Five Quick Tips On How To Increase Your Revenue
Let's be honest, we all want to make more money, right?
Here are some quick ideas on how to do just that.
1. START WITH WHAT YOU'VE GOT
Improve what you have already - create tiers to capture more of a target market. if you're a wedding photographer (or any kind of service provider really), and you only have one package or one option, you're shooting yourself in the foot (pun not intended).
ALWAYS have different tiers for your clients, so you can bring in clients who have different budgets.
We do this by having “mini”, “value” and “pro” packages for our photo shoots. This also means we don’t have to continuously run promos or discount our services, because the mini packages appeal to the more budget-conscious clients.
Each tier has slightly different perks, with the "pro" package receiving the biggest benefits of extra edits, people etc. These three tiers allow us to capture three different target markets, with three different price points - win, win!
2. CREATE ADDITIONAL REVENUE STREAMS
Go digital by offering digital add-ons (courses, presets, download-ables, things that make you money while you sleep). Start small, and keep your expenses as low as possible while you try out new add-ons. Think on your toes and be prepared to adjust your new offerings as you go.
If you're able to, offer non-digital add-ons as well - packaging, candles, gifting ideas - whatever ties into the business you already have is ideal. Once again stick with keeping your expenses low to start, and doing thorough research into which items will appeal to your client base, and which physical stores will stock them (or if you'd like to sell them yourself in your own online store).
For example, as Robyn Davie Photography we offer a variety of photo shoots (family, head shots, events, personal branding), at a variety of price points. We offer custom photo books and prints, designed in house by our team. Under our subsidiary biz, Fynn Studio, we offer studio rental, do-it-yourself photo book design, e-commerce offerings, and in-studio purchases such as drinks, snacks and props.
Each of these revenue channels has been carefully considered, with market research conducted before launching, and expenses kept as low as possible.
3. GIVE YOURSELF MORE TIME
Outsource the work that takes up BIG chunks of your time, and free yourself up to use that time to up your productivity. (Speaking of productivity, here are some quick tips to maximise on that as well.)
I remember when I first launched my business, I thought no one could possibly manage my client communication like I did, or edit my photos like I did, or take on photo shoots like I did. Luckily I realised that I'm not such a special snowflake (hehe!), and that I could break through a gigantic glass ceiling by outsourcing huge amounts of work.
My team now has fifteen, all-female members - from admin, to editors, to photographers, to graphic designers, to supervisors and studio assistants. This means that I can focus on the BIG things - financial and marketing management, creative direction, overseeing the projects we run - essentially being a CEO.
Within the last year, I've also started to bring on consultants (legal counsel, financial advisor, PR/marketing specialist), each of whom's wealth of knowledge has helped to take us from small-fish to big-fish business.
I don't expect you to suddenly turn around tomorrow and hire fifteen team members. I took on my first associate photographer in 2015, and it's been an organic process since then that's lead us to the position we're in now. Start small and scale up as demand requires.
4. CUT DOWN YOUR EXPENSES
One of the easiest ways to make more money is to spend less money. Stop printing unnecessary marketing material, make sure you're not paying for the premium options on your software services unless you really need to, truly go through each and every expense on your monthly report and work out if it's really necessary.
5. LEVEL UP
Get advice. Being a solopreneur can be a lonely road, but there are so many amazing resources out there. Read Manage Your Money Like a Fucking Grownup. Hire a financial advisor who specialises in small business help. Mine your finances - actively manage your accounting software, keep track of your expenses, incoming and profit margins.
Speaking of profit margins, do you know what yours are? Having this information caused life-altering changes within my business, and continued our ongoing growth. Here's more info on profit margins.
Truly, we'd love to hear from you dear reader - we believe community and collaboration is what is going to make a HUGE difference in these trying times!
Want more tips? I shared a whole series last year on quick things business owners can do right now, and a lot of them are still relevant. Part one is here.
Robyn Davie is the CEO of the Robyn Davie Creative Studio brand, based in Johannesburg. Her all-female team offers lifestyle photography, graphic and digital design, and studio rental through Fynn Studio.
She has Psychology and Corporate Communication degrees, and is constantly pushing herself to learn more on a daily basis. She has more than 15 years combined experience, managing her company; working as an art director and wardrobe stylist; running her own jewellery line in Los Angeles; and working in events in New York and Johannesburg.
The brand has proudly partnered with the iStore in 2020 and 2021, and won multiple awards through Admired in Africa. Innovation is at the forefront of what they do - always adapting their product offerings, and aiming to stand out from the crowd with fresh, bold and bright photography.
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