Money. It’s a touchy topic. And in this ongoing series – we’ll discuss the fine art of SAVING MONEY.. and when it’s a good idea to SPEND MORE money.
I’d like to tell you a quick story to illustrate my point. Today, we are having lots of plants and shrubs removed at our house. Our expensive landscaper wanted $2,200. His workers all have college degrees and are a true “white glove” service.
But just to dig up some plants, I didn’t need white gloves.. I needed someone to just rip stuff out of the ground (dirty gloves, if you will). So I went to Craigslist and found a father/son team to do the exact same job for $600.
Now don’t get me wrong – I always pay what the going rate is. I understand they also have a business to run, so I’m fair. And I didn’t haggle. They gave me a fair price for the work and I immediately accepted. I would never take advantage of people, but it’s sometimes a question of finding the RIGHT person for the RIGHT job.
In the case of the plants, I simply didn’t need to pay each worker $48/hour when that level of skill wasn’t required. The $15/hour worker will do the exact same job. There is no finesse needed to dig up plants (and there’s no way in the world I’m spending all day out there digging up plants myself.. not a chance!).
But when we are having the expensive plants transplanted to other parts of our property. Or creating a new garden in our yard – then I’m going with the different landscapers. Those services the requires a different expertise.
This lesson also translates to your business.
Over the last 13+ years of running a publishing empire, I have learned there are times when you should try and save (and there’s definitely a time to pay the higher price).
This will be an ongoing series into the fine art of saving money on your business (and spending more to make more). I’ll take you inside on saving and getting quality.
THE PREMIUM RULE #1: GRAPHICS
When it comes to graphics, I prefer to spend more for higher quality and recommend you do the same.
Here are a few items I always pay top dollar for…
- Book covers
- Kindle covers
- Site headers
These types of images represent your business. And , I’m sorry, but most of the time, a $5 book cover on fiverr doesn’t cut it.
Just look at the numbers.
R.L. Matthewson went from selling 5 to 6 copies of her a day. She changed just her cover image and it jumped to 1,000 sales per day.
Just from a cover change!!!
But what if your jump isn’t that dramatic.
Let’s say you publish your next book on Kindle. You usually sell 20 copies a month of your $3 book with an average cover design you got on Fiverr (for $5).
But if you could go back in time, you spend $200 on a much better cover. One that pops and gets attention in the Kindle marketplace.
Now, instead of 20 copies a month for $600 in gross revenue – you sell 50 copies a month for a gross revenue of $1,500.
Sure, you saved $195 on the cover design, but in just ONE MONTH you could have made an additional $900 in revenue.
And believe me, the results could be even more dramatic. You could have done to 75 copies. Or 200 copies.
But yet, some people think.. .$200 for an ebook cover??? Are you crazy??? They’ll even go on forums asking things like “how can I get a logo done for just $3??”. It’s insane.
When you look at the long term, the investment in good graphics can pay for itself many times over.
Image IS important.
Do I use the low-cost designers? Absolutely!
For some ads on banner networks that are supposed to stand out (and not look too glossy). Or laying out a free report for a client. Those don’t always require “white glove” service.
Here are a few resources to get your design done, no matter the job…
99 Designs: Thousands of designers to bid on your job. Good for high-quality graphics depending on your set budget.
99 Designs/Logos: Done-for-you logos for $99
Crowdspring: A competitor to 99 Designs, offering virtually the same service.
Fiverr: For less expensive, quick graphics for just $5.
So there you go. I hope you enjoyed this post. Look for Part II coming soon..
DO YOU SAVE OR
SPEND MORE WHEN NECESSARY?
P.S. If you liked this, please share, like and tweet below.