Most Independent Artist Businesses will fail; but most Independent Artist Business owners that create a business plan do not.
Which group do you want to be in?
Where can you find the right Independent Artist Business Plan?
- Complete Independent Artist Business Plan - click here
- If you require current U.S. information for your American Independent Artist Business - click here
- If you require current U.K. information for your British Independent Artist Business - click here
- If you want someone to write your Independent Artist Business Plan with you - click here
Increasing Your Independent Artist Businesses Revenues
There are only four ways to increase your Independent Artist Businesses revenue:
- Increase the number of customers that your Independent Artist Business has.
- Increase the average transaction size.
- Increase the frequency of transactions per customer.
- Increase your prices.
Here’s how to apply these strategies in your Independent Artist Business:
- Increasing the number of customers means you’re trying to bring more people through the doors of your Independent Artist Business or to your website. This strategy is relatively straightforward: more leads will equal more sales, which (assuming the average transaction size stays the same), will bring in more money.
- Increasing average transaction size means you’re trying to get each customer in to purchase more. This is typically done through a process called upselling. When a customer purchases a product, you offer them deals on other products or value-added-services. The more they purchase, the more they spend, and the more revenue you collect.
- Increasing the frequency of transactions per customer means encouraging people to purchase from you more often. If your average customer buys from you once a month, offer them deals and additional products and services once a week. The more frequently they interact, the more revenue your Independent Artist Business will bring in, assuming the average transaction size stays the same.
- Raising your prices means you will collect more revenue from every purchase a customer makes. Assuming your volume, average transaction size, and frequency stay the same, raising your prices will bring in more revenue for the same amount of effort.
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Independent Artist Business - Gaining or Increasing Market Share
To increase its market share your Independent Artist Business must grab clients from its competitors or open a new sector in the market. Accomplishing this needs a complete knowledge of both your own customers and that of rival Independent Artist Businesses.
Having the answers to the following questions will help you develop a full picture of your companies market, and pinpointing your immediate competition, placing your company in a stronger position to win a bigger market share:
- Who are your existing clients? Are there any other sectors that may require your product or service that you may not have targeted up until now? Could your products be utilized for purposes that you had not previously considered, making them more interesting to a wider marketplace?
- What are your competitors strengths? Does your company have these too? If not then why not - and should your organization have them?
- What are the reasons that people buy from other organizations? What advantages do you have that your competitors do not, which may attract their customers to your company? How could you get through to your competitors buyers to ensure they switch and buy from your Independent Artist Business instead?
- What is your organizations unique selling point?
- Aside from obvious rivals, are there other sellers with customers your products and services may appeal to?
- Are there any buyers that have stopped purchasing from you? Have you found out why? If not, you must check with them.
- Do you need to adjust your prices, advertising, delivery and service levels? If so, could those modifications upset your present clients? Will your employees remain motivated?
Many small-scale organizations grow by taking opportunities to branch out, although there are risks due to the limited resources that you may have. You need to size up the risks, and the expense of opting for expansion, carefully against the benefits.
Diversification might take several forms, that include:
- redesigned, related goods and services advertised to the existing buyers of your Independent Artist Business,
- new markets for your current goods and services and
- new goods and services for new marketplaces.
Deciding how you will diversify depends on you having:
- realistic market and customer research for any new products,
- a convincing development strategy - that includes trying a new product line or service for a test period with prototypes and exploratory promotions ahead of thoroughly committing to the venture and
- sales, promotional and supply chain operations that can cope with the additional demands for your Independent Artist Business.
You must be clear about the costs of your expansion and what your choices are if any delays happen. Whenever feasible, try to limit any difficulties by securing sales or pledges up-front.
While diversity can put forward a few problems, such as expensive interruptions and mix-ups because you do not have sufficient knowledge or expertise in the newer area that you are looking to target, it also lessens the repercussion of changes in your new marketplace. In simple terms, if you sell a single product or service and consumers stop purchasing it, your Independent Artist Business is exposed. If you provide a small number of goods and services and the demand for one of these slumps; at least there will be cash coming into your business from the rest.
Nevertheless, if you grow too fast, then you might lose track or dilute the main product or service of your Independent Artist Business.
Ordinarily speaking, diversifying with similar goods or services and marketing them to your existing clientele is less risky than establishing an item for an absolutely new market for your Independent Artist Business.
You might also grow your business by collaborating with other businesses. Whilst this will possibly produce slower decision-making, concessions, and possibly management and employee concerns to iron out, there should be specific advantages.
Lucrative collaborations will give your business:
- further resources,
- splitting of the supervisory load,
- a bigger skills and talent base,
- more prospects for your Independent Artist Business,
- a widening of market sectors,
- more variety and organic development utilizing expanded resources and
- less commercial uncertainty for your Independent Artist Business.
A Great Independent Artist Business did not just happen - It was planned that way.