by Robyn Keet
A strategy for Creatives to earn an income during location restrictions.
Are you a Creative at home waiting for the lockdown to be lifted so you can go back to work? Or you can get back to work but your clients are a little concerned to be going out or going ahead with your services? If this is you, then I might have an idea or two on how you can either add or adapt your current creative business to service your audience while making a living during these uncertain times.
All businesses require two things to survive, paying customers, and validate products and services. You need to either solve a problem or need, create convenience, or teach a skill.
In this short article, I will give you 3 ideas on how you can pivot your business and what actionable steps you can take today.
We will be looking at the following strategies
Licensing
Commissions
Subscription
Strategy one: Licensing
The licensing business model is granting permission for someone to use your existing content.
Licensing can go beyond, photography. There is a rise of multimedia licensing with copyrighting, audio, film, and art.
How does it work?
Research is key.
Most importantly, is there a real need for your media? Is your media sellable?
If you can answer these two questions with a resounding Hell-ya! then you are on the right track.
Your next step is to decide if you would like to be represented by an agency or if you are going alone on this journey. There is no right or wrong answer, both options are viable. If you choose to do a mix of both, be open with your representation of your intention.
Once you have decided on your syndication model, prepare your content. Each agency has its standard requirements that you need to meet before you upload your content. If you are going alone, invest in a media selling platform like PhotoShelter
A bonus tip:
Here is a bonus tip that will help you increase your online sales. Focus on your copy. Your meta-data in your media is your own private sales buddy. Searchable content get licenses more often. It's a lot of work upfront but an investment that will yield great results.
Strategy two: Commissions
The commission business model is offering your customers convenience and personalization by creating a service based on their spec.
A popular model for visual creators but we have seen this model explode in the content creation template arena.
Like creating stock, commissions allow you to use set templates to meet a client's unique needs. For example, as a social media consultant, you can create several base templates and commissioned the final product based on your client's brand identity.
How does it work?
Create a workable portfolio that you can show your potential clients. You can use online tools like Shareslides, Behance, or even Instagram. Make sure that your copy for the portfolio is in the language of your future client. Speak their language.
On request, make sure you book a meeting with your potential client before sending your price list and possible specs. You need to get as much information as you can about the commission before you can quote or finally invoice. This is called Creative Brief.
Based on your Creative Brief, go ahead, and create magic for your client. This is the fun part, creating, and executing your customer's vision.
Strategy three: Subscriptions
The Subscription business model is granting access to your products and services for some time for an on-going fee. Think Software subscriptions.
I love seeing this model being used by writing content creators in our community. They can tap into the affiliate market with their words as well as submit their content to paywall sites. This is not limited to writers but if done well, we have seen this model be financially viable to all content creators.
How does it work?
Research is key.
Is there a market for your content? And if so, will this market pay for it?
If you can answer these questions with an oh yay! then it’s time to create an online product outline.
How does it work?
Start by vetting and verifying your idea. Create a founder's product offer. Offer your subscription to the first adaptor for a lower rate before you start creating the product.
This will help you fund the development of your products, test the feasibility of your idea, and if there is a market.
Then the launch.
Launch your subscription to your clients. Your sales need to go beyond the signup, invest in a good retaining strategy.
Subscription models are a great long-term strategy for your organization.
Conclusion
Regardless of the strategy you choose make sure you can answer these three questions.
Do you have the capacity to manage this strategy in my business?
What resources do I need to go ahead with this strategy?
Do I have the capability to deliver this strategy? If not, can I outsource this role?
We do not know what this world will offer us during this health pandemic and looming recessions. What we can do is diversify our offering to reduce the impact and offer a product and service that answers a solution, gives convenience, and imparts a new skill to our clients.
Now, I have a question for you.
Which strategy would you like to add to your existing business?
We will be putting a group of 15 business owners together to create an attack plan to deal with COVID-19 and figure out how to pivot their businesses to survive and thrive. Go here to schedule a call now. (https://innervoicecreative.com/blog/covid-mastermind)
* Photo by Jornada Produtora on Unsplash
Robyn Keet is the founder of Inner Voice Creative. We stand for you, the Creative Entrepreneur. Inner Voice Creative is an agency focused on awaking the Creatives voice in each one of us. We aim to empower Creatives through one-on-one coaching and strategy session, group discussions and DIY Plug-in programs.
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