Let’s be real, at some point in our lives we have all wanted to start our own business and get going with what we love doing the most. Our interests could vary greatly from one another, and thus so would our ideas. All you creative, aspiring entrepreneurs out there, if you feel motivated enough to have your own business, we have listed down some six easy steps that could help you achieve just that. Setting up a business from scratch might seem a lot of work, which is quite true. Even if you were to start at home, it does not go effortlessly. However, over time the establishments of businesses are now easier, especially with the introduction of the internet. With little to no capital investment, minimal inventory, and fewer resources are all that is needed to launch and monetize your dream officially. The best part is with social media and the internet in general. Though it requires limited resources, you would need careful precision, accurate planning, uniqueness, and above all, consistency.
- Pick your niche
Being able to target a unique niche and particularly brand upon that factor mainly gives you quite an edge in the merciless creative business inclined world. You would need to understand what kind of audience you are entertaining, too, and the kind of likes and dislikes they perceive. Your unique selling point is going to make it evident to others as to what makes you stand out from your competitors. In terms of creativity alone, there are tons of niches to choose from. It could be related to the fashion industry, beauty industry, etc. Choose a genre that you specifically specialize in. If you wish to attain professional creative education, you can opt for some of the courses offered online. Health and beauty courses by TMICE, for instance, is a great way to polish and enhance your existing skills even further.
- Set your target audience
The next step would need you to establish a target audience for yourself. Analyze your customer base’s demographic and statistic figures to keep your business along those lines. A smart way would be to carry out a SWOT analysis or even refer to your fellow competitor’s research and learn from their experience, past mistakes, and strengths. You could also head online to carry out surveys, approach online forums, or use the power of social media to have a one-on-one interaction with your potential customer base. This makes it easier for you to understand what a customer requires from their perspective.
- Officially establish your business
While you can go on with the rest of your business like most ‘entrepreneurs’, do, online, and without any legal trademark. A better option would be for you to legalize your business and its operations. Depending on the disposition of your business, you can choose from being a ‘sole trader.’ If you’re the sole owner and contributor, a ‘partnership,’ if you and a couple of other people wish to accompany you on this venture. Whereas, even a limited liability company (LLC) if you incorporate plenty of shares by selling out stakes for your company’s ownership. Whatever you choose, make sure you go through your country’s business establishment guidelines beforehand to understand all the terms and conditions for each option.
- Market
You can’t get to a whole lot of people without them knowing what you have to offer for them after all, right? Marketing and networking are never done too early after you have established your business and targeted your audience. Your next goal would be to reach out to all your target customers and attract them in the best way possible. Whether it involves on-ground marketing, social media, and algorithms, or related forms, you must devote a specific set of resources just to spread the word. It is possible to reach your dream clients, especially with so many marketing media available out there, but it is crucial that you pick the medium wisely and that works best for your business.
- Profit goals
No matter the kind of creative business you have, whether it’s related to beauty, health, art, or fashion, it’s evident that we need something in return for all the effort put in. Even if you operate as a Not for Profit Organization (NPO), you would still need some kind of incentive such as subscriptions to keep the business going. You must establish a realistic business plan to meet realistic expectations. Determine essential finances, your overhead costs, find your breakeven point, production capacity, scalability of your business, etc. Set your monetary goals and incentives to keep track of your brand’s well-being in the market.
- Create!
Lastly, you need to produce as much as you can of what you wish to put out there. The more time spent on improving the quality of the product, the better will you be able to master your art. You would also be in a better position to be recognized well enough and for your business to be well-renowned. No matter what you do, you must not divert from the sole purpose of your business, and that is; to create.
Conclusion
With a lot of talented artists out there in the industry, it is important to showcase your unique selling point to attract customers. However, bear in mind the most worthy asset your business must possess is persistence and patience. Chances of you being an overnight millionaire are relatively slim as opposed to being one from putting in consistent hard work. Focus on your primary goal and figure out the perfect balance between production and creativity, and you are most likely to see your business grow.