how they stack up against others, how much does the average person really make?~ This can be used as a gauge of how you are doing compared to your peers in your niche. Not that you should judge yourself solely on how your peers are doing, but it is indeed relevant when conducting current market research + climate. It is also quite inspiring to see people in your industry making some serious dough~that can provide the spark in all of us to keep on keeping on and stepping up our game.  Money is an interesting topic, an especially relevant topic if you are a business woman and a topic that brings out the curiosity in most lovas. Meow.

There are no pinning parties discussing salaries, nor Twitter chats where people will give you their financials.
I set up a short + sweet anonymous survey to gather some information from those in the industry and was kind of surprised by the results. About 100 of you responded and I seriously thank you for taking the time and putting it out there. By answering this survey, you are helping us all gain insight and access to information not easily available. By no means a scientific end all in surveys, but I tried my best to gather some relevant + interesting data. Thank you for participating.

What do you think about these results? I had better see a few comments below and not hear crickets. I will die. LOL
xo



















7 comments :

Lauren Atwaters said...

I really liked that you did this. It is definitely an unspoken curiosity.

I think it was inspiring to see some have reached over 100k per year.

Jen Gebrosky said...

Thanks so much for putting this together -- I'm shocked at the responses. It's reassuring to know that most of the girls are in the same boat. That's not what I expected AT ALL.

linnette from paperglitter.com said...

This was very good to see. I wonder how many of these businesses are driven by their product being ads on their blog and not necessary a tangible good. I have seen so many people speak about a decrease in blog traffic and perhaps the "party blog" world was getting too saturated. So my question--what are those businesses that are making their dough from ads / no tangible goods, have in mind to offer in the future to stay competitive if traffic slows down on their party sites. I recently say a very popular party blog go into the printables market and I am wondering, is it because just having ads as your product is no longer relevant?

Piggy Bank Parties said...

Great survey, PuG! Budgets are so important to running a successful business. My tips: keep track of every receipt and make a budget for each product you create. Don't forget to add in overhead costs--electricity, equipment maintenance, advertising, etc.--'cuz you need them to run your business. At the end of the day, if you're only making a quarter on an item...it's time to rethink the product or how you create it!

Being a small business owner is tough but extremely rewarding! Know that your business will go through many seasons from harvest to tumbleweed!

Thank you, Miss K! Your survey inspired me today. I needed to write those words today for myself! oxoxo

AC said...

Super interesting! For the 4 chicks that claimed to make over $100k a year, I'm guessing those would be event planners or a combination of all of the above. Thank you for coming up with this brill idea and executing it!

Birds Party said...

V. Insightful...still wondering what percentage of the hard core money (especially the $100,000) figures apply to printable designers! ;)

Guess we're all similar in wanting to do better for our business...just need to find out how to go about it!!

Yes, shame also that high figures do not = high talent!

MarieThomasDesigns said...

I finally found a moment to read this {you know at nearly 1am!}. Very interesting. Great job on the legwork. I myself never intended to start doing this as a business so this is nice research material. Honestly, I looked around and thought exactly as paperglitter suggested..a very saturated market. And not just saturated, but there is a lot of talent. And with social media being such an important business requirement these days; there is also no handbook that tells you how much time you'll need to dedicate to blogging(which I still haven't found time for) or photo taking/editing. And then try not having everyone else's stuff burned into your retina so that you can keep yourself fresh. {cough cough Pinterest} :)