Calculate Your Monthly Income

Everyone wants to know how much to charge. Would you believe me if I said I have a magic formula? Guaranteed to work for everyone in every state, in every country, all over the world? Good - I thought not. I can, however, give you the tools you need to figure it out for yourself. What works in a small town of 10,000 with no fabric stores nearby will be different than what works in a metro area with public transportation and scads of opporutunities for everything imaginable. You'll have to do your own research for this. Here's the simple calculations you need to figure both your student tuition and your monthly income.

Calcuate Student Tuition

1 - How much money do you want to earn every month? 2 - How many different students will you work with each month?

Take item #1, your desired monthly income, and divide it by item #2, the number of students. Your result is the tuition you will charge each student per month.

Here's one example:
I want to earn $1,000.00 per month. I want to teach 20 students each month.

The tuition to charge each student is $50.00. [1000.00 divided by 20 = 50.00]

Here's another example:
I want to earn $3,000.00 per month. I want to teach 80 students each month.

The tuition to charge each student is $37.50. [3000.00 divided by 80 = 37.50]

Calcuate Monthly Income

1 - How much money will you charge each student for one month? 2 - How many different students will you work with each month?

Take item #1, your monthly tuition, and mulitiply it by item #2, the number of students. Your result is your monthly income. You can further multiply this by 12 to get your annual income.

Here's one example:
I will charge each student $30.00 per month. I want to teach 15 students each month.

The monthly income is $450.00. [30.00 times 15 = 450.00]

Here's another example:
I will charge each student $40.00 per month. I want to teach 48 students each month.

The monthly income is $1,920.00. [40.00 times 48 = 1920.00]

Questions?

There are many variables that are different from one community to the next. Take a good look at your area and make your decisions based on your personal needs and desires as well as those of your community. Try your own calculations by writing down each figure carefully on a sheet of lined paper so you can keep track of each item. You may like to use our book #73 "Start a Sewing Classroom" for information, available in hard copy or e-book. You can email or call if you need more help; that's what I'm here for.