Blacksburg Belle

The Two Markets You're Ignoring (And How You Can Double or Triple Your Profits)

- | by -

The Two Markets You're Ignoring

All creative businesses have at least three target markets, and most business owners are ignoring two of them.

Yep, it’s true. You’re probably neglecting people who would love to hand over their credit cards to you.

The three markets I’m talking about are: 1) the people who want to buy your product (the necklace, mittens, handbag, body scrub, etc.), 2) the DIYers who want to make it for themselves, and 3) the people who want to learn how to start a business like yours.

You’re always going to have customers who want your product, made by you.

They don’t have the time or skills to make it themselves. They just want to order it, get it and use it.

Like the customer who buys your organic apricot facial scrub for an indulgence. She’s recreating the spa at home, and the last thing she wants to do is battle traffic to go to the grocery and health food stores to hunt for all the ingredients and then come home and create a disaster, including piles of dirty dishes, in her kitchen while trying to make the scrub herself. That defeats the point for her. She’d much rather pay you $16.

But, you’re also always going to have customers who love to DIY and troll Etsy and Pinterest for stuff they can try to make themselves.

Instead of buying your embroidery hoop art, they’d love to buy a PDF pattern of your adorable bumble bee design to embroider it themselves.

You might never want to sell to DIYers, especially if you’re the type of creative who could never imagine giving out her trade secrets. And, that’s okay.

But, it’s important to recognize that those people exist and that there’s potentially a lot of money to be made.

Why would you want to sell to that market? Well, I’ve got a few good reasons:

1. Lots of times when you’re selling patterns, ebooks, or tutorials, you only have to create something once and then you get to sell it over and over and over and over and…well, I think you get it. Basically, you can sell it while you sleep, without having to wake up the next morning and make each thing you sold. It gets delivered upon purchase, so you make more money without having to do anymore work. Talk about magical.

It’s much easier than creating every product by hand. In that scenario, you’re trading money for time and you can never get more than twenty-four hours a day. You’re limited to how much you can make—product and money-wise.

I’ve worked with creatives who’ve added patterns and tutorials to their revenue streams and doubled or tripled their profits in a couple months without adding more work hours to their days. Sounds kinda great right?

2. There’s a huge DIY population, people who love to make and create and who would never ever buy your handmade products because they want to make the stuff themselves. For example, I’m a knitter so I hardly ever buy hand-knit products. But, I do buy lots of knitting patterns.

3. You can serve people who can’t afford your handmade products. I’m a huge Alabama Chanin fan but $3,860 for a dress is a big deal for me. I didn’t spend that much on my wedding dress and I’m not a millionaire. So, I’ve been creating my own Alabama Chanin pieces (my poncho is almost done!) with the help of the Alabama Chanin books and patterns. I still support her business by buying her books and fabric.

This isn’t the right direction for every business, but it’s something to contemplate because it works really well for many creative businesses.

You have the option of making your patterns and tutorials available for personal use only—that way you can still sell your handmade creations without direct competition.

And, then there’s the third market: the people who want to learn how you do what you do so they can start a business like yours.

Knitters who want to sell their own knitted creations. Illustrators who want to learn about licensing and how to break into the freelance scene. Jewelry artists who want to know the ins and outs of setting up their own jewelry business and selling retail.

They’re looking for classes, books, guides—anything that’ll help them get there faster.

If you’re a natural teacher and love public speaking, this is another market you could tap into and make money from.

You could write a series of ebooks, put together workbooks, offer online courses, teach in person, and apply to speak at conferences. The options are unlimited thanks to the glorious internet.

If you can’t fall asleep at night cause you’re wondering how you’re going to make your handmade business work long-term, these other revenue streams might be just the thing that’ll derail your nightmares and allow you to sleep easy.

If you’re getting overwhelmed by the amount of creating you have to do every day to make your business profitable, these other revenue streams could free up your time while overflowing your piggy bank. Cha-ching!

If you’re thinking that this all sounds great but you have no idea where to start, you’re in luck. I’ll be teaching a course on creating digital and information products that sell at CreativeLive November 10th-11th. RSVP right here to watch it live for FREE.

April_Bowles-Olin_Google+_1000x566

The Best Coaches and Teachers Have Something in Common

- | by -

{Personal Image}

The best coaches {and teachers} love to learn. I’d even go as far as to say that they love learning just as much as they love coaching and teaching.

I’m not just saying this, because I love learning {even though I do}. I’ve always felt that I could be a lifelong student. I’d love to get degrees in photography, creative writing, and design. I’m constantly considering new skills I want to learn and classes that I could take. In the past year, I’ve paid for consulting with a professional photographer, participated in a group coaching program, and joined an online learning community to learn more about Adobe Illustrator, Photoshop, and InDesign. I’ve taken learning into my own hands and make time for learning new things every day.

This type of learning helps a lot, but the type of learning that I’m really referring to is learning more and more about one’s profession. Learning about what makes their clients tick, what motivates them, how they learn, and how to connect with them. If a coach is excited about the learning process, it’ll make a huge difference in her practice.

I know this makes me a better coach. I know this through experience, but I also know this because research in psychology proves it.

“The great teachers believe in the growth of intellect and talent, and they are fascinated with the process of learning.” –Carol S. Dweck, Ph.D., Mindset: The New Psychology of Success

There are basically two types of coaches and teachers.

The first type believes in natural ability and fixed talent and intellect. If you’re an artist and you don’t show a high level of talent, they think it’d be a waste to spend a lot of time on you, because you won’t ever be one of the greats. This type of teacher focuses all of her time on the students who show the most ability or intellect at the beginning.

The second type believes in growth and the power of effort. If you’re an artist and you don’t show a high level of talent, they think you need to put in more time and effort. You need to practice basic skills and then learn more advanced skills. You need time to grow and evolve. You haven’t reached your full potential, and they feel it’s their job to help you reach that full potential.

If you feel like you fit in the first type, you can change things if you want to. You’re not stuck! There’s always room for growth and improvement.

Great coaches {business coaches, life coaches, sports coaches} understand that effort and grit get you to the top.

These coaches push their clients to learn and grow within their fields. They help their clients take away positives from their failures. They don’t praise their clients when they haven’t earned it. They tell their clients the truth—in a nurturing and nonjudgmental way.

When a client asks, “Why aren’t the sales rolling in?” the coach doesn’t say, “Don’t worry. You’re so amazing and your products are so amazing. It’ll happen so soon—maybe this week!” The coach says something like, “I know it seems like it’s taking a while to build momentum, but the truth is that building an online business takes a lot of effort and often takes more time than we’d like it to. Even though we all wish for overnight success, it very rarely happens. You worked really hard to get five new products listed in your shop this past week and it paid off with your first sale! Let’s focus on the basic stuff that needs to happen this upcoming week to make more progress.”

These coaches don’t let their egos get in the way. They realize that they don’t know it all, and they don’t pretend to know it all. They understand that not knowing something doesn’t mean they aren’t good at what they do—it’s just not in their area of expertise. They either point the client in the direction where she can find the answer or they figure out the answer through research and learning.

Three examples that rock my world.

Participating in a group coaching program co-led by Marie Forleo was one of the best examples of great coaching that I’ve experienced. She pays close attention to the person she’s talking to and focuses on engaging that person. She knows how to motivate others to change while telling them the truth. Marie doesn’t have a problem saying something like, “If you’re not making any money, you don’t have a business.” She follows it with actionable advice on how to change it so you are making money. And, Marie will be the first one to tell you that you’ve got to work hard for it.

I’ve never received coaching from The When I Grow Up Coach, Michelle Ward. Mainly because I knew what I wanted to do with my life before I met Michelle, but I can guarantee if I’d been in that “oh gosh-I’m a hot mess-and I don’t know what to pursue” phase, I’d have handed her my debit card. From the conversations that we’ve had, I know that Michelle is the type of coach who believes in hard work and motivates the people she works with to make serious changes.

Danielle LaPorte is another lovely lady who stands out in my mind as truthful, inspiring, and straightforward. A few months ago I listened to a coaching call where Danielle called someone out on his website. She let him know that his site didn’t do his business justice and if he wanted to reach his goals, he’d need to revamp it. She wasn’t mean or uncaring. In fact, she was the opposite. You could tell that she really cared about helping this person succeed, and she wasn’t going to help him succeed if she didn’t get honest with him and help him grow.

Okay, why am I talking about this?

I haven’t talked about coaching before on Blacksburg Belle, but over the last couple months, I’ve realized that I have a good number of coaches and teachers {and aspiring coaches and teachers} reading my blog. I’ve consulted with creative entrepreneurs who want to teach their craft. I’ve talked to successful artists who want to help other artists become successful. So, I thought that every once in a while I’d include a post for those of you who want to teach or coach. I hope you find it helpful!