Building a Creative Business: Navigating the Business Side of Creator Work
As creators, we’re often told to ‘just focus on your art’ and let the business side handle itself. You pour your heart and soul into your work, but without knowing how to build a career, you’re essentially rolling the dice with your future.
However, this approach can be misleading. Ignoring the business aspect of your passion might result in missed opportunities and financial instability.
Finding the right balance between being creative and knowing content creation business basics is crucially important. It’s how you take charge of your career and make great decisions that lead to profits.
We’re going to teach you the basics of building and scaling a creative business. Whether you are a musician, YouTuber, or content creator, this guide will help you a lot. We’ll cover important topics like business fundamentals, payment management, and business tips for creators.
Whether you’re established as a creator hoping to scale your global reach or looking to grow from the ground up, our goal is to give you practical advice that will turn your creative passion into a profitable business. By the end of this guide, you’ll have actionable tips that you can use in the real world to make your business grow and succeed.
The fundamentals of building a business as a creative
Building a business as a creative isn’t just about selling art – it’s about creating a sustainable career that keeps your passion alive.
But how do you begin?
Here are 6 essential business basics every creator should master:
- Explore various income streams beyond direct sales.
- Build a personal brand that reflects your values and creativity.
- Understand intellectual property, copyright laws, and contracts.
- Learn to budget, manage taxes, and plan for retirement.
- Find a balance between creative work and administrative tasks.
- Continually enhance your craft while scaling your business.
Now that you have a solid grasp of the business fundamentals, it’s time to take your creative business to an advanced level.
While there’s much to learn, we’ll guide you through the process step-by-step, making it manageable and less overwhelming.
Diversify your income
Having multiple revenue streams is like having a diverse team of income sources that collectively support you and help keep your finances in check.
If you’re only offering one service or product, you’re putting all your eggs in one basket. But, if you diversify your offerings, you can reduce financial stress and increase your earning potential.
Let’s say you’re a fitness influencer on social media. You could create workout videos and nutrition tips for your followers, but that’s just the start. You might also design a mobile app with customized workout plans, sell your own line of workout gear or supplements, offer one-on-one online coaching sessions, or host fitness retreats in exotic locations. And hey – why not write an eBook sharing your personal journey and best advice?
That way, you’ve got multiple income streams. If one slows down, the others can pick up the slack.
Build a strong personal brand
Building a personal brand is like having a unique identity that sets you apart in your industry. It’s what makes you recognizable and memorable to your audience, much like how respected figures in various industries are instantly recognizable for their unique contributions and style. Like:
- MrBeast is known for his absurd stunts and giveaways.
- Casey Neistat is known for his creative film and daily vlog.
- Chiara Ferragni is known for her fashion blogging.
- Huda Kattan is popular for her makeup tutorials, product reviews, and beauty brand
- Mark Wiens is popular for his food and travel vlogs and sharing of cultural stories.
- Lilly Singh is popular for her sketch comedy and stories about mental health.
So, how can you build a strong personal brand?
Imagine you’re a singer-songwriter who weaves stories of small-town life into your indie-folk music. Your unique sound is like a warm hug – soulful vocals, acoustic guitar, and lyrics that feel like a friend sharing secrets.
This is your personal brand – authentic, relatable, and true to who you are. Share it with the world through online channels, specifically social media where fans can connect with you and your music.
Safeguard your intellectual property
Safeguarding your intellectual property is like securing a vault – you want to protect your valuable creative assets from unauthorized use, misuse, or theft, ensuring you receive fair compensation and credit for your work.
Without protecting it, anybody else could come in and take away your ideas or reap profits from your creations without acknowledging you.
Imagine you’re a landscape photographer hired for a marketing campaign. Without a solid agreement, the client could use your photographs in any way without paying royalties or giving credit.
However, with proper provisions for copyright protection, usage rights, and payment terms in the contract, your photos will be fairly used, and you’ll receive the appropriate revenue from them.
Moreover, understanding copyright laws and knowing when to seek legal advice can provide peace of mind, ensuring your creative properties are protected from misuse.
Master your finances
Managing your finances as a creative is like driving on a winding road – it has many twists and turns but, with the right guidance, you can get to your destination.
If you’re living with a feast-or-famine income, it’s hard to plan for the future or even make ends meet. But, if you get a handle on budgeting basics, tax tips, and retirement savings, you can take control of your finances and build a stable foundation for your artistic pursuits.
Imagine that you are a freelance content writer who receives $5k one month and $1k the next. Without a solid budget, you might overspend during the flush months and struggle to get by during the lean ones.
Take control of your finances by creating a budget that works with your unpredictable income. This way, you can set aside money for taxes, save for retirement, and build an emergency fund to cover life’s unexpected twists.
Additionally, consider consulting with a financial advisor who can guide you in understanding your personal finances and making wise choices.
Optimize your workflow
Balancing creative work and administrative tasks is crucial for positive results. As a creative person, you want to focus on making art, but tasks like emails, invoices, and bookkeeping can take up a lot of your time and energy.
To manage this, try using a simple technique like the Pomodoro Technique, which involves working in focused 25-minute blocks, followed by a short break. This can help you stay focused and avoid feeling overwhelmed.
You can also use tools to automate repetitive tasks like bookkeeping or social media scheduling, freeing up more time for creative work. And, when possible, ask for help from others, like hiring someone to handle administrative tasks, so you can focus on your creativity.
Pro Tip: For content creators, AI can be a game-changer. Use it to brainstorm video ideas, draft scripts, write catchy social media captions, or even generate thumbnail options. Tools like ChatGPT can help with writer’s block, while AI image generators like Midjourney can help with visual inspiration. Just remember, AI is your assistant, not your replacement – add your unique style to keep things authentic!
Market your work authentically
Authenticity is the essence of creative freedom. When you stay true to yourself while sharing your work, you become a beacon of originality in a crowded space. Your unique voice and vision capture your audience’s attention and build genuine connections.
For instance, a ceramic artist shares behind-the-scenes videos of their pottery-making process, discusses the inspiration behind their designs or showcases how their pieces are used in real homes. This approach gives audiences a genuine look into the artist’s world and builds a deeper connection with potential customers.
To market your work without losing your authenticity, try using content marketing strategies that showcase your unique voice and style. Share your creative process, your inspirations, and your passions with your audience.
Additionally, you can also use social media to connect with your audience and share your work authentically and engagingly. Collaborate with other creators and brands that align with your values, and cross-promote each other’s work to reach new audiences.
Connect with your community
Building relationships with other artists, influencers, and industry professionals is crucial to growing your personal brand. Don’t just focus on what others can do for you – think about how you can help them, too! Ask questions, listen actively, and show genuine interest in their work and passions. By doing so, you’ll build meaningful relationships that are based on mutual respect and support, rather than just trying to advance your own interests.
Suppose you’re an action-gaming YouTuber, you could collaborate with a neutral walkthrough expert to create an extensive guide for a new action game launch. In this way, you can tap into their expertise in walkthroughs, while sharing your own knowledge of action games, reaching each other’s audiences, and creating fresh content. This can lead to increased viewership, improved credibility, and even new revenue streams through sponsored content or merchandise sales.
How can you achieve this perfect collaboration?
- Find out other YouTubers or professionals who have related skills and followers in the same field.
- Send professional and friendly emails or private messages to initiate the communication
- Make sure you know what goals the two of you are trying to accomplish, be sure on whose plate each task falls, and seal good contracts.
- Collaborate to create content and repost this content among your followers and their followers.
- Describe what was beneficial, say ‘thank you’, and even consider future collaborations.
Manage conflicts and expectations
Conflicts and difficult situations can hinder your creative progress, especially if you regularly collaborate with other creators. To minimize drama and disagreements, establish clear expectations with clients or collaborators from the very beginning. This helps in preventing misunderstandings and miscommunications.
When receiving feedback or revisions, approach them with an open mind and a growth mindset. Use them as opportunities to learn and improve, rather than taking them personally.
And, when faced with problematic projects or requests, don’t be afraid to say “no” graciously. For example, when declining a project, you might say: “Thank you for considering me for this opportunity. While I appreciate the offer, I don’t feel I’m the best fit for this particular project. I’d be happy to recommend some colleagues who might be more suitable.”
Remember, your time and energy are valuable, and you deserve to work on projects that align with your values and vision.
Discover the secrets to successful creative partnerships in our article: “The Importance of Transparency in Creative Partnerships”
Expand your reach
Expanding your reach globally can open up new opportunities for growth and success. To do this effectively:
- Hire experts, freelancers, or virtual assistants to help manage the increased workload.
- Collaborate with like-minded individuals or businesses to enter new markets.
- As your reach expands, remain true to your unique style and values.
- Research and understand cultural differences to tailor your approach accordingly.
Ultimately, keep in mind that getting bigger shouldn’t mean losing what makes you special. Stick to your own style, beliefs, and dreams. You need to find a balance between growing and staying true to yourself.
Embrace a growth mindset
Having a growth mindset is like tending to a garden. As you become a more established artist, you may face fears of “selling out” or losing your authenticity.
What if you saw this concern as a chance to grow?
View each new challenge, collaboration, or business opportunity as a way to learn, adjust, and polish your skills. Continuous learning is key to staying inspired and innovative.
Here are some practical tips to cultivate a growth mindset:
- Welcome new experiences and step out of your comfort zone.
- Seek feedback and guidance from others to learn and improve.
- Try new approaches and techniques to stay innovative.
- Regularly evaluate your progress and make adjustments as needed.
- Acknowledge and celebrate your growth and achievements along the way.
Remember, your creative journey is a marathon, not a sprint. Stay curious, stay open-minded, and keep pushing yourself to new heights.
8 game-changing tools for creative entrepreneurs
Now you’ve built a solid foundation for your creative business. As your business grows, you’ll encounter new challenges and opportunities.
To further support you on this journey, we’ve compiled a list of 8 game-changing tools that will keep you focused on what truly matters – creating amazing work that aligns with your vision. These tools will help you in managing daily tasks, streamline payment processes, and enhance your creative output. This enables you to tackle the twists and turns of entrepreneurship with confidence.
- Asana: Organize tasks easily—all in one spot!
- Zoho: Great for tracking customers/sales & keeping business smooth.
- Adobe Creative Cloud (CC): Tools galore for photos/videos/designs!
- InShot: Quickly edit videos when needed!
- TinyJPG: Keeps pictures small without losing quality!
- PayPal Business: Safe & simple way to get paid online!
- Mailchimp: For sending newsletters & staying connected!
Squarespace: Build a pro website without coding skills needed!
Taking control of your creative finances
Payment management is one of the most crucial parts of your creative business, as it’s complex and time-consuming. Keeping track of multiple projects, revenue web streams and collaborator payments is a hectic job. This will give you unnecessary financial stress and take you away from your creative focus.
Negotiating splits and ownership with collaborators can be a challenge. Understanding where your top earnings are coming from can be difficult. Nevertheless, if you want to be successful in your creative business, you have to manage your payment issues effectively.
So how do you simplify payment management? Fortunately, there’s an effective solution to simplify your payment management.
Get a good payment system that facilitates splits and provides real-time reports on your earnings. Also, It can monitor your income fluctuations and keep you focused on doing creative work rather than chasing payments!
Simplify payment management with mozaic
If you’re looking to simplify payment management for your creative business, consider mozaic. This tool can help reduce the burden of managing multiple revenue streams and collaborator payments, acting like a personal accountant who’s always on the job. mozaic:
- Streamlines split payments and eliminates awkward money talks.
- Automates payments for effortless collaboration.
- Provides total transparency and clarity on earnings and payouts.
- Manages multiple revenue streams in one place.
- Offers flexible payout options and local currency payments.
- Enables scalable collaborations and informed business decisions.
Conclusion - Turning passion into profit
You can turn your creative passion into a profitable business, but this will not be without its challenges. Once you have a grasp of the business basics, continuous learning, and efficient tools like mozaic, you can resolve the complexities of entrepreneurship with confidence.
Remember, success in the creative industry can only be achieved if you have an adaptive and growth-oriented mindset. You need to possess the proper tools and knowledge that enable you to execute your creative work while building a sustainable and profitable business.
We encourage you to take the next step in your entrepreneurial journey and learn how mozaic can streamline your financial matters and support your creative endeavors.
Ready? Start with mozaic today!
