Starting Your Own Creative Business
Many people dream of starting their own creative company, and the good news is this: with the right mindset and a bit of hard work, it’s definitely possible! So whether you’re into craftwork and needlework or you’ve got ambitions to open your own studio, there are all sorts of creative entrepreneurship choices out there. Check out these top tips and take them on board to make your journey towards creative self-employment as easy as possible.
Consider your skills
It’s quite common for people to say that they’re “not creative” or that they “don’t have a creative bone” in their bodies. But in truth, everyone has a creative skill of one sort or another. Some people find that they can sit down at an easel and paint a gorgeous picture without having to really try. Other people have an amazing idea for a novel in their heads, and once they sit down and write it becomes the next big bestseller. Others, even, find that they’re always getting compliments about their cooking, and once they open their own restaurant their innovative recipes are great hits.
It doesn’t matter what you’re good at: everyone has something creative that they can do. The secret to success in the world of creative entrepreneurship, though, is locating what it is that you can do and how you can monetise it. If you choose the wrong talent or you fail to choose a talent at all, there’s no chance of success.
Think about the finances
When it comes to launching a creative business, the financial aspect might not be the most interesting thing to think about – but it’s the most important. Without an adequate funding system in place, it may not be possible to get the cash you need to buy or lease equipment, hire essential staff or cover your living costs before you break even financially. There are various sources of start-up funding that you can go for. Investors will provide up-front cash, but they can be hard to come by and are likely to also demand ownership of a portion of your firm.
Other alternatives include bank loans, funding from family and friends, and “bootstrapping” – where you cut your costs so low that you don’t need the help of outsiders. Of course, you can always play the lottery and hope your numbers come up! It might be a long shot but there’s nothing like the anticipation buzz of checking all of the California winning numbers to see if you have the CA lottery winning numbers. It’s a hope that can prompt you to start dreaming big for your business and, who knows, maybe it will get your creative juices flowing.
Getting your patent
One of the most complex areas of law is the intellectual property sphere. There are all sorts of rules and regulations surrounding what can and can’t be patented as your own work, but in theory if you create something (which, let’s face it, you will certainly have to do as a creative entrepreneur) then it is your property and nobody else’s.
With the help of a specialist lawyer, you may find that you are able to secure this in law and enjoy the benefits that brings. You can maximize your chances of a successful IP case by keeping as many drafts, documents and other items you produce as possible and finding a way to get it all dated so that you can verify the process you went through in any future legal case.
Consider working two jobs
The fantastic thing about a creative business is that it can often be built and scaled from a small starting point. If you’re not quite ready to give up the security of a pay check just yet, why not go part time or simply work on your creative business outside of your full-time work hours? Even by devoting an hour a day to your business, you can enjoy both the security of your job and the satisfaction your business gives you until you get to a point where your business can cover your living costs.
In the end, your business is only going to go one of two ways – towards success, or failure. Entrepreneurs instinctively know when things are working out and when they’re not, and it’s essential for you to develop the skills needed to recognise the signs. If things don’t work out as you’d hoped, it’s time to face up to the truth and change your course – either to a new creative endeavor which works out better, or to something else altogether.
Starting up on your own can sometimes seem like a scary business, but that doesn’t always have to be the case. By following our top tips for creative business success, you too can join the ranks of people who are developing a side hustle or a full-time project of their own. Where will your powers of creative entrepreneurship take you next?