As a veteran of the design industry, I have witnessed good times and bad. It has taught me to not assume that every year will bring in the same amount of income. As a matter of fact, during the recession, I saw many design businesses close because their income stream stopped. Being able to navigate the economic forecast can be difficult. I have learned that the best way to protect my company is to diversify income.
You are probably wondering how a designer could do anything but design, right? Let me talk about 3 ways you might be able to create cash flow outside of your design service.
3 Income Producing Strategies
Every business goes through highs and lows but it is especially true with any company that deals in the construction market. It is important to create savings cushion that will sustain you in dry periods, that goes without saying. In high times I recommend working with a financial planner that can create a profitable portfolio. I myself like to invest parts of my funds in gold.
When it comes to buying gold, there are different ways of doing it. Different products can be used to achieve different investment goals. People who want to try this form of investment should consider the following aspects: the options available on the market, the nature of professional advice and other different circumstances that are appropriate for the investment. This kind of investment is considered a safe one because gold will almost always provide a good source of money and value, no matter what the circumstances. For that reason, even if the gold price drops you are still assured a certain amount of money.
One of the services that I offer through my design firm is whole-house renovation. My company could choose to invest profits in purchasing a fixer-upper with the purpose of selling it for a profit. Knowing what’s trending in home design is a plus for this type of investing.
You could opt for renovating a house in an environmentally friendly manner. San Diego solar contractors could help you implement solar power ideas for your new place. Moreover, their photovoltaic solutions are appreciated by a lot of households in San Diego and the surrounding areas. Building green homes might be the perfect pitch for marketing your investment and also makes you feel good that you are designing an environmentally friendly product.
Diversifying Your Business
As an interior designer, I have many design specialties that I have developed over my 32-year career:
- Kitchen and Bath Designer
- Lighting Designer
- Universal Design
- Commercial Design
These talents are in demand for consultation. By offering myself as a consultant in any of these areas is a great way to diversify. I can also, write and speak on these topics which are needed in the industry.
In 2010, I started a design blog where I offer tips. My blog has become a marketing platform and another diversification of what I do and the income I produce. Some other important aspects that are worth mentioning include the opportunities the blog gives me to market my overall brand.
It’s the challenging times that have taught me the most, in my career. I have used what I learned to protect my company so it will sustain the changing economic forecasts and allow me to continue doing what I love, design!
Images Courtesy of Canva.