Things to Consider Before You Set Up a Creative Business.
You’re making the big leap, going out on your own, you’ll be your own boss and in control of your own destiny.
I love it, I’m excited for you, go and conquer the world!
But, there are a couple of things I wish someone had shared with me before I started out on my own.
- If you want to buy a property you need to have 2 years of business accounts before you can apply for a mortgage. So if it’s something you’re planning to do, set it up before you hand in your resignation letter.
- Do you have credit cards? Do you have any space on them and a healthy limit? Money will come to you intermittently when you first set up and you may need a financial safety net. Again get a credit card before you quit your job.
- Are you good at the hustle? As the owner of a creative business, you will be the one that is responsible for bringing in all the new business. Are you ready for this? As well as the enthusiasm to talk about your new venture you need to be tenacious and consistent in your approach and ready to hear that ‘no thanks’ when it comes.
- Have you considered the many hats you will need to wear as the owner of a business? Your responsibility has just increased from creating awesome work to cover IT Support. Finance, Marketing, HR, Studio Manager – it’s all you. Be realistic about your abilities and build a team around you that will balance out your strengths and weaknesses.
- Stop planning and do something. Many people spend ages planning things they are going to do, URLs to buy, branding to develop, studio space to look at, people to contact. I’m a massive fan of planning, but to create a successful business you need to do something. Start with small things to get momentum and then take action consistently every day to move you closer to your goal.
- Clients are key. Is there any way you can build up work on the side while still employed? Get some clients before you quit your day job and you’ll have confidence your business will be a success and get a bit of a cash to help you through the lean first months.
Finally, good luck!