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The Boston Matrix
Typically a business has a product portfolio with products in different categories.
Stars
A Star product is what typical graphic design businesses sell all the time. They are high in value, the volume is usually low and the amount of work relative to other projects is low. Examples of a Star product are Logos, Brochure Design, Branding Packages, Marketing Packages, Leaflets etc. Stars generate instant large cash injections.
Cash Cows
A Cash Cow is a product or service that you charge a monthly fee for. These are products or services that you can sell all the time, they have a low sale value however the amount of work they require you to do is very low. Mobile phone contracts are a great Cash Cow example. How much work does your network provider actually do for your monthly fee?
The Problem Child
A Problem Child product is one that is similar to a Star however the amount of work is high. So while they are profitable the client takes all of your time. These are usually corporate brochures where you have to have approval at many different stages which takes a lot of time, and lots of people want to give you input that usually contradicts each other!
Dogs
A Dog product is one that has a low sale value, the amount of work they take is very high and when you sell these you always make a loss. Typical products or services that fall under this type is anything you do for friends and family, contra based work and those times when someone says “if you can do this for me for cheap I will bring you more work!”. Stop selling Dogs right now! They are wasting your time and you are making a loss, so just stop!
The Effect That A Cash Cow Has On Your Business
Before
In this diagram you can see that cash goes up when the graphic design business sells a Star or Problem Child product, however when then money is spent it returns to zero. So in order to sustain a business that sells only Stars and Problem Children product types you have to continually sell the products to keep the business alive.
These business tend to suffer during public holidays and other seasonal events. For example during the summer holidays and Christmas holidays graphic design companies can run out of money and not see new sales for many weeks.
After
Businesses that sell Stars and Cash Cows thrive.
The main difference with this product portfolio is that the cashflow never returns to zero.
The blue line represents the minimum cash position of the business. Over time it gradually grows. Businesses that have had Cash Cows in their business start each month with an injection of guaranteed cash before they even start to sell their Star products.
How confident would you be if you had £1000, £2000, or even £5000 injected into your bank account at the start of every month before you started selling Star products to your clients?
The EASIEST Cash Cow For You To Add Is Websites. The Website Setup Is A Star And The Monthly Hosting Is Your Cash Cow.
HOW TO: Shortcut A Cash Cow Or Websites Into Your Business?
A website is simply a piece of design on the Internet. At design2website we train Graphic Designers how to build websites without the use of code.
Follow our proven 9-step training programme to learn how to build beautiful websites for your customers.
The quick training on this page is just 1 part of our Choose Life module within the training programme.
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"Is Design2Website Right For Me?"
We have helped Graphic Designers from the following scenarios:
Brand New To Websites
Frustrated With Templates
Unhappy With Developers
See What Other Designers Like You Have Created
All of the designers that we have trained we're once in your position. They now have a thriving design business with an active cash cow. You can turn your designs into websites just like them. Here are just two of them:
Holly Small | hollysmalldesign.co.uk
The design2website platform has given my business the tools I needed to be able to increase my revenue and deliver websites without ever learning code.
I used to pass my PSD designs onto a web developer. However, I was never able to make much margin as I was being charged £1000 to get it developed and £60 per month hosting. Now I get to keep all the setup and pay a tenth in the hosting allowing me to make my own passive income!
Click The Images Below To See Holly's Work:
Isobel Brown | uskvalleypromotions.com
Since moving from building websites on Wix to design2website, I have been inundated with orders. The standard of my web builds have gone up, and I can now actually make a margin on the monthlies as explained by the guys at 97!
It’s great to know if I get stuck I can just book a screen share or ring the support team and they always teach me how to fix the issue I am having!
Click The Images Below To See Isobel's Work:
