Starting your own business from scratch can be very exciting – it is after all the culmination of your childhood dream and hard work over the years! Plus, you get to be the boss, and work on your own terms, answering to no one (except your customers and clients of course!).
But a start-up is no mean feat – it involves a lot of planning and hard work, and there are a number of things you need to consider and have in place before you take on your first order.
Here’s a list of things to keep in mind when starting your own creative small business.
1. Make sure all your legalities are in order
A business is still a business, even if it is just a small start-up from your bedroom. So even if you are going to be working from home, working for yourself, have only one or two other people working alongside you (or even if you’re going completely solo), it is still essential to have some basic legalities in place.
You won’t need an in-house legal team of course, but having a lawyer who deals in business law or hiring the services of a professional legal firm such as Progressive Legal is important. They can make sure your start-up is legally sound and help you with contractor and freelancer agreements, as well as offer professional advice and help should issues relating to copyright or suing etc crop up later.
2. Do you have enough investment/ capital?
Often, the excitement of starting your own business makes you oversee certain things, which could become a problem only at a later point. Depending on the kind of business you are in, you might need a certain amount of investment or capital, not just to start off but to continue without going into a loss later on. If you are in the business of making things, you will need capital to purchase raw materials, for instance. Then there are legal fees, business-related taxes, studio rent (if you don’t work from home) so make sure you have your finances properly sorted out beforehand.
3. Know your business inside out
It’s one thing to have a passion or a hobby and another to turn that into a profitable business. Running a business needs consistency, dedication, time and above all, it needs to be sustainable and bring you profit. It’s not something you can do in your spare time or as and when you feel like it. You need to have a proper business plan and a clear idea of how you are going to transform your passion into a business. So before taking the plunge, make sure you know the nuances of your business – the positives and the negatives – and know what it entails.
4. Research the market and your competitors, and have a USP or Quirk to be ahead of the game
Chances are you are going into a territory that already has a lot of players, so research your market and your competitors well and see where exactly you fit in, and what it is that you can offer to your customers. Through the research, you can also find out if your business idea can work/ is profitable, and if not, make the necessary changes and adjustments.
Having a USP (Unique Selling Proposition) will really help in setting you apart from the rest, and keeping you ahead of the game right from the start. What services or offers can you give your customers that others cannot?
5. Set up a business bank account
This is something a lot of novices don’t know – or think about – especially if it’s an online business where you work-from-home. However, it is advisable (and a lot easier, especially for tax purposes) to keep your personal and business accounts separate. Doing so from the start will save you a lot of time and trouble making the switch later on.
6. You will need to work hard and long hours (at least at the start)
This is extremely important to keep in mind. As we mentioned, starting your own business can be exhilarating and exciting, and can give you a sense of power and freedom, but it’s not without hard work and a lot of commitment.
Remember, this is no more just a hobby or a talent you possess – that talent has to be transformed into continuous production of work that eventually leads to sales. So if you’re a painter and have started your own gallery, you can’t just paint when you feel like but will need to produce artworks regularly to display and sell.
Want to learn more?
- Just starting out? CLICK HERE
- Been working in your business for two years or more? CLICK HERE
We’re here to help you to take action just like we’ve helped thousands of other entrepreneurs, business owners and creative professionals all around the globe.
Now is the time to let your passion SHINE.
Now is the time to Make Tomorrow Today!
To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches ArtSHINE industries
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