7 Strategies to Increase Profits for Independent Creatives and Studios
As an independent creator or studio owner, you know that your success depends on creativity and dedication.
You also know that marketing is a must to grow your business and reach more people!
It's no secret that the landscape of the creative industry has changed dramatically in recent years. With technology becoming more and more accessible, it's easier than ever for independent creators and studio owners to get their work out there. However, in order to be successful, it's important to find ways to increase profits and stand out from the competition.
When I first started the Visionary Rising Agency, the only thing that mattered to me was getting my name out to as many people as possible in the hopes that name recognition would translate into closed deals. Newsflash: it didn't. It wasn't until year three of business that I learned valuable lessons that unlocked my potential.
If you're just starting out and are looking to level up, try using these growth strategies:
1. Focus on Collaboration Over Competition
When you're starting out, your next project is more likely to come from your favorite designer than it is from random introductions. A big thing I loved to do was attend studio networking sessions. Invite local creatives to tag along with you driving traffic to space while also showcasing the talent you're introducing to the local ecosystem.
2. Diversify your services
One way to increase profits is by diversifying the services that you offer. This could include anything from offering consulting services to selling products in addition to your usual offerings. By expanding your service offerings, you will be able to reach a wider range of potential clients and customers.
3. Develop a Distinctive Brand Identity
A distinctive brand identity with an accompanying lookbook of images demonstrating the breadth of talent they offer which is easy enough on Instagram but also needs its own website. This should include pricing information so people know what they are getting before reaching out! (Note: Pricing should be negotiable based on budget.)
4. Build Your Email List
An email list for regular updates on what's happening in their lives as well as relevant industry news. This is also a great way for them to stay connected without having to post all the time which can be overwhelming. Provide an easy way for people to subscribe so they can get updates on new work, upcoming events, and discounts. Add a link to your website in the email signature which may lead potential clients directly to you without having to search and find it themselves. It will also provide them with an opportunity to check out what’s happening on other social media channels that they might not be following yet.
5. Look for new opportunities in untapped markets
Another way to increase profits is by looking for new opportunities in untapped markets. This could involve anything from targeting a new demographic to entering a new market altogether. By expanding your reach, you will be able to bring in more business and ultimately increase your bottom line.
6. Automate where you can
Another way to increase profits is by automating where you can. This could include anything from setting up automatic billing to using software to streamline your workflow. By automating some of your processes, you will be able to free up time that can be better spent on other aspects of your business.
7. Always be learning
Finally, it's important to always be learning. This could involve anything from taking courses and attending workshops to reading industry-related articles and books. By continuously learning, you will be able to keep up with the latest trends and find new ways to improve your business.
So there you have it- my seven strategies to increase your profits as an independent creative or studio. If you liked this content, be sure to subscribe to our mailing list for more updates on ways to make money as an artist. And if you have any thoughts or questions about the tips we shared in this post, feel free to leave them in the comments below. We love getting feedback from our readers and helping artists achieve their financial goals!