ASLU 110: Navigating Economic Uncertainty For Creative Business Owners

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This episode is brought to you by Fine Lime Designs Illustrations

How do you keep your creative business stable when the economy isn't?

When everything from inflation and interest rates to fuel and food are going up up up and disposable income is shrinking, it can get scary. Add on to that supply chain issues and the exorbitant cost of shipping and it’s likely you’re struggling to find some of your key materials and that the prices of others have gone up.

Adding on to these concerns is the fact that the items and services that most of us created and sell do not fall into the “needs” category. They fall into the “wants” category. And when people cut their spending, the ‘wants’ get cut first.

There is no immediate end in sight to rising inflation or interest rates so right now, it’s important that we pay attention to some very key areas in our businesses so we can be proactive instead of reactive:

• numbers

• cash flow

• marketing efforts

• customer offerings

• pricing

There’s nothing new in that list but, how you approach each one may need to change!

This Episode Is For…

This is a great episode for creatives who:

• are feeling ok in their businesses but want to make sure they're being proactive

• are feeling the pinch in their business with rising costs

• are worried about a downturn in sales as customers and clients have less disposable income and how they can combat that

• are struggling with supply chain issues and shipping costs

• aren't sure if they should cut expenses (and which expenses to cut)

• want to diversify their business to it's more resilient

• wonder about marketing during an economic downturn

If you just want the links to the resources mentioned in this episode, scroll down to the bottom.

You can find Melissa at finelimedesigns.com or on Instagram @mhchipmunk.

Listen To the Episode

Here’s a link to this week’s episode. You can also listen via the player below or on your favourite podcast app (Apple Podcasts, Spotify, Google Podcasts, Amazon Music, Stitcher, and more). Just search for And She Looked Up!

know your numbers

all your numbers

in this episode we discuss:

• knowing your numbers and reviewing them every. single. month

  • revenue

  • profit

  • expenses/costs

  • traffic sources

  • where your revenue is coming from

  • marketing ROI

  • debt/cash flow/savings

  • cost of materials

• evaluate your pricing

• cash reserves/emergency funds

• paying down debt with variable interest rates

• evaluate your expenses but cut them strategically

• marketing

  • don’t stop or cut back - stay front and centre

  • diversify where you sell and where you’re seen

  • use your email list (start one if you don’t have one!)

  • nurture your customer community with fun ways they can interact

  • share how customers/clients can get more out of your product

  • go local and get involved

  • team up and collaborate with other artists/makers

• evaluate your offerings

  • price to be profitable

  • launch fewer products but focus on the ones that sell well - go deep instead of wide!

  • consider creating an entry level offering or value priced offering

  • bundle items for a discount (stay profitable) like gift baskets or gift boxes

  • stay on top of your suppliers costs and shipping and keep researching potential new suppliers or materials

  • diversify your revenue streams

  • use your scraps, extra materials etc. This avoids waste but can also result in new products you can sell that cost less.

Mentioned In This Episode:

• EP 92: Over 20 Email Newsletter Ideas That Aren't Hard Selling
• EP 22: Promoting Your Business Outside of Social Media
• EP 45: Surprise and Delight your Customers
• EP 48: What Could You Do to Earn $100 Today

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