Making Money From Your Show Ellen O’Hara Business Development Manager Preparing for Your Degree Show Week Feb 2009 Creative business incubator for designer-makers

UK’s only creative business incubator for designer-makers A combination of space, on-site support, finance, promotion and sales opportunities in a nurturing, instructive and supportive environment with like-minded individuals. Who are we? www.cockpitarts.com

UK’s only creative business incubator for designer-makers

A combination of space, on-site support, finance, promotion and sales opportunities in a nurturing, instructive and supportive environment with like-minded individuals.

Making money from your show … First things first The Paperwork! Pricing Staying organised on the day Engaging with your audience Image: Louisa Taylor www.cockpitarts.com

First things first

The Paperwork!

Pricing

Staying organised on the day

Engaging with your audience

Image: Louisa Taylor

First things first Do I need to register as self employed? “ with a view to making profit” Inland Revenue Helpline 08459 15 45 15 http://www.hmrc.gov.uk/ Image: carreducker www.cockpitarts.com

Do I need to register as self employed?

“ with a view to making profit”

Inland Revenue Helpline

08459 15 45 15

http://www.hmrc.gov.uk/

Image: carreducker

First things first What do I want to achieve? Set some goals to help you prepare: Sell work on show? Take orders or commissions? Make contacts – who and how many? Attract press? Attract employers? www.cockpitarts.com

What do I want to achieve?

Set some goals to help you prepare:

Sell work on show?

Take orders or commissions?

Make contacts – who and how many?

Attract press?

Attract employers?

The Paperwork! On the day …. Sell work on show Receipts/invoices. Include: Business name being used if the surname of the sole trader is not being used. An address where any legal documents can be delivered to Invoice No. Description and quantity Amount (Payment terms) www.cockpitarts.com

Sell work on show

Receipts/invoices. Include:

Business name being used if the surname of the sole trader is not being used.

An address where any legal documents can be delivered to

Invoice No.

Description and quantity

Amount

(Payment terms)

Invoice example www.cockpitarts.com

Invoice example www.cockpitarts.com

The Paperwork! On the day … Orders Order forms with terms and conditions Make contacts Contact cards / contacts book Image: Katherine Wardropper www.cockpitarts.com

Orders

Order forms with terms and conditions

Make contacts

Contact cards / contacts book

Image: Katherine Wardropper

The Paperwork! On the day … Attracting press Contact cards, press pack, further information Attract employers CV and portfolio Image: Catherine Hammerton www.cockpitarts.com

Attracting press

Contact cards, press pack, further information

Attract employers

CV and portfolio

Image: Catherine Hammerton

The Paperwork! After the event.. Completing orders Delivery note if paid in advance, invoice if not Commissions Follow up once considered and prepare a contract Record keeping for self employment Image: Sophie Cook www.cockpitarts.com

Completing orders

Delivery note if paid in advance, invoice if not

Commissions

Follow up once considered and prepare a contract

Record keeping for self employment

Image: Sophie Cook

Terms and conditions …. www.cockpitarts.com Price and Payment Samples Delivery Warranty Returns & Exchanges Trade Descriptions Act: Cancellation

Price and Payment

Samples

Delivery

Warranty

Returns & Exchanges

Trade Descriptions Act:

Cancellation

Pricing Principles Pricing should reflect the value of the benefits that your work offers, from your customer’s point of view . Profit is made by selling something at it’s value , not it’s cost. www.cockpitarts.com

Pricing should reflect the value of the benefits that your work offers, from your customer’s point of view .

Profit is made by selling something at it’s value , not it’s cost.

Making a profit ….. Cost plus approach to pricing: Profit = Price – Cost Cost = time + materials (+ overheads) i.e. your hourly rate x time taken to produce + cost of materials used www.cockpitarts.com

Cost plus approach to pricing:

Profit = Price – Cost

Cost = time + materials (+ overheads)

i.e. your hourly rate x time taken to produce + cost of materials used

Cost plus pricing Cost price = materials + time + overheads Wholesale price = cost price + profit Retail price = wholesale price + profit Check this against a value based approach – are you making a profit? www.cockpitarts.com

Cost price = materials + time + overheads

Wholesale price = cost price + profit

Retail price = wholesale price + profit

Check this against a value based approach – are you making a profit?

Value based pricing Set a value based price – an estimate of the perceived value of your work Research your market: Overall trends Competitors Customers GET FEEDBACK! Image: Susannah Hunter www.cockpitarts.com

Set a value based price – an estimate of the perceived value of your work

Research your market:

Overall trends

Competitors

Customers

GET FEEDBACK!

Image: Susannah Hunter

One offs versus multiples Think about value for money www.cockpitarts.com Collectable Experience Service Status Investment On trend Customised Sustainable Design content Hand crafted Unique Value

Think about value for money

Staying organised on the day Practical issues – food, drink, seating Have paperwork at hand Have contact cards easily available Consider storage Incorporate into stand display if possible Image: Jen Rowland www.cockpitarts.com

Practical issues – food, drink, seating

Have paperwork at hand

Have contact cards easily available

Consider storage

Incorporate into stand display if possible

Image: Jen Rowland

Engaging with your audience! Be there! Be ready! Smile! Be confident and passionate Ask questions Get feedback Image: Lush Designs www.cockpitarts.com

Be there!

Be ready!

Smile!

Be confident and passionate

Ask questions

Get feedback

Image: Lush Designs

Prepare some chat …. Trade buyers Do you take orders, wholesale prices, lead times Collectors / private clients You and your work, prices, do you take commissions, how and when will you deliver work if sold www.cockpitarts.com

Trade buyers

Do you take orders, wholesale prices, lead times

Collectors / private clients

You and your work, prices, do you take commissions, how and when will you deliver work if sold

Prepare some chat …. Press You and your work, product information, further information Employers You and your work, your aspirations and future plans Image: Thornback & Peel www.cockpitarts.com

Press

You and your work, product information, further information

Employers

You and your work, your aspirations and future plans

Image: Thornback & Peel

General Dos and Don’ts www.cockpitarts.com Do be present Do have a contact card Do invite feedback Do follow up Don’t make promises you can’t keep Don’t be shy! Don’t forget to enjoy yourself

Questions www.cockpitarts.com

Contacts Join our mailing list – [email_address] Attend a workshop or seminar: Production Planning for Fashion and Accessories Designers – 9 March Using Market Research to Grow Your Business – 16 March Creative Collaborations: Craft & Technology – 19 March www.cockpitarts.com

Join our mailing list – [email_address]

Attend a workshop or seminar:

Production Planning for Fashion and Accessories Designers – 9 March

Using Market Research to Grow Your Business – 16 March

Creative Collaborations: Craft & Technology – 19 March

Cockpit Arts Holborn Cockpit Yard Northington Street London WC1N 2NP T 020 7419 1959 F 020 7916 2455 E [email_address] Cockpit Arts Deptford 18-22 Creekside Deptford London SE8 3DZ T 020 8692 4463 F 020 8692 3735 E [email_address] www.cockpitarts.com

Cockpit Arts Holborn

Cockpit Yard

Northington Street

London WC1N 2NP

T 020 7419 1959

F 020 7916 2455

E [email_address]