Introduction
What you will learn …
To quote Bob Dylan, “the times they are a-changin'” and never before has there been so much opportunity for creatives to earn a good living from their talents. Becoming a business doesn’t mean selling out. But it does require a specific set of skills that will help you build stability, revenue and stature… if that’s your thing.
Are You Ready?
“Learn the rules like a pro, break them like an artist.” ~ Pablo Picasso
The world is in the midst of a seismic shift in the way economies work. The Information Revolution – where information and knowledge are available virtually anywhere and anytime – is giving way to the Creative Revolution, where all this information can be considered, reshaped, mixed and matched to create products and services that can be monetized in multiple ways.
While there are still creatives who are driven mainly by the need and ability to realize their artistic vision, there’s a new generation of creatives who are finding ways to turn their ideas into new revenue streams.
According to the U.S. Department of Labor, there are more than 250 specific creative occupations, including some that may surprise you: mapping technicians, video game designers, microsystems engineers, 3D designers, projection mapping artists, sound designers and robotic engineers, to name a few.
Today’s creatives use technology to create, market, collaborate and distribute their creations. They may use local talent to realize their ideas, eschewing large urban centers to live and work in smaller, more remote communities. An internet connection has become the superhighway to commerce.
In many ways, the creative economy is the great equalizer. It has the potential to curb inequality, help local economies become more diverse, attract new investment and connect those in traditionally underserved communities to global markets. Perhaps more important, it may keep youth from fleeing to urban centers for work and provide new opportunities to showcase and celebrate cultural legacies and traditions.
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Courses
Introduction: Are You Ready?
1. Thinking Like a Business
2. Business Structures
3. Access to Capital
4. Creating Revenue Streams
5. Marketing
6. Finding Customers
7. Pricing
8. Creating a Winning Pitch
9. Effective Negotiation
10. Intellectual Property
11. Managing Your Money
12. Going Global
Take a good look in the mirror
Before you lift a finger in turning your creative passions into a business, we recommend that you do a little soul searching. Running a business isn’t as easy as it is in the movies. There is paperwork to file, big decisions to make, accounting to be done, and you have to think and operate like a business person, not a creative who has a hobby. This means placing value on what you have to offer as a creative in the marketplace. Before we go down that rabbit hole, let’s do a quick self-assessment.
(If you’ve read through our Small Business Startup Playbook, then this will look familiar).
None of these questions are meant to dissuade you from realizing the dream of being a creative who makes money. They are intended to give you some food for thought so you know your strengths and weaknesses as someone who can be creative and run a business.
Are you a self-starter?
You are the business, and the business is you. If you like to hit the snooze button four or five times before rolling out of bed so you can surf the Internet and post on social media, then you may not be ready to start a business. But, if you can bounce out of bed and be ready to take on the day, even if it means making a difficult call about that payment that’s months overdue, then you’re a good candidate for turning a creative pursuit into a full-fledged business.
Are you a people person?
Running a business requires you to wear many hats. You will be an employer, customer service representative, accountant, collections person, consultant and janitor at various times in the life of your business, sometimes all in the same day. Running a business requires you to be part saint and part taskmaster. It can be hard to stand up to others, especially when they aren’t valuing you and your talent at the moment. How would you handle the different personality types and emotions people bring with them into business relationships? Do you have the right temperament to run a business day in and day out?
Are you a good decision-maker?
Making tough decisions, often under pressure and without all the facts, is part of the game. Do you have what it takes to turn down a great gig because it pays peanuts or walk away from a contract because the other party wanted too much input into your creative process?
Do you have stamina?
Starting a business based on your creative talents is not a 9 to 5 kind of job. You may find yourself working well into the night and on weekends, at least in the first few years. Are you physically, mentally and emotionally up to the challenge? Can you take criticism or rebound quickly from a bad review?
Can you make a game plan?
Moving your enterprise forward is not haphazard. Like any creative undertaking, it should have a solid and strategic plan, one is nimble and adaptable and continues to move you forward toward your goal of making a living off your ideas and talent. Remember the moving staircase at Hogwarts? That’s your career. It will have many ups and downs, but ultimately, you want to keep moving toward that long-term goal, even though you may have to get there in a roundabout way.
Can you stay focused AND motivated?
Like a song with complex guitar riffs or artwork that just isn’t quite there yet, running a business means you need to stick to it, even when it isn’t working in the moment. A business is a creative pursuit, and like any work, it’s not always going to be perfect. At times you will want to throw it away and start fresh. Going into it, ensure your ability to stick with it, even when it’s making you feel a bit nuts.
Will your network be supportive?
Make sure that your friends and family are supporting you when you need to spend extra time (and a buck or two) on your business. It can be hard to balance roles and goals, especially in the beginning. As a creative, you may already be pretty good at time management and also stretching a dollar. But Are you and your family willing to make short-term sacrifices for the potential long-term gains? Are your relationships strong enough to weather the inevitable conflicts between work, family and play, such as when you end up having to work during a vacation or cancel it outright?
Testing. Testing. And more testing.
You may want to take a few minutes and use a startup assessment tool or two to see if you’re ready to give your business what it takes to succeed. The Small Business Administration has an excellent one.
Twenty Questions
No, this isn’t the party game by the same name.
These 20 questions cover all the basics: why you want to start a business, what you are going to sell and who’s going to buy it. Before you ever get to your business plan, you’ll want to take some time to think about the type of business you want to start. You may even want to visit our SizeUp tool first to do some initial homework before you tackle this section.
Answer each of these questions as completely as you can. Feel free to use extra paper if you need it. It will come in handy later when you start to work on a business plan.
- Why am I starting/buying a business?
- What kind of business should it be?
- Who is my ideal customer?
- What products or services will my business provide?
- Am I prepared to spend the necessary amount of time and money required to get my business off the ground?
- What makes my business, product or service different from anything else on the market?
- Where will my business be located?
- Will I need employees? What skills should they have, and what roles will they fill?
9. What suppliers do I need?
10. How much money will be required in the next 30, 60, 90 and 180 days?
11. Do I need to get a loan?
12. How long will it take before my products or services get to market?
13. When will I start making a profit?
14. Who is my competition?
15. What is my pricing strategy compared to my competitors?
16. What is the legal structure of my business?
17. What kind of taxes do I need to pay and to whom?
18. What kind of insurance will I need?
19. How will I manage the business?
20. How will people know about my product or service? Advertising? Marketing? Word of mouth?
All of these questions are important as they will help you think more like a business and less like a creative.
Turning your talents into a business
In the following 12 lessons, we’re going to teach you some of the basics along with the secrets of turning your passion to create into a viable, profitable business. We’re not going to turn you into a “suit,” but we will teach you how to place value on your creative talents, find an audience willing to pay what you’re worth, manage your money and build a viable business that is part of Washington’s Creative Economy.