Profitable Small Business Ideas: How to Make More Money in Your Creative Biz
Mar 14
Starving Artist. There’s a reason that phrase exists. I’ve personally noticed how so many of my fellow creative entrepreneurs struggle with making a profit — which is why I’m so passionate about sharing these profitable small business ideas!
If you’re anything like me, I’ll bet you started your business, not to get rich, but to make a living doing something you love. Doing something you’re super passionate about.
Then just like me, a few years into the process, you realized you were barely making ends meet.
Forget getting rich — you just want to make it to the next month!
Well friend, this is a problem that a lot of creative business owners face. We can be so focused on the passion side — our creative service — that we forget about the business size (aka “paying the bills”).
However, if you want a creative business that you can count on to pay the bills and last for the long haul, you do need to figure out that icky money thing. Don’t worry, I’m here to help — with my latest video:
Profitable Small Business Ideas: How to Make More Money in Your Creative Biz
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Profitable Small Business Ideas — Tip #1: Charge What You’re Worth!
I’m pretty passionate about this one — because I see so many of my clients and creative ladypreneurs really floundering here. For some reason it’s so hard for them to charge what they’re worth.
Repeat after me: I’m running a business, not a charity.
Got that?
Okay, so here are two big problems I see when it comes to charging what you’re worth:
Copying Other Creatives’ Pricing
I know this is what so many creative business owners do when they’re first starting out — and sometimes long after!
I’m not saying you shouldn’t do your homework and see what your competitors charge. You should.
I’m just saying you need to take that information with a grain of salt.
And you definitely should never (never-never-ever) copy another creative’s pricing.
First of all, have enough respect for them, for yourself, and for your industry to not be a copycat.
Secondly, you don’t know why that person charges what or how they do.
They might be taking way more clients on (or way less) than you want. They might have all kinds of nuances to their pricing that you’re not aware of. And they might not be making a profit themselves!
You need to do the work to see how much you need to charge to make YOUR business sustainable for you, your lifestyle, and your long term goals.
Guess what! I’ve already written a blog post all about how to do that — including a step-by-step guide to figuring out your numbers. Check it out: The Simple Guide To Pricing For Your Photography Business for more profitable ideas for your small business.
Yes, I wrote the post for wedding photographers — but the same basic principles apply for any creative small biz. So whether you’re a hairstylist or a life coach, you should definitely check it out!
Choosing A “Reasonable” Number
Another wrong move I see a lot when it comes to pricing is choosing a number because you think it is reasonable. Because you’re afraid of charging more. Because you don’t think you CAN charge anymore.
Again, this isn’t sustainable for the long run. Sure you’ll probably be busy and booked if you pick a number that’s lower. But overtime you’ll become overworked and underpaid.
Hello, burnout.
Again, you actually need to do the math to figure out that “magic number” for your business — not just pick it out of thin air. Be sure to check out the post where I walk you through the process!
Small Business Profit Tip #2: Pricing That Is Clear & Concise
When it comes to pricing, I’m a big believer in the theory of “less is more.”
Another issue I see with a lot of my branding clients and coaching students is that they’re so afraid to miss out on a sale — that they end up offering everything.
Their pricing becomes muddled, and overwhelming. And it creates two major issues:
Cheapens The Brand
It actually seems cheap.
Think about a high end brand, like a fine dining restaurant.
Typically their menus are much smaller and much simpler — but you know that everything on there is amazing!
Simpler tends to equal sophistication in all areas of branding, even your pricing.
Analysis Paralysis
We tend to think that more is always better when it comes to pricing and offers — we want to offer the client whatever they want!
However, this tends to backfire and leads to analysis paralysis — the client becomes overwhelmed with options and end up not making a decision at all.
Less is definitely more. By having only a few options, you’re able to effectively funnel your clients into the desired package (and when done right, it’s at a higher price point).
Profitable Small Business Ideas — Tip #3: Multiple Sources of Income
The last big issue I notice with a lot of my clients and students is that they have this (crazy) idea that they need to make all their money from their one “thing.”
If they’re wedding photographers, that means they think they need to generate all of their revenue from solely shooting weddings.
Life coaches seem to think that one-on-one sessions are the only way.
You get the picture.
But it’s simply not true — and if you look at successful entrepreneurs — it’s simply not the way!
There is a common idea that millionaires have 7 sources of income.
Whether or not you plan on becoming a millionaire, you should definitely consider diversifying your income streams.
If you’re that wedding photographer that could mean not only shooting weddings, but mentoring other photographers, offering classes or workshops, building an online shop with educational products for other photographers, etc.
You get the idea.
You want to stay on brand (i.e. don’t start selling essential oils with your wedding photography biz), but create multiple revenue streams for that brand.
To recap, here are my top 3 tips for making your small creative business profitable:
- Charge what you’re worth
- Simplify your pricing and offerings
- Create multiple revenue streams
If this video was helpful, I’d be so grateful if you’d click here and subscribe to my channel — then you won’t miss a single episode! Also leave me a comment below and let me know which profitable tip you’re going to implement in your biz.
Don’t forget to grab my free workbook, The Brand Blueprint — a 20-page guide to building a solid brand foundation.
