3 Tips To Turn Your Creative Business Into A More Profitable Business
Creative business owners often think of profitability purely in terms of booking clients or selling product. It’s understandable! That is the foundation of a creative business, but a little attention to the other details of your business can go a long way in earning you more. Making your creative services or offerings into a more profitable business doesn’t have to be complicated. Check out these simple ways to cut what you don’t need and grow where you want to.
1. Implement a source of recurring revenue.
Having a creative business comes with a lot of ups and downs in revenue as the work can be largely seasonal. Slow winters can be followed by packed summers. The highs are so high, but the lows can feel pretty low. You can level out some of this fluctuation and insulate yourself from those slow months by implementing a recurring source of revenue. Think about what services you can charge quarterly or monthly fees for.
For example, wedding photographers can store their clients’ photography galleries. People may not pay for this service indefinitely, but they’ll want it for a while after their wedding. How many of your clients have taken months or more to really look through everything and put together their album? Even a small monthly fee per wedding client adds up quickly.
For help on implementing a source of recurring revenue, check out my training “Everyone Can Have Recurring Revenue” in Training & Resources!
2. Cut unnecessary expenses.
Sometimes the simplest way to make a business more profitable is to cut expenses. Take a look at what you’re paying for and ask yourself if you actually need it. We’ve all signed up for a free trial and forgotten to cancel it before the charges kicked in.
One place creatives end up spending a lot of money is paid directories. Look at where your leads are coming from. Are they coming from Instagram, Google, or those paid directories? If the answer is anything other than the directories, there’s no reason to keep spending your money there. Keep it if it’s working for you. Cut it if it’s not.
3. Learn the art of listening.
My most unexpected tip for turning your creativity into a profitable business? Become a better listener. This might sound weird, but the more you listen to your clients or audience, the better you’re able to align your suggestions with their actual needs. You’ll have to go off-script. (I know that makes some of you nervous!) Once you get the hang of it, you’ll see a big pay off, and your clients will feel taken care of.
Investing time into becoming a better listener allows your business to increase considerably. It works for putting together unique packages and upselling. Upselling is just about lining clients up with the right solutions for their unique situations. By listening to your clients, you may even spot some places where you can expand your offers.
By implementing a recurring revenue source, cutting unnecessary expenses, and listening to clients, you’re sure to make your creative business a more profitable business. Do you want more ideas for increasing your profits? Check out The Business Conservatory program, created to help small creative businesses tap into their earning potential!
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