Why Owning a Business is Amazing for Creatives
15 Dec by Peter Lyng
Like anything, owning a business has advantages and disadvantages, but with passion, hard work, and a clear path to achieving your goals, owning a business can be incredible for creatives.
Not only are there the business perks of owning a business in freedom and earnings, but you can also choose your path and work on exciting projects with amazing people.
High Risk – High Reward
A creative business is, first and foremost, a business. And owning a business comes with an inherent balance between risk and potential returns.
The alternative to owning a business is often to work for someone else. When you work for someone else, you can enjoy job stability and a reliable income, but your income is capped. When you own a business, your earning potential has no ceiling.
Because all the profits from the value you add are yours, there is potential for you to earn more money than you would as an employee. But it’s no secret that this can take a long time to “get going”. It’s often advised that if you want to start out on your own, you should save enough income to subsidise not earning for six months to one year.
However, this is not always necessary, as some creative businesses can take off quicker than others. It will depend on a myriad of components… Do you have potential clients in your social circle? Do you have followers who might be interested in your new business services? Can you work on your new business alongside your current employment to minimise the time without an income? Can your partner or family help you out while you get going? Can you raise a small investment?
So, in terms of money, a steady job is reliable with a limited income, whereas owning a business is risky but comes with unlimited earning potential. To own a business, you have to have the stomach to handle the risk of uncertainty and long hours. Otherwise, it can quickly make life stressful, especially in the beginning.
Freedom & Self-Motivation
The other dilemma of owning a creative business is freedom. As the owner, you will have much more freedom than an employee, which is excellent.
Imagine you start as a one-person business, where you are finding your first clients. Here you have the freedom to work where and when you want and choose precisely the work you wish.
However, being alone in a company, or being the boss, also means motivating yourself.
No one is there to motivate you. No one pushes you to meet a deadline. It is all up to you, so a healthy dose of self-discipline is required to succeed.
But the great thing is that discipline can be learned and will take you to glittery new heights!
Discipline and consistency are vital in determining the success of any new creative business.
Three Tips For Creative Entrepreneurs
It has been two years since I started my business as an independent consultant in the luxury fashion industry. I think many people start with the feeling that they are unique, but quickly you will realise that most entrepreneurs face similar problems, which creates a bond of understanding between us all.
This also means that you can learn a lot from entrepreneurs in other industries and asking for help and advice is crucial for a business to thrive.
I have learned three things about entrepreneurship that are crucial for creatives.
- You have to follow your curiosity. Starting a business in an industry you don’t care about makes no sense. Business success is about uniquely adding value, and as the business owner, that has to come from you. If you follow your passion and curiosity, your work can be thrilling and exciting, and you have a chance of becoming excellent at it. You must find what feels like play to you but looks like work to others. And that’s easy as a Stylist!
- You have to work on exciting projects and shout about the work you are proud of. Starting a creative business is sometimes problematic because you have no loyal clients that give you regular work and prove your value to potential clients.
However, in my experience from starting a business, if you do a good job and are a reliable and decent person, you slowly build a client base and reputation that will help you get more of the same work. That is why you have to try to get clients and projects you love because then you will get more of the same. Otherwise, you might be stuck getting more and more projects you don’t enjoy. So, focus on getting and communicating about your dream projects!
- You have to surround yourself with kind people. Running a creative business requires a lot of time and energy, which only results in a happy life if you work with people you like and admire. Keep this in mind when you look for clients, and you will have a much more enjoyable business life. Clients you like and trust will understand your value and pay you on time and make work more lovely.
Owning a Creative Business: The Best Feeling in the World!
In school or at work, we have all taken satisfaction in finishing a project we were proud of. That feels damn good. But when you have created a company from zero, every achievement feels better because it all happened because of you, your initiative and your entrepreneurship. That is the most amazing feeling to have.
If you are passionate about your work and have a clear vision, I highly recommend starting your own company. It is beyond exciting and super satisfying. Regardless of your success in years one, two and beyond, you will become a stronger, more confident and more capable version of yourself.
Don’t feel the pressure to rush into launching your company. The safest option is to have a job until you have landed a steady client to pay the bills in the company’s early period. Once you have found your niche where you can provide value to your clients and love your work, it is time to go all in.
Being your own boss and having creative freedom is fantastic, but sometimes you might be able to choose between a well-paid project and an exciting one.
Making money is not as joyful as you might expect, but doing what you love is more joyful than we imagine. Create a company where you can love your work and be fulfilled, even if you don’t make millions.
Use the company to learn more about what you love, open exciting doors, and work with kind people you like. Imagine the satisfaction of having a profitable company where you are doing something that you would be happy to do for free.
If you are not fulfilled in your current job, perhaps YOU can create a company where people would love to work.