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10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!
10% Off With Code "SUMMER10"!

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When we started in the industry, it felt like talking about money was taboo. No one would answer what numbers were “good” or “great”…or what income someone could expect- not even a range was given!

This ambiguity left us without direction and it felt impossible to define goals, since I didn’t have any context as to what it looked like to be considered a major player in the industry.

In an industry where it feels that bragging rights are claimed based on the amount of sales that you’ve solidified, we’re flipping the script. We believe that goals should be based on actual profit rather than more vanity metrics such as Instagram followers or sales booked.

When We Started In The Industry…

When we started out, our main aim was to hit the impressive milestone of 1 million. Crunching the numbers, we figured that would mean around $120,000 in commissions if everything went smoothly (also assuming that all commissions averaged to be 12%).

Naturally, we were stoked about the idea of making a solid income of $100,000 to $120,000 per year. But here’s the thing we didn’t originally account for: taxes and expenses. When all was said and done, we were left with less than half of what we originally expected as take-home pay.

Lesson learned the hard way: always take taxes and expenses into account when you’re crunching the numbers and setting your financial goals. It’s a crucial part of managing your money and avoiding unpleasant surprises.

A Simple Case Study

Let’s take a moment to evaluate your expenses. We’ve discussed this topic extensively, but for the sake of simplicity, let’s break it down with some straightforward math. Now, please keep in mind that these numbers are not to be taken literally; they serve as an illustrative example.

Suppose you have $100,000 in revenue coming in. After factoring in recurring non-salary expenses totaling $50,000 and setting aside $20,000 for taxes, your take-home amount would be $30,000.

Now, pause for a moment and ask yourself: Does this income sustain the life you desire? It’s crucial to consider whether this amount aligns with your financial goals and the lifestyle you aspire to have.

Why You Should Cover Your Expenses In Planning Fees

When you manage to cover your expenses through planning fees collected at the beginning of the process, you can experience a greater sense of comfort in your daily life. It means you have the financial stability to handle unexpected delays in payment from suppliers without panicking.

Ideally, suppliers should pay you promptly, but let’s face it, that doesn’t always happen. That’s why it’s essential to protect yourself from potential financial hardships and ensure that your bills are paid on time. By having a reliable system in place to cover your expenses, you can safeguard your financial well-being and avoid unnecessary stress when payments are delayed.

Quality Breeds Balance

Having the right clients who are willing to invest is crucial for sustainable success. While it can be tempting for advisors to accept any client that comes their way, doing so can lead to an unsustainable situation. It’s essential to prioritize your own well-being over the fear of declining potential clients.

Remember, it’s not unkind to desire a comfortable living and financial stability. By seeking out quality clients who value your expertise and are willing to invest in your services, you can create a balanced and fulfilling professional life. Putting your own well-being first is essential for maintaining a sustainable business and ensuring a comfortable living for yourself.

When Sales Metrics Make Sense

Finding personal fulfillment through sales metrics is absolutely okay. It’s all about celebrating your progress, setting benchmarks, and feeling a sense of accomplishment. Tracking your sales success gives you tangible proof of your growth and validates your hard work. It’s not just about money, but about recognizing your achievements and constantly striving for improvement. So, go ahead and embrace the satisfaction of exceeding your goals—it’s a valid and empowering way to find fulfillment in your professional journey.

How To Make Revenue And Performance Goals

To set revenue and performance goals, start by determining how much you need to cover your living expenses. Calculate the amount required for your basic needs and financial obligations.

Next, set a desired income goal that reflects the lifestyle you want to lead. For example, if your target is a $100,000 salary, ensure that you take home $100,000 after deducting expenses.

Evaluate how many trips you need to take to reach your income goal. For instance, if each trip generates a minimum of $1,000 in commission and you want to make $100,000, you would need 100 trips. Assess the feasibility and manageability of this number. If it seems challenging, you may need to adjust your fees or minimum budget to accommodate being able to achieve a higher return for each client.

Factor in your expenses, such as overhead costs, which could amount to $50,000. Determine the appropriate fees that align with your expenses. If you have 100 trips per year, for example, each trip would require a $500 fee to cover your expenses. Consider tracking the time spent on each trip and establish an appropriate hourly rate to calculate the fee accurately.

To ensure scalability and create a buffer in your income, it is recommended to increase your fees. This will provide you with the means to expand your business, potentially hire additional staff, and diversify your revenue streams.

By following these steps and adjusting your fees and budget accordingly, you can set revenue and performance goals that align with your financial needs and aspirations.

In The End…

We know that money can be funny- which is why it can be hard to discuss goals in this industry. But we work to live, and not live to work…or at least we’re trying! So even if it takes an entire CEO day, sit down, dream a little, do the math, and figure out what you NEED to make …and then make goals on what you WANT to make. After all, you wouldn’t ever accept a job without knowing the salary.

We recommend checking in with yourself on progress on a standing date each week or month- whichever makes sense for you. But whatever you do, keep an eye on progress, overhead, and most importantly- if these goals are giving you the type of life that you wish for.

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