Creative entrepreneurs are explained to mean artists, architects, fashion designers, illustrators… who are professionals. Creative entrepreneurs are individuals who hold their talent as something beyond just hobbies to be used solely for leisure activities.
For creative entrepreneurs, their natural skill extends beyond being a device to pass time but as a tool for making money. Since the launch of our blog, we have written several articles on how to make money as artists but not much has been said about business traditions that should be avoided when it comes to being seen as a professional artist.
Hence the publishing of this composition. Below are two practices that are detrimental to your creative/artistic career.
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1. Transacting business on credit.
That it is a common thing in your locality to transact on credit does not mean you won’t be patronized if you don’t fall in such a line.
And it does not mean you have to always provide your services or transact with individuals, corporations, etc that will not pay for your work immediately.
Don’t wait until debt tears you and your clients apart. Act NOW!
Unlike what you are thinking, transacting business on credit harms an emerging creative more since you need all the money you can get to maintain yourself and sustain your talent and brand.
How much of your credits have you being paid since the ease of lockdown?
Exactly! For the sake of unforseen circustances like that, restrain from being too quick to create art, sow clothes, or draw fashion sketches… on credit so you can have enough money when you need them for career related expenses.
Doing transactions on credit or even extending the duration of debts is an act you should reconsider going forward.
Clients get used to what you allow them to get used to. And once they become used to something you have permitted over a long period of time, it becomes hard to put and end to a client’s attitude that does not favor your creative-entrepreneurship unless you can afford to let go of such customer. There can never be a righ time to stop but NOW!
You don’t want to be the artist or designer a client comes to when they need to transact on credit. You should be the kind of creative clients prioritise because of the quality of your work and efficiency.
Honestly, there are times when you would need to sell a piece of art or do a writing gig to a customer on credit. However such practice can ruin you faster than you think it would help you retain old or gain new clients.
This is not only bad if the customer is not trustworthy but it is not advisable because it does not promote a healthy business. Neither does it help you keep a strong motivation and concentration as a creative.
So, what happens when one of your loyal clients needs you to bail them out by working on credit?
When faced with such dilemma, ensure that the customer pays at the minimum eighty percent down payment.
You can set a percentage regulation for such situation.
It is important that you stop dealing with debtors as soon as possible. In a situation where they don’t pay quickly or pay at all; it is possible that you run out of funds for your creative business. When that happens, the client goes somewhere else leaving you stranded with fewer resources to fulfill your objectives as a creative.
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2. Operating on loans.
Getting a loan is one of the options you will be pushed to make when as a start-up creative entrepreneur. Some creatives are rugged to begin their career without loans or borrowed funds. But the story changes when they start to do a lot of transactions on credit.
Loans should not be one fo the things that quickly come to your head when you need money as a creative. Nonetheless, it is clear that the time will always come when you need to take loans or borrow.
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when faced with such a situation, take your time to looking at the cost/interest you are to pay for such loans. Consider when and how the loan will be payed. Don’t loan happy until you are certain you can pay back the initial loan and the interest.
ensure to learn more about the loans and organization you want to borrow from before signing the papers.
The danger is not really in how much you borrow but the interest rates you have to pay for the money borrowed. When the interest rates are high, it is advisable that you run away as fast as you can.
The advisable way to start and sustain your creative business is to use your personal savings or get loans that do not attract interest from friends and families. Seek grants.
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Overall, it is not all about creating. It is also paramount that you teach yourself how to be disciplined financially. Separate personal accounts from business accounts. Monitor your spending and that of your finance persons to avoid being in a cashless situation that leaves you no choice but to transact on credit or consider loans with ridiculous interests and deadlines.
Also, treat customers with courtesy and professionally handle the issues they have with either getting your creative products or services. Discipline and customer satisfaction are not taken for granted at Arteasy Nigeria. Our art equipment, products in our online store, and brands have all being carefully chosen to enhance your productivity.
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