2021 Financial Goals for The Arcoíris Design Co

I’ve been thinking a lot about my business lately and how I want to proceed as a business owner. How can I be as responsible as I want to be in my business? How can I be a true leader and run my business with integrity? I recently saw a 2020 Conscious Business Report from my lovely client and mentor Natalie Brite and it really lit me up. Her openness and honesty really struck me in such a positive way. It encouraged me to do the same. So here I am, sharing with openness and transparency about my financial goals and dreams as a business owner in 2021.

Opening Up About Money

Money is not a fun topic to talk about. We all have money-mindset stuff we have to work through, and I’m no exception to that! Truthfully, sharing about my finances seems rather nerve-wracking. But, that’s exactly why I’m doing it. Being authentic and sharing my exact thoughts, feelings, and concerns about money in this space will allow me to pursue my financial goals with more integrity and alignment. Plus, writing them down is a good way to hold myself accountable to my goals and not get sidetracked by the latest frivolous purchase I may consider for my business in the future (lol, we’ve all been there, am I right?!)

Let’s Talk Financial Goals

In the next few paragraphs, I’m going to share my financial goals for my business. My plan is to share them in order of priority, from most urgent to least urgent. Just because I’m ordering it in this way does not mean that any goal is more important than another. It just means that certain situations in my life have led me to prioritize certain goals before others. You’ll see what I mean once I get into it.

So with that said, let’s start to get specific.

Goal 1: Pay Off My Student Loans

As a business owner, having debt sucks. I can say this is especially true for an education that has nothing to do with my career—although, these days I am regretting getting a biology degree less and less! I have been working to pay off my student loan debt since the moment I graduated from college, but to be totally honest, I haven’t been trying that hard. This year though, I am prioritizing paying it off because I’m tired of it looming over me and weighing me down.

For reference, I am personally at a stage in my business where I am still a solopreneur. This gives me the flexibility to invest the money I make in my business back in myself if I choose. For me, paying off this student loan debt will free me up to eventually invest more in my business, something I want to do at a much higher level in the future. For me, paying off my student loan debt is an opportunity to prove to myself I am capable of being a financially responsible adult. It is the first step toward proving to myself that I am capable of being financially responsible for managing my business’s finances as well. And although I don’t think I can pay it all off this year, I hope to make significant strides toward becoming more financially free this year.

Goal 2: Increase My Prices in an Inclusive Way

Another goal of mine for this year is to increase my prices. As I continue to learn and grow in the design industry, I believe my prices should reflect the knowledge that I hold as a service provider. So far, the thing that has been holding me back from increasing my prices is wanting to be inclusive and helpful to all business providers. I haven’t wanted to make my prices unattainable for certain demographics, especially those in marginalized communities.

The thing I am realizing about this thought process though is that I cannot help others fully if I don’t sustainably support myself. If I overwork myself by having low prices and burn out, that isn’t helping anyone.

All that being said, my goal is to create a service ladder in my business that serves different audiences at different stages in their businesses. The goal is to make it a literal ladder with low ticket offers and high ticket offers too. This way, I can create a balanced income that works for everyone, myself included.

This particular goal of mine is going to be a learning experience. There were certainly be an ebb and flow as we all learn to shift toward this new pricing model I am working on developing. I don’t believe I will have all the answers figured out overnight, and I don’t expect to. I hope that through trial and error I will refine my service ladder and eventually come up with one that works for both myself and my clients.

Goal 3: Start Hiring Junior Designers

In my first 2 years as a designer, I have spent a lot of time working with agencies. I have viewed these opportunities as learning experiences, giving me a chance to see the inner workings of businesses that are already established, and working with a steady stream of clients. I have gained so much knowledge from these positions and want to provide those same opportunities for other designers just starting out in the design field.

For me though, I have had enough bad experiences with agencies to know I really need to think this through and have a plan before I hire another designer. I do not want to be in a situation where I create the same frustrations and irritations I have felt working with certain agencies. From ensuring my junior designers are adequately paid for their position to having an exact outline of their job description and task lists, I want to be prepared and know exactly what I’m getting myself into before I start the hiring process. This goes against my nature, so it’s going to be an interesting process slowing down and really being intentional about my future hiring.

Goal 4: Continue Outsourcing

I think when we all start out in the job market, we think we can do anything and everything. I am realizing the older I get that this is not the mindset of a true professional. Specificity in your skillset makes you a true master. And I hope to become a master at my craft.

This means I want to continue to build revenue in my business so I can outsource the tasks that I don’t have the time or energy to bother with in my business. Whether it’s hiring a VA to handle my onboarding or offboarding process with my clients or having an actual marketer come up with a content plan for my social media channels, I’m ready to stop wasting my time trying to learn stuff that isn’t related to my zone of genius (design.)

Plus, I believe in supporting other businesses that are fabulous at what they do. Why not share the wealth with other business providers who are masters at their craft and can help me be better at my own?

Goal 5: Develop a Donation Plan for my Business

I am a big believer in giving back to my community. I want to support causes I believe in. Environmental causes, sustainable food practices, educational initiatives, support of indigenous and marginalized communities, animal rights movements, and more, are just a few of the causes I want to donate and support with my business revenue.

I am happy to say that I am currently supporting one cause, a BIPOC Healing Fund offered by a dear client Nisha Mody through her offering The Healing Hype. I do hope to support more causes though on a rotating basis in the future. There’s so much I’m passionate about changing in this world, and I know my contribution to causes I believe in can be truly meaningful.

That being said, I am currently in a place where I need to nurture my own personal finances before I consider donating to others. Again, this has to do with sustainability. I need to ensure I am in a good place financially before I worry about the needs of others. Furthermore, I believe I can offer better and more meaningful support when I am able to contribute from a more aligned place.

Nevertheless, I do want this dream to be realized and want to make strides toward this financial goal. That’s another reason why my first goal, of paying down my student loan debt, is so important. By doing this, I will open up additional funds in my business to get diverted toward these causes that I so desperately want to support.

Conclusion

Now that was a doozy. Opening up and being vulnerable about my financial goals was not only terrifying but also extremely liberating. I hope that you have found this valuable in some way and has opened you up to considering how your financial goals. Our finances play a big role in how we move about and interact with the world around us. I want to set the stage for us all to be more authentic and open about money in our business. My hope is that we all can create more sustainable businesses that are rooted in integrity and financial freedom.

What do you think? Are you with me?