A typical small business owner that tries to implement ideas and takes risks to expand their own company is a creative entrepreneur since they prioritize creative projects and ideas. To generate revenue, they typically work for pay in a company or as independent contractors using their knowledge and abilities in the arts or sciences.
The expansion of social media and internet platforms has made it possible for creative entrepreneurs to expand their firms. Those with artistic skills and abilities now have the chance to make a living doing things that were once considered hobbies.
Freelancers that are also creative entrepreneurs include bloggers, Etsy and Amazon merchants, graphic designers, YouTubers, and freelance writers. Here is what you need to know if you want to join the ranks of the expanding group of creative entrepreneurs.
A creative entrepreneur takes on the risk of operating a company that specializes on artistic or creative endeavors and concepts.
One common example of a creative entrepreneur is a YouTube video producer. Other examples include bloggers, artists, photographers, freelance writers, and graphic designers.
For freelancers and business owners, there are numerous platforms available, including Fiverr, Upwork, Amazon, Etsy, Redbubble, and Zazzle, to mention a few.
Determine your abilities and your ability to create money. Do research. Establish your company's structure. Learn how to sell your company.
Side Effects of Being an Innovative Entrepreneur
Making money from your knowledge and skills is now simpler and more affordable. There are numerous excellent reasons to start a creative business, such as:
- Making Money Doing What You Love
- Flexibility And Control Over Your Work
- Constructing A Career Around Your Desired Lifestyle
Having said that, there might be drawbacks to being a creative business, such as:
- Assuming The Business's Financial Risk
- Low Or Erratic Income
- Locating A Market Is Difficult, Or It Takes More Time To Network For Opportunities.
- Self-Employment Tax Increases And Increased Documentation In The Form Of Contracts Or Invoices
Innovative Small Business Ideas for Entrepreneurs at Home
Using your intellectual or creative resources to generate income is a defining characteristic of a creative entrepreneur business. Depending on your abilities, expertise, and ingenuity, there are countless options for how to accomplish this. These are a few techniques used by other businesspeople:
- Handicrafts
- Writing/Authorship
- Blogging
- Podcasting
- Coaching
- Graphic Design
- Information Products
- Creting Digital Products (E.G., Apps Or Web Design, Ebooks)
- Teaching (Coding, Music, Language, Mathematics)
- Video Editing/Vlogging/Youtube
Although these are common advantages and disadvantages for creative entrepreneurs, they can still change based on your profession and skill set. A graphic designer with numerous contracts, for instance, might not need to invest a lot of time on networking. Financial risk may be low for some freelancers and business owners depending on how much it costs to run your enterprise.
How To Get Started as a Creative Entrepreneur
If you’ve decided you’d like to turn your intellectual and creative assets into revenue, here’s how to get started:
Determine What You Can Provide: Create a list of all the activities you enjoy and are skilled at, such as drawing, singing, and playing an instrument. Keep in mind that your concept need not be aesthetic to qualify as inventive. It only needs to draw on your skill set or knowledge foundation.
Assess the financial potential of your knowledge or skill: Can you produce something to sell or provide your services freelance? Perhaps you can educate or inform people about it by blogging, producing educational goods, or offering online classes, for example. It might be a good idea to create many streams of revenue around your idea in the future if you have a skill that can be monetized in a variety of ways. But at first, pick one and concentrate on it until it is operational.
Be Sure There Is A Market For What You Have To Offer By Conducting Research: In market research, you want to find out if there are consumers who are ready, willing, and able to buy as well as learn about their characteristics, needs, wants, and interests. For instance, even if underwater basket making is your passion, it won't be a successful business if no one wants to purchase the baskets manufactured there or learn how to do it. People still need to be interested, even if you're creating a blog where you're giving away your ideas. Users must click on the website's affiliate links or adverts in order to earn money from a blog.
Plan Your Business: It's time to begin organizing and developing your business if your idea is sound. Starting with a business plan that details what your company will provide, what makes it special, how it will benefit clients and consumers, how much you will charge, your present and anticipated financial status, your target market, and more, is the first step in achieving this.
Choose A Business Name: Depending on your line of work, you might use your real name or come up with a name for your company that accurately sums up what you do.
Make Your Organizational Structure: Many aspiring creative business owners start out as sole proprietors since it is quick and simple to do so. If you decide to remain with your firm, you should think about creating an LLC, which isn't difficult or expensive to do and provides some protection in the event that you're sued.
Purchase a Business License: To find out if any licenses or permissions are needed, contact your local city or county government office. In order to confirm that working from home is permitted, you need also contact the zoning office.
Safeguard Your Creative Resources: Think about securing your intellectual property if you're generating something. Depending on what you produce, there are three different levels of protection: 1) trademark, typically for a name, logo, or tagline; 2) copyright for creative works such as writing; and 3) patent for inventions, designs, or formulas.
Organize your distribution system: You have to have described how you'll deliver your goods or services in your company plan. Will you sell your digital planners on Etsy or your own website if you make them? Will you sell your freelance services using freelance websites or your own website if you do so? The time has come to set up whichever choice you make.
Promote Your Company: When you have everything set up, it's time to inform your market. Many creative business owners struggle with marketing, yet your intellect and imagination can work to your advantage. Your target market, their location, and the best ways to contact them are the most important factors to keep in mind when marketing. Identify the websites they visit and the content they read online. Then, consider how you'll reach the target audience: through articles, adverts, videos, or social media.
Internet Marketplaces to Sell Your Work
If you're just getting started, there are several channels accessible for creative entrepreneurs. Sites like Fiverr and Upwork link independent contractors and other specialists in the field with customers. You can earn money using these sites by penning content or performing commercial jingles. If you develop or make items, you can sell them on Amazon or Etsy and reach clients that way. These websites allow for the simple uploading of images and product details, and they already have a consumer base that you can tap into.
In order to get their feet wet, newcomers to some businesses might need to follow certain procedures. For instance, independent writers may begin by contributing to blogs or lesser periodicals to get experience and credit for their work, which may later lead to writing for more reputable media sources. Websites like Redbubble and Zazzle are good places for graphic artists searching for a market to sell their creations. Products with the designs printed on them include stationary items, home decor, and clothing. In the form of royalties, artists get compensated as a portion of each sale.
Being free to choose your work, having flexibility, and working on projects you enjoy are some advantages of being a creative entrepreneur. On the other hand, some drawbacks could be dealing with extra paperwork and taxes in the form of self-employment tax, taking on financial risk, and having an erratic income.
Many inventive business owners have become well-known as their companies expanded. As a pioneer in the animation industry, Walt Disney established the well-known Disney brand. Ree Drummond is well-known on the Food Network and has built her brand from the cooking show The Pioneer Woman by appearing on many other programs, developing a line of home goods, blogging, and authoring cookbooks.