7.3- How to Become a Creative Entrepreneur.

Once we make it this far, becoming a creative entrepreneur is easy. The tools we once used to build our company, we will now use to delegate some tasks, automate others and so, free up more time to create more art for a bigger audience.
When we become professional artists by growing our business, our income will allow us to invest, diversify and expand.
Once we have a successful online business, we are not just self employed but we automatically become creative entrepreneurs.

What is a Creative Entrepreneur?

How to grow your creative business

Entrepreneurs are driven by a vision to innovate, identify opportunities in the market, and bring their ideas to fruition. They exhibit a dynamic blend of creativity, resilience, and business acumen, aiming to generate value, address needs, and contribute to economic growth. Some of them not just have a business, they buy, change and sell other businesses too.

A creative entrepreneur is an individual who blends artistic vision with entrepreneurial spirit to transform innovative ideas into successful ventures. Unlike traditional entrepreneurs, creative entrepreneurs thrive at the intersection of creativity and business acumen, sculpting unique paths where passion meets profit.

In the canvas of possibility, where dreams meet daring leaps, creative entrepreneurs paint their destinies with strokes of innovation, crafting businesses that dance to the rhythm of visionary hearts.

Best Practices for Becoming a Creative Entrepreneur:

-Investing back in the company.

The ultimate goal is to become profitable enough with our artistic business so we can pay the bills and quit that day job.

But, even if we make enough money to do so, maybe it’s wise to wait a little bit longer and let our business grow by investing in it.

Once we make a lot of money, we can easily let go of any other tasks and concentrate fully on making more and better art.

A common pitfall for many entrepreneurs is to spend money on luxurious goods like expensive cars, jewellery and gig houses.

Luckily, as artists, we are not interested in that, all we want is freedom to create.

The best thing we can do with all that extra money is invest it in ourselves and our company. We can do this by hiring people and automate certain tasks.

Only when we have reached the top level, only when we have optimised everything and there is no more growth possible, we can start thinking about investing money in something else besides our company like funds and bonds.

How to invest

-Diversifying your creative business.

The main reason for diversifying is not making more money. Although this can happen and we would certainly welcome it, the main reason is safety.

There are three things we should diversify: products, marketplaces and media channels.

If we sell only one product, and the demand for that product diminishes because it suddenly goes out of fashion, availability is compromised because supply lines are affected or raw materials become too expensive, we would have a problem.

That’s why it’s safer to offer a couple of completely different products. If profits from one product drop, at least we still have the other ones to fall back on.

But, even if we have several products, if they are all available on only one marketplace… you guessed it. If anything happens with that online shop, our entire income disappears.

Art community

-Expand your Business.

Besides offering new products or services, we can also offer our existing products or services to new costumers. This can be done in several ways, most commonly it’s about demographics like location, age, gender, occupation or income.

The most obvious expansion is probably language. Maybe we need to translate our promotion material into different languages so that we can reach a completely new untapped audience.

As artists, we might be able to make art or create products and services aimed at children or the elderly. Creating something special for people in a specific occupation can be a rewarding experience too. Maybe we can make work for restaurants, a doctors office or to be displayed in a store.

Another, often suggested strategy is to offer a cheaper version of our art. A smaller painting or sculpture can help lower the threshold for new customers.

Expand your creative business

-Sharing and giving back.

Sharing and giving back to the community is a great way to use success to make a positive impact on others. Whether we donate money, time, knowledge or resources, there are many ways to share and give back that can have a meaningful and lasting impact.

Remember that we started out in step one with the intention to make a difference and change the world with our art? Now we can also do so with money by supporting charitable organisations that align with our values.

It doesn’t always have to be on a large scale, we can look for ways to support local causes and organisations that are working to make a difference in our community. This could include donating to a local food bank, supporting a local school or sports team, or volunteering our time and expertise.

We can host or take part in events to raise money and awareness for a particular cause or charity. This could be a charity exposition, a fundraiser concert, or any other event that helps raise money and support for a worthy cause.

Sharing with the community

This Will Help You Become a Creative Entrepreneur:

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-Stay ahead of the curve with Art Business News.

In the ever-evolving realm of creative entrepreneurship, staying up-to-date with news and trends is not just a choice; it’s a strategic imperative. The dynamic nature of creative industries demands a keen awareness of shifts, innovations, and emerging opportunities.

For creative entrepreneurs, knowledge is not just power; it’s the key to unlocking endless possibilities. By staying informed, you empower yourself to navigate the dynamic waters of the creative industry, ensuring that your work remains relevant, inspired, and positioned for success.
Stay up to date with Art Business News.

-Invest in art with Masterworks.

Investing in art is more than a financial venture; it’s a unique intersection of culture, passion, and potential financial gain. Art investment involves acquiring artworks with the expectation that their value will appreciate over time. 

Whether driven by the potential for financial gain or a love for artistic expression, art investment offers a unique and enriching avenue for those looking to diversify their investment portfolios.
Start investing with Masterworks.