30% of new
Buy Materials in Bulk
Before you even consider launching your personalized portrait business, you should produce a detailed business plan, highlighting how you plan to grow your business and cover your expenses. As part of this plan, you’ll need to thoroughly research how and where you’ll purchase your materials from. In general, buying canvases, paints, and pencils in bulk will save you an average of 45%, according to one wholesaler. However, you mustn’t let the lure of ‘buy more to save more’ tempt you as you’ll have to sell more portraits to make a profit. So, ensure you carefully plan how many portraits you can realistically produce in a three-month
Offer More to Earn More
When you’re starting out in the custom portrait business, it can be tempting to offer customers portraits in standard sizes and formats to keep your costs down. However,
Be Accessible
Customers are prepared to pay high for personalized portraits as a unique and fully customizable design is something you can’t put a price on. But when consumers are sending you images, color swatches, and specific requests, they expect to be able to contact you as and when they need to. It’s, therefore, crucial that you have multiple methods available for them to contact you on. If you’ve met up face to face, handing out a business card is wise, whereas,
Launching a personal portrait business takes a lot of enthusiasm and investment. But, by being smart with the way you launch your new venture, you can keep costings to a minimum while growing your business at the same time.