Why Most Graphic Designers Fail And What Successful Ones Do Differently
Last year I sat down with my graphic designer for a coffee catch up after the Christmas holidays, he was depressed. He had just had the worst Christmas ever.
Just before Christmas he had secured a large design job that would pay him handsomely. He had put aside his regular small customers so that he could pull off the biggest project that he has ever undertaken, things were looking great! He loved Christmas, spending all that time with his family and this would be his daughters third Christmas. He was going to spoil his family rotten with this project paying out in time for the festivities.
Unfortunately for him his client delayed the project for 6 months in the lead up to Christmas leaving him high and dry. To top it all off he had to face the most emotional decision of his life, the choice of keeping the roof over their heads or buying his daughter her Christmas presents. I will never forget his face that day when he said "I never wan't to be in that position EVER again."
I was puzzled to how things got so bad that he had to face this grim decision. Why did he chance everything on this one job? He didn't seem to be the risky type.
He said to me that he found it really difficult during the summer and winter holidays as the work just dried up, that he thought if he completed this large project it would see him thru the cold winter months. It seemed like a gamble worth taking.
His projects comprised of one off, high value work. I said, haven't you seen the Boston Matrix?
How Does The Cashflow Of A Typical Graphic Designer Look Like?
A typical graphic designer has products or services that are high in cash terms but are one-offs. So the cashflow goes up when they sell a product or service like a branding package and then falls back to zero. Then they sell another product or service like a marketing pack - cashflow goes up and then back to zero.
During the summer and winter holidays work dries up because people take time off and the graphic designers cashflow stays at zero.
This is when most graphic designers go bust as they simply cannot survive here.
Successful Graphic Designers Understand The Boston Matrix, let me show you ...
Boston Matrix: Getting a mixture of Stars and Cash Cow products builds both short-term and long-term cashflow for your business.
Not all products and services are the same. Understanding the Boston Matrix will help you improve your cashflow and survive at all times.
There are 4 types of product:
What Happens To Your Cashflow When You Add A Cash Cow Into Your Business?
Once you add a Cash Cow into your business your cashflow never returns to zero ever again!
So this time as you sell Stars and Cash Cows notice that your cashflow doesn't return to zero. As you build your Cash Cow revenue up you start each month with a higher starting revenue.
As you start each month, you start with a guaranteed revenue before you undertake any work whatsoever! The longer you have Cash Cow products in your business the greater the starting guaranteed revenue becomes. When you sell a Star product now it is simply added to your already existing revenue.
GRAPHIC DESIGNERS THAT SELL WEBSITES WIN ALL YEAR ROUND
The graphic designers that add websites to their business earn money all year round. Websites ensures that there is a stable growing income that comes into your bank account regardless what time of year it is or how busy you are.
Adding websites into your business also creates repeat business opportunities because you are constantly in touch with your customer and you become their number one choice for all design, print and web.
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