Business Perspective: Building Your Business Through Your Portfolio

When I made a decision to open a business, my partner asked me if I had a portfolio to where I could start my business from, and I hurriedly replied it was not a must to have a portfolio- but I will build one as the time goes by I replied. I must confess it was very difficult to start the business without a portfolio, and I almost closed down my business immediately because I didn’t have a starting point. The business portfolio is the collection of businesses and products that make up the company. The best business portfolio is one that fits the company’s strengths and helps exploit the most attractive opportunities. One of the most valuable assets for any creative business is your portfolio. Having a portfolio gives potential clients an opportunity to review your work, get a feel for your creative style, and determine whether or not your services can meet their needs. By having a portfolio available while marketing your services, you will be able to better position yourself in the marketplace. A portfolio can come in a variety of forms depending on the nature of your creative business. If you are a painter, for example, your portfolio could be a collection of your best paintings, or if you’re a writer, you could include professional writing projects in your portfolio, and so forth. With the advancement of technology, there are now many ways to get your portfolio out to potential clients via digital images sent through email or burned to a CD, or on the World Wide Web. The easier you make it for potential clients to access your portfolio, the more likely they will be to review your work and consider you for potential projects. You will want to keep this in mind when putting together your creative portfolio to market your business. Your portfolio also serves another purpose. By showing potential clients that you have successfully completed professional projects for other clients, they are more likely to feel comfortable hiring you for one of their projects. A professional portfolio gives potential clients the impression that you are serious about your business, and that you can be trusted to fulfill commitments. Also, if you are able to get testimonials from previous clients regarding their experience working with your business, and their level of satisfaction with your work, then your portfolio becomes an even stronger marketing tool for your business. Potential clients want to feel a level of security with the artist they hire. The easier you can make it for them to feel comfortable and confident in selecting you for the job, the more likely you will be in winning their trust. The challenge that many new creative entrepreneurs face is building this very important portfolio. If you are just starting out, you probably do not have a significant portfolio of professional projects to include. At this point you may need to include creative personal projects in your portfolio to give the potential client an idea of your creative style. Including these items in your portfolio can be beneficial; however a client who is interested in paying you for a project may want to see samples of professional work. This brings up the inevitable “catch 22” that many people face. How do you build a portfolio if you don’t have professional projects and how can you gain professional projects if you don’t have a portfolio? The answer: make building your portfolio the first priority of your new business, even if this means volunteering your services or charging a low rate for your services. Even though the goal of owning a business is to make money, your best bet when attempting to build a portfolio may be to volunteer your services for local or non-profit organizations. Many organizations seek out volunteers on a regular basis, and some even hire volunteers to be part of their team if they are satisfied with the services they provide, so don’t rule out this opportunity. Not only will it help you build your portfolio, but also the reference they provide will be valuable in the long run. Another way to build your portfolio is to barter with businesses with which you have established a relationship, whether this is a local shop that you visit frequently, or a friend’s business that may need some extra help. If you can find a way to trade services with these businesses, and get a reference for your work in the process, then the relationship can be mutually beneficial. This may not be the best way to make a profit, but it is a great way to build that crucial portfolio that will help your business become successful. You may find that even after you have built a substantial portfolio, you still have to charge below industry standard for your services in order to gain potential clients, but it won’t always be this way. The more projects you earn and complete, and the more established you become in the marketplace, the more flexibility you will have with your pricing. So try not to get frustrated. The goal is to position yourself in the marketplace, so if charging below industry standard for your services is going to help you accomplish this goal, then it’s worth it. Starting a creative business is not an easy task. In fact, it can be very challenging. By building a strong portfolio of your work, however, you can position yourself as a successful creative business in the marketplace. It may take time, but the effort you put forth to build this critical portfolio when your business is first getting started can have great benefits in the year. Ends