Many of you might be surprised to learn that I have never written a business plan for my business. I have written a couple of mock business plans while working on my master's degree in International Business, but there has never been a point in my ever-evolving business where it made sense to have an official business plan. I could research and put my best estimates down on paper, but there are far too many variables for any business plan to be more than a wish list. My best advice to entrepreneurs has always been, "Just do it." Don't waste time trying to perfect it before going live, because while you're busy working on the perfect logo and brilliant marketing materials, all of your competition are getting their products into customers' hands. Once a consumer has tried a product that works well enough, you'll have a hard time getting them to switch to your product. If all you have to get started is $15, figure out what you can do with that and do it. Just get started and learn as you go. Snowball your earnings into more supplies and better equipment. You need to start working with actual customers if you want to find out whether or not your business idea is viable. And you need to be willing to accept that what you think is a good idea, may not be what sells. Ask for feedback and be willing to change until you find something that works.
Here's a short and sweet article on the subject.
http://www.forbes.com/sites/actiontrumpseverything/2013/08/14/why-business-plans-are-a-waste-of-time/
Tuesday, October 21, 2014
Thursday, October 2, 2014
Earning potential in the face and body painting industry
I posted this as a response to someone on a newbie face painter forum who was asking about earning potential in our industry. I thought it might be helpful to some of you who follow my blog as well.
I've met "headliner" award-winning, instructor/ sponsored artists who travel extensively for their work and only earn $20,000 - $30,000 per year. And I've met mediocre artists (whose names you never would have heard of) who run their own entertainment company, with multiple artists and services that earn six figures. I also know people who lose money every year because it's just a hobby (which is fine). Based on my experience, I would estimate that, most artists (for whom this is a 2nd income in their household) are earning in the $5,000 - $20,000 range. What you can earn depends 100% on your desire to make money, your willingness to work hard, and your business sense. You can be the greatest artist in the world and be broke if you don't know how to run a business or if you only make emotional decisions about your business.
I started my business with a $15 henna kit. I lost money for the first few years because anything I earned went back into the business, and because I had to fine-tune what I wanted to do vs. what made money. There were a lot of poor decisions (or "business seminars," as my husband likes to call them) that cost me money in the beginning. But you're always learning, so just figure out where you went wrong, forgive yourself, and move on. I went from being an artist, doing festivals and parties, to being an instructor, to running a supply business. You never know where it will take you. My husband retired early last year because I now earn enough to support our family.
You have to decide how much you need/ want to earn, and then do everything you have to do to reach that goal. I write my financial goals down and tell others what my goals are so that I feel more accountable. I have a sticky note on my computer right now with $15,000 written on it, and tick marks for each $1000, because that's my next short term goal I need to reach to pay for a couple of big purchases. Trust me, it works.
The most important piece of advice I have is to never stop your marketing efforts. I thought I could get to a place where I'd have enough customers and the business would just kind of run itself, generating more business naturally. I nearly lost my business with this kind of thinking. You will never get to a place where you can stop expanding your skills and marketing your business because your customer base and competition is constantly evolving.
I've met "headliner" award-winning, instructor/ sponsored artists who travel extensively for their work and only earn $20,000 - $30,000 per year. And I've met mediocre artists (whose names you never would have heard of) who run their own entertainment company, with multiple artists and services that earn six figures. I also know people who lose money every year because it's just a hobby (which is fine). Based on my experience, I would estimate that, most artists (for whom this is a 2nd income in their household) are earning in the $5,000 - $20,000 range. What you can earn depends 100% on your desire to make money, your willingness to work hard, and your business sense. You can be the greatest artist in the world and be broke if you don't know how to run a business or if you only make emotional decisions about your business.
I started my business with a $15 henna kit. I lost money for the first few years because anything I earned went back into the business, and because I had to fine-tune what I wanted to do vs. what made money. There were a lot of poor decisions (or "business seminars," as my husband likes to call them) that cost me money in the beginning. But you're always learning, so just figure out where you went wrong, forgive yourself, and move on. I went from being an artist, doing festivals and parties, to being an instructor, to running a supply business. You never know where it will take you. My husband retired early last year because I now earn enough to support our family.
You have to decide how much you need/ want to earn, and then do everything you have to do to reach that goal. I write my financial goals down and tell others what my goals are so that I feel more accountable. I have a sticky note on my computer right now with $15,000 written on it, and tick marks for each $1000, because that's my next short term goal I need to reach to pay for a couple of big purchases. Trust me, it works.
The most important piece of advice I have is to never stop your marketing efforts. I thought I could get to a place where I'd have enough customers and the business would just kind of run itself, generating more business naturally. I nearly lost my business with this kind of thinking. You will never get to a place where you can stop expanding your skills and marketing your business because your customer base and competition is constantly evolving.
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