Are you interested in creative entrepreneurship? Here’s a run-down for you of its key elements and how outsourcing works in these industries. If you already run a creative enterprise, we also go over how to scale it online.
What is Creative Entrepreneurship?
Creative entrepreneurship combines creativity and business acumen. This means opening a business that offers innovative products or services. It involves people who use their creative skills to run a for-profit enterprise.
Creative industries include design, music, arts, writing, and entertainment. Specific business ideas include selling artwork, music albums and tours, books, films, and various designed products.
The Growing Demand for Creative Entrepreneurs
The demand for creative entrepreneurs is definitely on the rise. We live in a world of fast technological advancements and cultural shifts. Sudden economic factors also come into play. Creatives will play bigger roles in shaping our future as the world continues to evolve.
Let’s look at some key factors driving this trend.
- Ecommerce and social media platforms provide creatives with competitive ways to reach global audiences.
- The evolution of remote work capabilities enables creatives to work from anywhere. This supports greater flexibility, better work-life balance, and drives more and faster innovation.
- More people want to do what they love, and look for jobs that offer them opportunities to pursue their passions.
- Consumers want more customization for the personalized experience, rather than cookie cutter solutions.
- Brands built on creativity and authenticity resonate strongly within today’s consumer culture, which values creativity and self-expression.
- Creative industries are growing and therefore hiring more people and feeding economic growth.
- Technological advances and greater access to creative tools make it easier for more creatives to produce high-quality work.
Key Elements of Creative Entrepreneurship
Innovation and Creativity in Business
You can’t have the creative without creating, can you? However, it’s not about reinventing the wheel, either.
Creative entrepreneurs find new ways the wheel can make life easier. Some can identify areas where a wheel would be helpful and tap into that niche market with a customized form of that wheel.
This is what keeps things fresh and exciting for consumers. It’s what keeps creative entrepreneurship alive with unique and competitive solutions alongside similar products with the same target markets.
Leveraging Technology for Creative Ventures
We have so many software solutions and automations available to help creative entrepreneurs. Some specialized equipment and platforms are also out there, made specifically for creatives.
If you have skills in art, you can make art and sell it, or do commissions on sales. You can even make your skill a service by teaching others how to do art. Course creation platforms can allow you to do this very quickly and easily.
Take advantage of technology to prototype and test innovative product ideas before bringing them to market on a mass scale.
Online collaboration and communication tools also help you to scale your creative ventures. They allow you to partner with other creatives and manage a team of virtual assistants, whether freelance vs contract, working within your creative venture. Check out our post on How to Scale an Ecommerce Business with Virtual Assistants.
Building a Creative Business Model
A business model is essentially your strategy for how to make money with your creative venture. This can include selling products, services, selling subscriptions to access products and/or services, leasing, and more. Here are the steps to get you started:
- Define what makes your offering different. This is called your unique value proposition. Answer the questions: How does my product or service solve a problem or fulfill a desire? What is the unique benefit I provide to my customers?
- Create an ideal customer profile from your target market. Answer the questions: What are the needs, wants, and preferences of my ideal customers? How can I reach and engage these people effectively?
- Identify how you will generate income. These are called your revenue streams. Evaluate the profitability and scalability of each possibility. Some ideas are: Licensing your creative work Direct sales of products and/or services Partnerships to create new products or services Subscription services to exclusive content or benefits Crowdfunding Workshops and classes.
- Develop a pricing strategy considering the value you provide, the competition, your costs, and similar factors. Try different pricing models like freemium versus premium pricing, and value-based pricing, to see which works best.
- Create a marketing and sales plan to determine how you will reach your target market. Answer the questions: What marketing channels will I use? How will I convert leads into customers?
- Firm up your brand identity to create a consistent brand message across all touchpoints. Answer the questions: What is my brand’s personality and values? How do I want people to perceive my brand?
Outsourcing and Virtual Teams in Creative Entrepreneurship
Why Outsource in Creative Entrepreneurship?
Outsourcing is a great way to cut costs and improve your flexibility so you can focus on the core of your creative business.
Not everything about creative entrepreneurship is creative in nature. There are other tasks that take away from innovating, strategizing, and growing your business. It is usually these more repetitive, time-consuming, back-office, secondary tasks that you want to start outsourcing to third parties.
When you get to the core, you can still outsource a great deal of creative work to all kinds of freelancers all over the world.
Key Roles to Outsource for Creative Businesses
Some tasks that are important but may take time away from core functions include:
- Administrative tasks
- Inventory management
- Accounting and bookkeeping
- Customer service
- Lead generation and sales
- Legal
There is one thing we need to be clear on. Just because you are in “a” creative business, that doesn’t mean everything that relates to creating something should be in-house.
For instance, making graphics for marketing materials is a creative function. However, say you are a course creator who needs to spend your time formulating the curriculum. You may not have graphic design skills. Even if you do, if you may not feel a strong desire to be involved in creating the marketing for your material. In this case, you should outsource it.
Here are some creative functions you might consider outsourcing:
- Design (Web design, Graphic and logo design, Branding materials, Other visual assets, Illustration)
- Marketing (SEO, Content creation, Social media management, Copywriting)
- Production and manufacturing
- Email marketing: Creating and sending email campaigns.
- Video and Audio Production (Video editing, Animation, Audio production)
- Photography (Products, Events)
Assess whether these creative functions are core to your business. How much control do you want over the process? Is it more valuable to be involved, or focus on other things?
Managing a Virtual Creative Team
Working Relationships
- Focus on building strong relationships by encouraging regular communication and team meetings, and virtual activities. Choose a reliable communication platform for proper management.
- Set clear expectations for each role’s responsibilities and establish measurable goals and objectives for each team.
- Recognize and celebrate achievements and reward contributions and hard work.
Tools and Technologies
- Take advantage of project management tools to stay organized and track progress.
- Leverage cloud-based collaboration tools for secure shared document access.
Trust and Autonomy
- Empower team members to work independently and take ownership of their tasks.
- Encourage creativity and innovation to foster greater productivity.
- Always give teams and individuals constructive feedback. Focus on support and guidance, and avoid micromanagement.
Challenges and Conflict
- Anticipate potential issues and develop proactive, mitigating strategies and solutions.
- Encourage independent problem-solving and help team members overcome challenges on their own.
Scaling Your Creative Business Online
Strategies for Online Growth
Start by optimizing your sales channels. Actively engage with your audience on social media platforms and nurture your audience through email marketing. If you can manage it, create a website that’s user-friendly, mobile-responsive, and optimized for search engines.
Focus on building a strong brand reputation through consistent quality and customer satisfaction. Offer valuable content to attract and retain attention and develop loyal customers. Provide excellent customer service and tailor your products or services to individual customer needs and preferences wherever you can.
Automate wherever you can to improve accuracy and efficiency. Outsource whatever you can, but make sure you know how to make good hiring decisions. Manage your finances effectively, or hire a bookkeeping service to help you. Monitor key metrics and use analytics tools to inform your business decisions.
Monetizing Your Creative Skills
- Direct sales of physical or digital products or services like consulting, workshops, or freelance work. You can also create and sell merchandise related to your creative work.
- License your work for use by others for various applications or your brand or logo for use by other businesses.
- Collaborate with other businesses to create new products or services.
- Secure sponsorships from companies interested in supporting your creative endeavors.
- Monetize your website or social media channels through ads or partner with brands to promote their products or services.
- Offer exclusive content or benefits by subscription or create membership communities with exclusive perks.
- Use crowdfunding platforms to access people outside your current network who might be interested in supporting you.
- Promote other products or services through affiliate marketing to earn commissions.
- Develop workshops, tutorials, and courses to teach others your knowledge and skills.
Overcoming Challenges in Creative Entrepreneurship
- Finances – Develop a detailed budget and look for funding if you don’t want to bootstrap. Prioritize expenses to keep things lean.
- Time and Resources – Develop your time management skills to maximize productivity. Use technology wherever you can to streamline your workflow and save time. Outsource tasks that are not your core skillset or not worth your time.
- Fear of Failure – Learn to fail forward. Set realistic goals and develop a support network of fellow entrepreneurs and mentors for encouragement and advice.
- Customer Acquisition – Figure out an effective marketing strategy to reach your target audience. Build relationships with potential clients and industry professionals. Always be prepared to offer them value.
- Creative Blocks – Find your creative rhythm. Return to your source of inspiration. Working with other creatives can also spark new ideas.
- Work-Life Balance – Clear boundaries between work and personal time are vital. Develop rhythms of rest. Take care of yourself.
- Motivation – Set clear goals and develop discipline to stay focused and motivated. Celebrate and reward yourself for each milestone achieved. Surround yourself with people who support and encourage your entrepreneurial journey.
Frequently Asked Questions
What are the best platforms to showcase creative work online?
General platforms include Behance, Dribbble, ArtStation, DeviantArt, and Flickr. You can also leverage Instagram, YouTube, Vimeo, SoundCloud, and Medium. Niche platforms include Tumblr, Pinterest, Itch.io, and Codepen.
How do I protect my creative ideas and intellectual property when outsourcing?
It’s always good to have a freelance or virtual assistant contract when providing original creative work to other businesses.
Watermark your creative materials to identify them as yours. Register copyrights where it makes sense to enjoy additional legal protection. Document your creative process in detail, including the timeline to establish ownership.
Clearly define who owns the intellectual property. If you outsource the execution of your own creative ideas, make sure you retain ownership of the underlying concepts. Seek advice from an intellectual property attorney to get expert advice on protecting your creative ideas.
Always use secure cloud storage for your creative files and restrict access to only those who need to see them.
What are some common mistakes to avoid in creative entrepreneurship?
Never neglect the business aspects of your venture. Make sure you develop a solid business plan. Get help where you need it.
Learn to price your work fairly. Take advantage of market research to understand the industry, your target audience, and your competitors.
Don’t depend completely on social media. Diversifying to other marketing channels expands your reach.
Learn to fight impostor syndrome. Don’t let yourself become overly risk-avoidant. Invite feedback and use criticism to fuel your growth.
Don’t give up. Be patient when facing setbacks and challenges. Learn to adapt to change.
How can I maintain creativity while scaling my business?
Schedule specific time slots and even dedicated spaces for creative activities, rest, business tasks, etc. This fosters better balance for greater focus.
Seek inspiration through new experiences and connections with other creatives, possibly at industry events. Don’t be afraid to explore different approaches and techniques.
Outsource uncreative aspects of the business to focus on core activities. Encourage a work culture that values and rewards creativity and experimentation.
What Is Outsource School?
Outsource School helps you to unlock the potential of virtual assistants and accelerate your business growth.
This is the exact system Outsource School’s founders, Nathan Hirsch and Connor Gillivan, used to go from zero to 8 figures and 40+ virtual assistants with an exit in 2019.
Since being founded in 2020, Outsource School has helped 1,000+ business owners hire 2,000+ virtual assistants for their companies.
Schedule a free sales call to learn more
Free resources you might like:
- Outsource School Case Study: How We Scaled to 45+ VAs and 8 Figures in Revenue
- Free VA Calculator | See How Many VAs You Can Afford
- Free Training on 5 Keys to Working With VAs
- Learn Outsourcing 101 | Guides, Downloads, and Checklists
Conclusion
Creative entrepreneurship is an amazing field to really dive into. It’s not as cut and dry and other business industries, but it’s great for entrepreneurs who enjoy the more colorful side of business.
