The start of a New Year is a great time to look at your business and make plans for the coming year.
When I worked in Manchester I used to always make a habit of seeing all my clients in January to ask if they needed help. The question they nearly always asked was how can I make more money. There are basically 3 ways you can increase your income.
- To sell more work. If you want to sell more work then you need to produce more and for many creatives this is difficult, you can look at outsourcing some of your processes or producing prints if you are an artist. Working more efficiently can be another way of increasing production.
If you want to try this then spend some time considering how you work and where you could make changes
2. Cutting costs. If you haven’t looked at the cost of your materials and the suppliers you use recently then it is probably worth going through everything to see where you can save money.
In a period of rising costs this may not be easy but it’s always worth a couple of hours checking other suppliers or asking fellow creatives where they buy from.
3. Increasing your prices. Selling your work too cheaply is common amongst creatives but if you can add value in some way this can be a good way to increase profits. Try producing a premium range, improve the packaging and build your brand so people identify with you.
Telling your story, showing people how you work can all add value to your product and allow you to increase prices.
Do something NOW and 2022 will be a really good year. The image at the head of this blog is one of my new prints that I am releasing in February in my Etsy shop.
Elizabeth White Studio
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