With so many applications and websites on the market, logo making has become more accessible than ever. What used to cost hundreds of dollars to a designer can now be done independently for the price of a monthly/annual subscription—and in some cases, for free. You may be wondering if logo making is still a profitable business for designers who have made their livelihood from this industry.
Logo-making can still be profitable for designers. In fact, the logo-making industry in the U.S. is estimated at $3 million, according to some reports. Most small businesses are willing to hand over upward of $500 for a logo design.
So, how are designers holding their ground amid the wave of do-it-yourself platforms? The growing competition between small businesses and large corporations fuels owners to seek out professionals with experience and know-how to design a unique logo that will set them apart and create a lasting impression. Keep reading to find out how designers make a living from logo making.
How Can You Make a Profit Off of Logo Making?
Turning a profit in any business isn’t just about having a good product. You can have the best product or service for a particular demographic and still struggle with successfully making a living. Success in any industry, especially design, is about creating a perfect storm of circumstances to entice your desired clientele.
Here are the perfect storm factors that every logo designer needs to consider to turn a profit effectively:
- Understanding Your Client
- Assessing Your Skills and Quality of Work
- Determining Your Price
- Going the Extra Mile
Let’s delve into these four factors to understand how a designer is able to be productive in today’s logo-making market.
1. Understanding Your Client
Businesses of all different industries share at least one common thread, logos that are synonymous with their business name. It’s a visual representation of their goods and services and can sometimes be the very thing clients recall, even before the business name. Creating a logo for various industries isn’t a copy-and-paste job; it requires research.
Designers need to educate themselves on the industry of their client’s business, then take it a step further and learn about the targeted demographic of that business. The primary goal of a logo is to intrigue and entice potential customers to your client’s business, so you need to know what they find appealing, what their concerns and problems are, and how your client’s business offers solutions. Then they can create a design that perfectly encompasses all of those aspects.
If you’re a designer, you should also consider a client’s budget when quoting them a price— this is part of understanding your client. You don’t want to miss out on a job because you quoted a fee beyond the business’s means. On the flip side, you don’t want to lowball your quote for a high-budget client and lose money. To ensure you’re quoting correctly, research the company’s annual revenues via their website.
2. Assessing Your Skills and Quality of Work
Part of being successful at making a living from logo making is assessing your skill level and quality of work on a rotating basis. Logos are part of marketing, and marketing is an ever-evolving industry heavily reliant on market trends. You may have a degree in design, but you also need a diverse portfolio to sell yourself to your client.
You can make yourself more appealing to a client if you educate yourself in advertising and marketing to offer effective logo design ideas based on the elements described under “Understanding Your Client.” With continued education in design innovations and applications, you can also stay ahead of the curve. You’ll get passed up if you dig your heels in methods and applications that were popular in college but are losing their relevance in the current industry.
3. Determining Your Price
Now that you’ve looked at your potential client and your own skill level, you can determine your fair price. Often, a fee is predicated on education and level of experience. The more experience you have, the higher your price and the more likely you are to attract high-budget clients.
High-budget clients may not come straight out of design school or an internship at a firm. Typically, that clientele will come with time and experience, so don’t begrudge small-budget clients if you’re just starting out. They will provide you with the diverse portfolio you will need to attract the big fish.
Always seek to have a diverse base of small-budget and high-budget clients. You never know when there may be a lag in a season, and you might find yourself relying heavily on one type of client to get you through. Be open to adjusting your price based on the client’s profit and budget.
4. Going the Extra Mile
Nowadays, it may not be enough to offer just a logo design to win over a client, so you may need to sweeten the deal with an added incentive. Added services don’t have to be outside of the scope of your job description either. If you do market research for your client to create their logo design, you can use that information to assist your client with branding.
Here are a few ideas of added services you can provide potential clients:
- Brand Guidelines
- Brand Strategy and Identity
- Multiple Revisions
- High-Quality Mockup Designs
These incentives could be the difference between getting hired and getting passed up for another designer— it’s just a matter of repurposing the work you’ve already done.
If you want to get into logo making as a potential career and have no education in design, start small and grow your skills. If jumping into an application like Photoshop or Illustrator is too intimidating, placeit.net has professional logo templates that come with full commercial usage rights, so you can sell them to paying clients. Logo design doesn’t have to be a daunting prospect, and you can hone your skills over time and increase your clientele with experience.