4 Bold Business Moves That Work
In business, sometimes you have to be bold and take a leap to shake things up. That's especially true when you're starting to feel that your business is stagnant, when you need a change, or when you can see that the economic winds are about to blow. Get off that hamster wheel and try my 4 BOLD moves that can boost your business!
1. Raise Your Rates
You KNOW you need to - so stop putting it off! Very few designers in our business are charging what they're worth. Review your fee structure and think about bumping up what you charge for your intellectual property - it's definitely worth it. Look at how you mark up products, too, because inflation has hit us EVERYWHERE. You really need to raise your rates if someone accepts your offer too quickly or if you realize your profit margins aren't where they should be. Have the courage to ask for MORE.
2. Challenge the Status Quo
Just because "everyone in the business does it that way" does not mean YOU have to do it that way. Rethink everything from your services to your process to whether or not you sell furniture as part of your business. You can move to all consulting. You could add a new service that no one else does in your area. Yes, you can do whatever you (and your clients) want! So shake everything up so it works for YOU.
3. Find a New Audience
If you feel like you've saturated your local market, then move beyond your usual borders. Or think about services that will attract a new type of client. You could also start marketing to a group you've always wanted to reach. Think about who your core client is now and who you might want to start working with. This could also tie in with offering a new service or even a product line. Make this year one for the books by expanding your client base. Shake it ALLLL up!
4. Cut It Out
What isn't working for you? Then WHY are you still doing it?? Time to cut out everything - and I mean everything - that is NOT working or that isn't profitable. Again, don't keep doing something just because you think you should. This is the year to make money, honey, so cut the dead wood. And that goes for employees and clients that aren't working for you, too. Pull up your courage socks and go for it!
To help you make BOLD moves, download my FREE Guide to Handling the Highs and Lows of the Interior Design Business. It's time to think ahead to what the economy may be bringing your way - which means it is the perfect time to rethink your business!