Running a business can be pretty daunting, in this blog post, I’m going to be sharing with you the 5 foundations of a successful creative business.
Listen, the goal of every business is profitability and the desire of every business owner out there is to see their businesses thrive.
As creative business owners, we are all chasing one thing or the other, and that thing can vary depending on where we are in our business.
For someone, it could be to book new clients on a regular basis, for another, it could be to get engagement on their social media platforms, for yet another, it could be getting more subscribers for their YouTube channels or growing their email lists.
But ultimately, for many, it is about building a creative business that thrives without our direct or regular input.
I run a creative business, although it ‘s relatively small, with me as the major employee (LOL) and a couple of people I outsource my work to.
But my desire is to build a fully functioning creative business that thrives regardless of whether I show up or not, and I’m sure that many creative business owners share this sentiment as well.
This is totally possible, but in order to achieve it, your creative business needs to be standing on a solid foundation.
I mean you need to get it right from the start, with minor errors here and there.
Let’s take a look at what those foundations are.
1.) A Clear Mission and Vision
I mean this sounds like a cliché, but a clear mission and vision is a great foundation for a successful creative business.
Ask yourself “What exactly is my purpose for starting this business?”
The purpose should fill your needs as a business owner, but most importantly, the needs of your clients.
Your purpose should be about making things better or making people live better lives.
If that’s the case, there’s no way your business will not succeed.
While preparing this blog post, I did a quick research on companies with clear mission and vision that is focused on making things better and I stumbled on Tesla.
Tesla’s clear mission and vision has been instrumental in its rapid growth and influence.
By focusing on sustainability, innovation, and accessibility, Tesla has not only disrupted the automotive industry but also significantly contributed to the broader movement towards renewable energy and sustainable living.
A key part of Tesla’s mission is to make electric vehicles and renewable energy products more affordable and accessible to a wider audience.
The brand’s strong sense of purpose has attracted a loyal customer base and inspired other companies to prioritize sustainability in their business models.
Trust me, there are many posts on Instagram and TikTok that berates the brand that Tesla is and that trivializes their mission.
This is majorly due to the fact that a lot of people have a distaste toward Elon Musk (X and all), but none of this people will reject a Tesla if you gifted them one.
That’s how great the brand is doing.
So for you as a creative business owner, articulate your purpose and how you plan to achieve your vision.
And make sure that in determining that, you determine the values and principles guiding your business.
2.) A Unique Value Proposition
One major foundation of a successful creative business is a unique value proposition (or Unique selling point, or competitive advantage).
You want to identify what makes your creative business unique.
This could be many things, it could be your style (I stumbled on a creative business owner on Pinterest who is a stunning water colour artist).
That is not something you see often, especially in this part of the world.
Your unique selling proposition could also be the quality of your work.
I have a friend who is an excellent photographer and videographer, with a stunning quality of work that he gets booked throughout the year.
It could be a niche market that you serve (ex. the water colour artist I mentioned before), or innovative techniques you employ.
For me, I like to think of my unique selling point as the copies that I write.
I know I’m an excellent writer (and speaker), and so I infuse it into clients’ work.
Also, I’ve looked around and nobody writes better copies than me (I’m joking).
But really, its the fact that my clients have commended my copies many times.
A proper Unique Value Proposition (UVP) clearly articulates what makes a product or service unique and valuable to customers.
Let’s take a look at some UVPs of some brands.
Slack
UVP: “Make work life simpler, more pleasant, and more productive.”
Slack focuses on enhancing workplace communication and productivity with an easy-to-use platform, setting it apart from traditional email and messaging systems.
If you use Slack for work, you’ll agree with me that it has come a long way from what it used to be, with so many integrations and flexibility, they are surely walking the talk.
Uber
UVP: “The smartest way to get around. One tap and a car comes directly to you. Your driver knows exactly where to go. Payment is completely cashless.”
Uber emphasizes convenience, ease of use, and seamless payment, differentiating itself from traditional taxi services.
But if you live in Nigeria, you’ll agree with me that Uber is not necessarily cheap, and sometimes getting a public bus is cheaper (LOL).
Trello
UVP: “Trello helps teams move work forward. Collaborate, manage projects, and reach new productivity peaks.”
Trello offers a visual and collaborative project management tool, it really enhances your team’s productivity.
3.) Have A Solid Plan for the Business
Running a creative business can be fun when you are designing or writing, but if you want to build a solid foundation of a successful creative business, you must take planning seriously.
As creatives, we have a love-hate relationship with planning because we love to create and get in the state of flow when working on that design, or that website, or that copy.
But we must understand that proper, effective planning is what makes the business run.
First and foremost is creating a business plan. You have to do market research for your creative business idea.
Find out if there’s an audience or a market for that business before you start taking major decisions.
Find out the people that are in that target market and study them to know their pain points and how you can soften it.
Then research competitors so that you can understand the name of the game and how it is being played.
Also, there’ll always be trends in that market, you want to get acclimatized with the trends too.
Coming up with a business plan can be really daunting, but nevertheless, it is important.
The next thing you want to do is to set goals and objectives.
While your goal will be generally broad and longer term, your objective will be shorter term and will define the measurable actions to take to achieve the overall goal.
So you want to follow the SMART way of setting goals for your creative business.
Listen, planning takes time right, but at the end of the day, it saves your time, money, and energy in the long run.
Planning your content, posts, products, events, activities, and launches is probably the best thing you can do for you r creative business.
It takes the pressure off having to solve tasks at the last minute, and rush yourself and others to make things happen.
Another important aspect of planning in your creative business is in your finances.
Learn to plan your budget, pricing strategies, revenue projections, funding needs, credit/debit, salary payment, and so on.
4.) A Strong Brand Identity
Every creative business cannot thrive without a strong brand identity, meaning that it is a major foundation of a successful creative business.
Creating a strong brand identity for your business is essential because first of all, it helps you stand out from competitors, highlighting what makes your creative work unique.
A strong brand identity makes your business more memorable, helping potential clients remember and choose your services over others.
It also conveys professionalism, which can increase clients’ trust in your capabilities.
A strong brand identity also helps communicate your business’s mission, values, and services clearly and effectively to your target audience.
Let’s take a look at these 2 key areas:
Branding
Develop a compelling brand identity, including a memorable logo, a cohesive color scheme, and a consistent voice across all platforms.
This will help to establish a strong, recognizable, and trustworthy presence in the market.
A polished and professional brand identity makes a strong first impression, conveying quality and credibility to potential customers.
And consistency in branding reassures customers that your business is stable, trustworthy, and attentive to detail.
Storytelling
Craft a brand story that resonates with your audience and communicates your values and mission.
A resonant brand story not only differentiates your brand and builds trust but also fosters emotional connections and loyalty, guiding your strategic direction and ensuring consistent, effective marketing.
A well-defined brand identity increases recognition, making your marketing efforts more effective as clients can easily identify your work.
And as your business grows, a strong brand identity provides a solid foundation for expanding your offerings and entering new markets.
5.) Effective Marketing and Promotion
It doesn’t matter how well-structured your business is or how carefully curated your brand is, if you do not focus on effective promotion or marketing your business won’t thrive.
You can go about this in 3 ways:
Create an online presence
Build and maintain a professional social media platform and a website for your brand.
Ensure that you are showing up with content that appeals to your target market and be consistent.
Don’t use social media to sell, instead, use social media to impact.
Content creation
Content creation is a solid part of marketing and promotion.
You want to ensure that you share valuable and engaging content that showcases your expertise and creativity.
Having a solid content strategy that ties to your business goals will help you do this effectively.
RELATED: 6 CONTENT CREATION CHANNELS TO EXPLORE IN 2024 AND BEYOND
Networking
Network upwards and sideways as you build your creative business.
Networking upwards is about looking for high net-worth individuals who can be of great value to your business.
While networking sideways is about looking out for people on your level that can be instrumental to your business success.
Engage with your community, attend industry events, and collaborate with other creatives and influencers.
In Conclusion
By focusing on these foundational elements, you can create a strong, sustainable, and successful creative business.
If this post has helped you move from point A to point B, then please share it on your social media, someone else might need this.
_________________________________________