What It Takes To Launch & Sustain A Creative Business

Launching and sustaining a creative business is not easy. From creating a brand identity, to getting clients, to managing money; it’s any wonder why many are afraid of becoming entrepreneurs. However, being your own boss and having a revenue stream that you control is incredibly rewarding and beneficial, especially in this economy. 

Here is insight into what it takes to launch and sustain an income-generating, creative business. We’ll also dive into ways to spend revenue wisely and avoid financial pitfalls many new (and experienced) business owners make.

Having What It Takes

If you are a creative who is confident in what they do and has the ability to coach others, then you have the makings of an entrepreneur! From photographers, to models, to fashion designers, to chefs, creatives can make a great living.

If you plan on taking your side hustle or passion to the next level, it’s best to establish yourself as a brand and get registered within your state as a business. While many creatives, especially social media creators, file their taxes as individuals, it’s a good idea to protect yourself behind a business.

If you’re in Arizona, this link has information on getting your business registered.*

For example, if you are an unregistered professional photographer, an unhappy client  could escalate heated matters by involving lawyers. If you are found guilty, your personal finances could be in jeopardy, however if you are operating as a business, only your business’s finances would be in question.

Another benefit to operating as a business are the many perks. With a business, you can set up a checking account that’s separate from your personal bank account. You can also open a business credit card which separates business purchases from personal ones. A benefit to having business checking and savings accounts is being able to skip the long line at a bank or ATM and drive up to a business line, like a boss. I can’t tell you how convenient it is to drive up to the business window, when the other windows are closed or unavailable.

For information on opening a business checking account with Chase, click here! New account holders can get a $400 bonus with qualifying activities.

Operating as a business instead of an individual also changes your mindset. If you are a creative who not only at earns income from your work, but also trains others, you’d definitely want to switch your personal social media profile to a business profile. 

Even if you work a day job and are a creative on the side, being able to monetize your passion will boost your confidence and give you options, just in case inflation gets worse. I remember when I worked at what seemed like a dead end office job. I had a creative business on the side and used the income from my day job to build my side business. Over time, I saved enough money to be able to go full time. 

It was a difficult decision to make and it was scary, but a successful entrepreneur friend encouraged me to stop going halfway with my business and go full-time. He recommended that I go all-in and see how things go for 6 months.  When I did this back in 2019, it was definitely scary, but every month since going full time, I generated more and more revenue. In my sixth month, I made more than I did at my day job and felt much more fulfilled and less stressed.

As we know, especially when working with clients, every day won’t be a walk in the park as an entrepreneur. You may encounter people who doubt you, project their insecurities onto you, and clients who end up testing your mental strength.

It’s important to stay true to who you are and the kind of person and professional that you want to be, without letting challenges and setbacks get you down. Entrepreneurship is not for everyone but if you are creative and not afraid of facing challenges, you can start a business in this economy and thrive!

Disclaimer:

*This is not sponsored content for the Arizona Corporation Commission. Please research how to register a business in your state or territory for more information.

Affiliate links in this article may generate a commission for the blog owner. Making a purchase or creating an account via these links help to fund this blog and is much appreciated. The blog owner is a customer of Chase Bank. This is not sponsored content for any brand or company.

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