Running a small digital print and personalisation business is a dream come true for many creative people. It’s rewarding to be able to turn artistic ideas into tangible products, as is earning a living doing something you love.
However, this is only part of what makes a business a success. You also need the business acumen to manage finances, build a brand and market the products.
Balancing creativity and profitability is essential to long-term success. In this article, we’ll look at how creative people can become creative entrepreneurs.
Two Sides of a Coin
Businesses in any creative industry require a balance of creativity and entrepreneurial knowhow. However, it’s not uncommon for those of us who love the artistic side of things to be put off by the business side.
Embracing both artistic expression and commercial success will produce a sustainable business that supports your creative talents. Here are five keys to helping you strike that balance and thrive.
- Build a Community and Engage with It
- Keep Informed and Up to Date
- Diversify Your Product Offering
- Don’t Undervalue Yourself
- Optimise Your Processes
1. Build a Community and Engage with It
A strong community is an excellent tool for small businesses. It helps forge genuine connections with your audience, as well as providing inspiration, important feedback and brand advocates.
- Create a Loyal Fanbase – Use both online and offline methods to interact with your audience. From in-person events to e-newsletters and social media, provide engaging content that customers want to interact with.
- Develop Your Online Presence – Involve your audience in your creative process. Determine what platforms work best for you then regularly post updates, share behind-the-scenes content, and encourage interaction to keep them engaged.
- Become an Expert – Position yourself as an expert who can be trusted by interacting with posts or groups and offering guidance to the community.
- Join Industry Groups – Join industry associations, attend trade shows, and participate in online forums to connect with peers and gain valuable insights and opportunities.
- Collaborate with Other Businesses – Open new avenues for growth and reach new customers by collaborating with artists, designers, or complementary businesses to create unique products.
To build a community, you really need to understand your audience. Their feedback will give you a good idea of who they are, but you can also use tools to get to know their preferences, purchasing habits, and trends, such as surveys, social media insights and reviews.
2. Keep Informed and Up to Date
It can be difficult to keep track of the pace at which the industry develops, both in terms of customer tastes and technological advancements. Subscribing to industry publications, attending workshops, and participating in webinars can keep you informed.
It’s always worthwhile keeping your skills sharp. Many manufacturers offer training programs and resources to help you get the most out of your equipment. Developing your expertise will not only improve your products, but your business functions too.
There are also products available to help you optimise your efficiency. Roland DG Connect, for example, is a machine monitoring tool design specifically for Roland owners to keep their device running efficiently and make data-driven decisions to effectively grow their business.
3. Diversify Your Product Offering
You can attract a broader customer base by offering a variety of products and services. Experiment with new ideas and see whether they are profitable. Experimentation allows you to open new opportunities and keep your creativity thriving. Adopting new income streams will optimise your ability to profit and give you some added security.
It’s important to understand your audience’s needs if you are to create something that appeals to them. Produce different products, such as seasonal items or limited editions, but it could worth branching out further too. We mentioned “Become an Expert” earlier in the article, so could you use your expertise to provide online tutorials or courses to pass on that knowledge?
- Focus on Quality – High-quality products lead to satisfied customers and repeat business. Customer reviews and word-of-mouth recommendations can significantly impact your business’s reputation.
- Customise and Personalise – The appeal of personalised products is their uniqueness. Offer customisation options that create one-of-a-kind items.
- Identify Your Niche – Specialising in a specific niche can set you apart from competitors and allows you to attract a dedicated customer base.
4. Don’t Undervalue Yourself
Pricing is an important science to get right if you’re to cover your costs. Undervalue yourself and you won’t make a fair profit for the quality of your work, and the time and effort you invest in it. Setting your prices too low also lowers the perceived value of your products. Customers might ask themselves: “Why are your products so cheap?”. Is the quality not good enough? Do you need to get rid of lots of items quickly? If a similar product from a competitor is more expensive, is that because it’s better?
Undervaluing your work ultimately means you have to work harder than you should to make a profit. A customer base that appreciates your work will pay fair value and help you achieve financial stability. Research the market and be confident in your ability and your products.
A fair price works both ways though. Price your products too highly and your customers will look elsewhere for more affordable solutions.
5. Optimise Your Processes
There’s more to running a business than producing products. There’s more to it than marketing them and selling them too. You need to factor in order management, packaging and distribution, customer relations, and device maintenance, too.
Thankfully, there are tools available to optimise these processes that help you save time and money by automating repetitive tasks, reducing errors and allowing you more time to focus on what you do best.
Consider using design software with templates and batch-processing capabilities to streamline your workflow. Automated order processing systems can also help manage customer orders more efficiently. PrintAutoMate, for example, is a platform that helps reduce the manual work involved with printing multiple items.
Of course, investing in reliable machinery from manufacturers you can trust ensures consistent results and reduces downtime caused by maintenance issues. Extended warranties and comprehensive cover could be well worth investing in to provide peace-of-mind knowing that you’re covered if something does go wrong.
What Else Should You Consider?
Marketing and finance can be daunting, but they don’t have to be. There’s help available in the form of business management tools, marketing plan templates or online tutorials. You can also hire in expertise. A remote working virtual assistant, for example, can take on the tasks you don’t want.
However, here are a few more elements to consider.
Your Financial Management
Use accounting software to keep track of income, expenses, and profits. Regularly review these records to identify areas where you can cut costs or increase revenue.
Break down your budget and allocate a portion to marketing efforts. Effective marketing can drive sales and increase your customer base. Consider both online and offline marketing strategies to reach a wider audience.
Your Online Presence
Your website is often the first point of contact with potential customers. It should be professional, easy to navigate, and mobile-friendly. Include high-quality images of your products, detailed descriptions, and customer testimonials.
A Google Business Page is a good source of information, from opening times and contact details to customer reviews. It helps customers know that you really are who you say you are.
Social media platforms are powerful and cost-effective tools for promoting your business and engaging with customers. You don’t need to pay, but it can help. Promoted posts or targeted ads will increase your visibility. Target the correct people, quality over quantity. Platforms like Instagram and Pinterest are particularly effective for visual products.
Your SEO Strategies
Optimise your website and content for search engines to increase visibility. Use relevant keywords, create informative blog posts, and ensure your site is technically sound. See what questions are being asked on search engines and try to answer those queries in your content. Higher search engine rankings can lead to more organic traffic and potential customers.
AI Tools
Make use of the huge number of AI tools being developed all the time. From automating repetitive tasks and print workflow management to personalising marketing campaigns and customer insights, AI allows you to optimise your time and expenditure. AI can also be used for sales forecasting, risk management, and expansion planning, essential for sustainable growth and innovation.
These tools are only getting more powerful every day. Of course, they aren’t yet infallible, so make sure to review and amend where needed.
Conclusion
Balancing creativity and profitability in the digital print and personalisation industry requires a strategic approach. Embrace the business side with the same passion you have for your creative work, and your business can flourish.
Running a small business is filled with learning experiences. Stay positive, be adaptable, and keep striving for excellence. Your creativity is your greatest asset, and with the right strategies, it can also be the key to your profitability.
If you’d like any more information on anything you’ve read in this article, our experts would be happy to help.
