***This text initially appeared within the March ’23 subject of Animation Journal (No. 328)***
Now that the New Yr has been ushered in and the mud from the vacation frenzy has settled, it’s time to re-focus in your profession and set agency objectives for the upcoming yr.
As a substitute of simply eking by, scrambling to pay the payments, and accepting any and each poisonous consumer that comes your means simply to attempt to make ends meet, why not set your objectives this yr to extend your revenue and income by 20%? 50%? What about truly doubling your revenue this yr?
Sound too lofty? Nicely, reality be instructed, when you break down the obvious enormity of doubling your revenue into easy, recipe-like ideas, chances are you’ll notice it’s rather more possible than you may need initially thought. The method entails considerably apparent methods (as soon as realized), and the only of math equations. Consider it or not, in some instances, doubling your revenue might not even require further work. This being the case, what’s holding you again? Listed here are three easy approaches which you can begin instantly which may make 2023 your finest yr ever:
Choice 1: Double Your Charges. This may occasionally sound apparent if not impractical, however chances are you’ll be shocked how rather more cash high quality shoppers are keen to pay above and past what you assume they’re keen to pay. Most impartial professionals undercharge their companies as a result of they assume it will increase the possibility of touchdown extra tasks. What this does, in fact, is overload you with small tasks and low-cost shoppers that may attempt to nickel and dime you to demise, thereby preserving you overwhelmed with producing work at cut-rate costs.
However, doubling your charges in a single day for present long-time shoppers will definitely generate some blowback, so one of the best method for this feature is to ship advance discover to your present shoppers of a future fee improve (take a look at the waters, however I recommend preserving the rise milder, someplace round 25%), whereas doubling your marketed charges for all new shoppers.
This may occasionally sound too straightforward, however simplicity is the hallmark of genius. For instance, one among my shoppers who had been working a reasonably profitable enterprise for over 10 years made completely no adjustments aside from doubling his costs and he achieved document gross sales that exact same yr and extra importantly — document income. He supplied the very same product and the very same service, doubled his costs, doubled his earnings, and finally even gained extra new shoppers than he misplaced.
Choice 2: Double Your Tasks. If you happen to produce twice the variety of tasks of comparable scope and funds with out elevating your charges a penny, you’ll subsequently double your revenue. To attain this, you possibly can both pitch and land twice as many tasks along with your present consumer checklist or you possibly can land twice as many new shoppers. In actuality, this feature will most likely find yourself being a mix of the 2: extra tasks with present shoppers, plus buying new tasks from new shoppers.
If you happen to select to double your tasks, understand that additionally, you will must double your labor to cowl the brand new tasks. If that is greater than you possibly can deal with alone, subtract the amount of cash you have to to pay impartial contractors to provide the extra work and improve the goal variety of further tasks you have to to land to compensate for this expense.
Once more, this method could seem pretty apparent when seeing it in print, however so few folks ever come to the conclusion that it’s even attainable, a lot much less decide to reaching this explicit objective. With out the attention or dedication essential to doubling your tasks, it can by no means occur.
Choice 3: Double Your Effectivity. The final and all-too-often missed option to double your earnings is to work smarter, quicker, and extra cost-effectively. Analyze your total workflow from prime to backside and see what might be changed with higher performing, more cost effective options.
For instance, if it prices $3 to make $4 (leading to a revenue of $1 for each $4 earned), and you could find a option to cut back your prices, i.e. be extra environment friendly by 33%, out of the blue your prices to make $4 drops to $2, leading to a revenue of $2 for each $4 earned, thereby doubling your income with out elevating your charges, touchdown extra shoppers, or engaged on extra tasks.
If you’re critical about doubling your earnings this yr, select an choice listed above (or for exponential outcomes, implement all 3), plug in your individual numbers, decide to this objective and don’t look again. Chances are you’ll discover that doubling your revenue is less complicated and extra attainable than you ever imagined, and also you may must set your objectives even greater in 2024.
Martin Grebing is the president of Funnybone Animation Studios. He might be reached at funnyboneanimation.com.
