To help stretch the cash flow in your creative business, here’s a list of several ways you can increase your revenue, aside from doing the obvious and creating and selling new artwork….
Get the most mileage out of your illustrations
- 1. Resell rights managed illustrations to other industries. If you’ve sold a greeting card illustration and that particular publisher allows you to continue to sell the illustration outside that industry…go for it!
- 2. Submit rights managed artwork to stock illustration companies
- 3. Donate artwork to charities…not only do you feel good, but you often receive a tax credit.
- 4. Keep track of your illustration inventory, so that you can easily track which illustrations you can promote to sell during those slow times
- 5. Sell prints of your work through free online shops.
- 6. Buy books and office equipment second hand when it does not affect the quality
- 7. Save scraps of watercolor paper for spot illustrations
- 8. Buy no-name brand products
- 9. Buy materials from hardware stores…they are often less expensive than art stores.
- 10. Only buy what you absolutely need
- 11. Lease equipment
- 12. Trade-in old equipment when looking to upgrade
- 13. Ask your suppliers if they give a discount for early payments
- 14. Stock up on materials when they are on special.
- 15. Keep all receipts for tax credits
- 16. Wish List : create one, and save up for those coveted items!
- 17. Budget a percentage from each sale to set aside for office materials & expenses
- 18. Update your business budget every day to keep track of every expense
- 19. Follow up on past-due invoices so they don’t slip through the cracks
- 20. Online Portfolios : aside from your website, limit those you PAY for to the ones that brings you business. Many online portfolio sites offer free portfolios.
- 21. Online Portfolios : Trick : many of these online portfolios list your name higher if you pay. They also list higher the portfolios that have been UPDATED recently…
- 22. Include your existing clients on your promo mailing list to encourage return business
- 23. Use what you have as far as tear sheets and printed samples, rather than custom printing promotions.
- 24. Memberships : only PAY to join those that bring you business.
- 25. Advertise on your other printed materials…such as emails, letters, invoices.
- 26. Work out of a home studio to save on leasing office space…and you can claim your home office expenses during tax season.
- 27. Walk to work or carpool to save on fuel and car maintenance costs.
- 28. Use a calling card for long distance business calls.
- 29. Sign up for a pay-as-you-go business number.
- 30. Learn how to do something yourself rather than paying someone to do it for you! (Such as your business taxes)