Have you ever had a friend look at a business and randomly throw out numbers that made it seem like that business owner must be making serious bank? We’ve experienced that many times, and know from conversations with operators and owners in those industries that their real profitability is often far, far less. The reason is often that there are unique challenges to profitability in almost every industry and so we wanted to create a space for entrepreneurs from across industries and markets to discuss the challenges to profitability in their industries.

Jen Farinella-olson

The biggest challenge in the romance industry, in my opinion, is the constantly changing algorithms of multiple social media platforms. Many romance authors start their journey as independent authors, self-publishing on platforms like Amazon. Keeping up with the latest trends on these platforms, to ensure that advertising reaches the right audience, can feel like a full-time job. Read more>>

Sarah Brice

The cosplay community is largely difficult to make a profit in – especially if you are doing it as a full-time career. The typical avenues of money-making in cosplay are through platforms like Patreon that are based on fan subscriptions, selling merchandise or photo prints, or getting paid for company collaborations. Some cosplayers get paid for appearing at conventions or for making costumes or wigs for others, but the return on investment is typically very small. Read more>>

Tona Ramírez

I think the most difficult part is that there is no standardized pricing guide. One of the great things about design is that you can work from anywhere in the world, allowing you to reach clients globally. However, what’s not so great is that in many countries—like Mexico (I’m Mexican)—pricing standards for design services are often skewed. You can find designers charging less than 10% of what you charge, while at the same time, others are offering the same service for three times your rate. Read more>>

David Johnson

I see the biggest challenge as making enough profit to keep the doors open and grow as needed while paying employees real wages and providing benefits to keep the good employees. The industry is trimming margins more and more, while larger brands are going to consumer-direct sales. This is cutting out the independent bicycle shops. There is an illusion that looks like money is being made when in the end, the business as a whole suffers. Mail order doesn’t do repairs, check-ups or any fitting for the customers. Rides and community are largely based around shops. If the shops can’t make ends meet, they disappear. If the shops aren’t there to foster the face-to-face relationships and the online sales can’t mend the issues after the sale. Where does the client go and what happens to the community? Read more>>

Pamela A Goodwin

The biggest challenge to profitability in my industry is, customers not wanting to pay the asking price for my handmade crochet pieces. A lot of people do not understand what goes into making and selling crochet as a business. Some brands of yarn are more expensive than others not including the fact of how much yarn it takes to make one piece. Some brands of yarn range from $3.23 a skein. So if you’re making a sweater that requires over a thousand yards of yarn, and each skin of yarn is $3 to $10 a skein, with 200 yd of yarn it can be pretty costly. Then you have to factor in your time and labor. Read more>>

Jonathan Burey

I think my biggest hurdle to profitability is being seen. I’ve done the lion share of my business on Instagram and it’s become increasingly hard to get your art seen. It seems like it’s gotten harder to get seen if you’re not willing to pay for ads. I’ve seen the difference having paid for ads and not. Read more>>

Regina Wilkins

Dare I say– the biggest challenge to profitability in the beauty industry (to me) is professional skincare & tools being available to the public. We know the beauty industry is a Billion Dollar industry, and everyone wants a piece of the pie. Can you blame them? I say this because as a small business owner, solo esthetician, the services I provide are being whittled down, oversimplified and then broadcasted to the masses: “You can do this at home!” Why would someone pay for a wax if they can watch a tutorial and do it themselves? The same goes for dermaplaning, or even chemical peels to a degree. Read more>>

Lele

Speaking from my personal experience, and not the photography industry overall, I think my biggest challenge with profitability particularly at the start was not knowing nor charging my worth. I had, and often still have, severe imposter syndrome. A consistent and internal voice telling me my photos weren’t good enough to charge a certain amount or that I had not been shooting long enough to charge at all. I ended up doing a lot of work for free, or tip based shoots, just for the opportunities to get into a club. Fortunately my day job allows me the flexibility and means to be able to travel out of town and state to shoot events even when the pay was low, or non-existent. I was able to shift my perspective by asking for advice and feedback from clients, friends, family and other local and national photographers to better outline price packages and a true business model that has allowed me turn profit Read more>>