Having the initial ‘idea’ is a great place to start but this alone won’t guarantee that you can turn your creative ambition into a fully functioning business that can sustain itself.
Sometimes it’s easy to get carried away with the creative process (and we don’t blame you – it’s the fun bit) so Richard Beason, our Growth Hub Account Manager for the Creative Industries has listed 5 starting questions for your business to consider when moving forward with your venture.
1). Is there a demand for my service?
Is there an immediate demand for your product or service and what type of demand is it? Ideally you would have already identified a demand for your product or service.
However, the type of demand is an important element to consider – will your service be a ‘luxury’ item or are you providing something that could be ‘necessity’?
This will help you understand how best to frame and your service. I.e as a sculptor your art will most likely be seen as a luxury over necessity. This isn’t necessarily a bad thing – you can develop your branding to make people feel excited to purchase one of your items.
2). What value does my product have?
Valuing a creative service or product can be tricky – one person’s ‘cheap’ can be another person’s ‘expensive’. In order to decide upon a value it’s important to consider the cost of your materials and the cost of your time, but don’t forget strategic factors.
Will giving your item/service a higher price make it more attractive to your target audience or will you look to make your offering cheaper to attract the biggest market possible?
Remember when establishing a value, it’s much easier to reduce the price than increase it. If you want to start cheaper to boost your initial business growth, consider offering a higher price with a discount making it clear that it’s a temporary price.
This isn’t just something for a ‘maker’ to consider, those offering a service also need to consider this. For example, if you run a marketing agency you could choose whether to offer a more expensive, bespoke, limited service with less clients.
3). What is my unique selling point (USP)?
It’s important to think about how your service will stand out in a global marketplace – especially if you’re looking to showcase and sell your offering online. For many creative businesses this may be in their unique design style or crafted product but it’s still important to properly think this through.
4). What message am I trying to say?
Whether you’re speaking to potential buyers interested in your work or presenting your services on a website or market stall you need to think about what you’re trying to tell them – reflecting the value and character of your brand in this. Do you sell funny paintings? If so does your messaging reflect this?
5). What is my long-term vision and ambition?
When starting your business, it is easy to get carried away and just jump into the doing without a long-term goal or vision in mind, but this can lead to lack of focus. In contrast, giving yourself a long-term vision will help set some direction. Whether the goal be creating 12 vases by the end of the year or having 100 visitors to your website giving yourself specific measurable goals will keep you motivated and inspired.
Interested in discovering more questions to help you grow your business? Find out how our Free Creative Business Analysis Service can help you.