Adding Income Streams: How to bulk up your paycheck and not your schedule
If you feel like your income isn’t as bountiful as you envisioned, then you might need to do a little work on increasing your income streams.
Think of your income streams as your fertilizer. It’s like adding little bits of nutrients that in the end will make your business thrive.
So what exactly is an
It’s an additional source of income that you can incorporate into your business foundation to grow your overall revenue.
Think of it like offering your customers fries and a drink to go along with their hamburger; in most businesses, that’s where the real money is made.
Your basic design fees should cover your bills and expenses, and those additional income streams can help your bottom line flourish.
Growing your business model can be done in ways limited only by your imagination. I’m going to discuss a few of my favorites that I’ve had great success with in my career.
Joining forces with a reputable, bigger brand can add money to your bank account and increase your prestige. If you buy into a program like 3 Day Blinds, or Carole Fabrics, not only can you sell their products and use their marketing tools, but you can display their logo alongside yours on your website or business card, and improve your perceived value.
Custom Window Treatments are a fantastic way to add to your income. The key is to find a Designer Window Treatment Workroom that "works to the trade" allowing you to mark up and make a profit. Making $1500 profit per window
treatment is standard in our business, and that adds up quickly.
Adding more to your business doesn’t mean more time or investment on your part. Simply offering a wider selection of design packages can greatly increase your income and help you to spread your “marketing net” to a wider audience. Not every client needs their entire house remodeled. Sometimes they only need help accessorizing a room. Accessory house calls are so fun and one of my personal favorites.
Holiday and special occasion design is a great way to quickly add an influx of money.Have you ever thought about advertising an event design package to your clients?This is a great follow-up service you can offer to earn some extra cash around the holiday times.
The biggest income increasing strategy, and the most common mistake that struggling designers make is to only charge one way for your services.
If you’re only billing for your design hours, then you might need to do some math. There just aren’t enough hours in the day to make 6 figures as a designer, or you’ll have to charge more for your time which will make it tough to compete within your market. That’s why I always encourage my designers to combine more than one income stream, like various design commissions and product mark-ups.
Remember, that each one of these income streams takes time to build. I’m suggesting that you incorporate one extra income stream at a time. See what your market responds to and those ideas that you have the most fun with.
And whatever you do, make sure your having fun doing it!
I've been through the highs and lows of life as an interior designer. The fears, the frustration and the looming "unknown". I know first hand what its like and I want to help you!
So, If you're excited about taking the next step in your business and are hungry for successful proven advice and behind the scenes tips that will take your Interior Design Business from struggling to soaring, you should check out my Interior Design Business and Project Management System.
CLICK HERE to learn more!