Previously, the concept of getting graphic and logo design through online companies was in its nascent stages. Back in the days, there used to be just a few businesses online that provided logo design services. But soon later on, the contest puffed up radically over the years and it is hard for logo designers to maintain stability of their profits.
Of the many design businesses in the market, only a handful of them are able to survive. One reason for this sad state is that designers are polished at their designing skills, but lack the astute management and business administration skills. In order to run a successful business, you must be apprised of the art of management.
Following are 5 quick ways that will help you boost revenues and prosperity of your design business:
1. Stable Marketing Program:
If you want your business to gain recognition and familiarity with clients, you must market yourself to them. Since most of the logo design business is done online, internet is the most effective media. You can employ social media sites to promote your business and use social networking to build professional contacts.
2. Identify Profitable Clients:
Business and marketing educates us that, as a general rule, 20% of clients are the source of 80% of your revenues. This helps us in identify the clients that give us the best profitability so that you can focus your resources on catering them more. Even in the design field, you will find some clients who stick to one designer for all their endeavors. Repeat business is more valuable than dealing with fresh clients. This is because you have previously built a bond with your faithful clients.
3. Client Recommendations:
Instead of spending time and resources finding new clients to work for, go for client recommendations. Consider a client, who is pleased with your design work, they will involuntarily refer you to others. For this, you must be certain to give your clients a proper business card and insist them to recommend you.
4. Delegate Secondary Functions:
When a logo designer starts to spend time on other functions of the business such as marketing and finance, he deviates from his core job i.e. designing logos. Since these departments are necessary for business survival, they cannot be ignored. What you can do is choose to subcontract them to freelancers. For instance, to promote your website, you can delegate the task to an SEO or social media marketers who can market your design business for you.
5. Watch your Expenditures:
Every now and then, designers face the issue of spending more than their earnings. This occurs because designers are so engrossed in their work that they don’t give attention to the balance sheet. If you want to boost your profits, take a look at inflows and outflows of cash that occur during your design business. It will let you cut down unnecessary costs and recognize revenue-generating activities.