Forget Finances: Fear of Failure is the Biggest Barrier for Creatives

The creative industry has quickly become a fundamental sector for many advanced economies, especially the UK. Last year, gov.uk reported that, in total, creative business were providing around £9.6m (~ US$ 11.7m) every hour to the economy, making the industry one of the UK’s greatest economic achievements in recent years.

As such, ambitious creatives looking to kick start their own business in the industry shouldn’t have anything to worry about, but that’s not the case. In fact, research from icount discovered an overwhelming fear of failing among creatives that’s holding them back from making that leap into entrepreneurship.

If you’re a creative and have concerns about your future as a business owner in the industry, you’re not alone. Here we delve further into the findings from icount, as well as offering some words of wisdom on how to overcome those fears, to begin building your dream business.

Barriers to Business

After speaking to 1,000 UK business hopefuls, icount discovered that there were a number of barriers that are preventing these ambitious individuals from starting their business. While finances and concerns about losing money as the main earner were worries for some, another barrier was much more apparent amongst creatives.

In fact, whilst half of these respondents explained that they wanted to start a business for flexibility in their routine, the fear of failing in the business world has meant that the majority of creatives surveyed have put a stop to even trying to start their dream business. Other barriers that creatives expressed were lacking the relevant knowledge to start a business, as well as having other commitments to prioritize.

What’s interesting from the survey is that while individuals from other industries expressed finances as the main barrier to starting a business, creatives see this as a much smaller restriction than the worry of owning an unsuccessful business.

Ensuring a successful investment in your future

The prospect of kick starting a business can be daunting for anyone. You can never be completely sure on how it will turn out and what the future will hold for you and your business. What can be said for certain, however, is that you will have made your dreams a reality, rather than thinking about what could have been. Not only that, but with the creative industry proving itself very popular in the economy, with enough knowledge and expertise, you are bound to begin a business that’s well worth the investment.

To help you overcome the fear of failure, the best first step is to start planning and preparing yourself for starting a new creative business. Here are a few tips to get you started with what could potentially be a highly successful business in the creative arts.

1. Find your own unique offering

Think about your skills, knowledge and expertise, to draw up an idea of what you could offer clients that perhaps other creative businesses could not. This strategy will give you a spot in what could become a saturated market, with a unique angle that could make you stand out from the crowd.

2. Cement your business’s tangibility with a brand

Branding is an imperative part of the startup process, as well as a continual requirement throughout your business’s lifetime. From logos to tone of voice, a social media presence to a particular creative style, your brand will make your business instantly recognizable, as well as giving your audience an idea of how you could cater to them.

3. Bulk up your business

Before you even open your business to potential clients, it’s well worth bulking it out with plenty of content and presence across the web. A variety of blog posts, portfolio additions and testimonials, and gaining some contacts, should all be a part of bulking out your business before looking to receive some clients. From here, you should begin looking at the various clients you would ideally like to work with.

4. Think about your finances

You should also consider the amount of money you will need in the initial stages of your business opening. The chances are you will have to have financial backing to stay afloat during the first few months, so make sure that you know how much you will need and make a plan to prepare that money. You could even take your preparation one step further by kick starting your business banking, through setting up a business account, with which to handle your finances.

5. When ready, try out a soft launch

Rather than diving in head first, think about launching your business to family and friends, as well as any individuals in the industry with which you have a close relationship with. You’ll be able to gather honest thoughts and opinions on which areas of the business you could improve, before pitching to potential clients. That way, you’ll avoid the financial implications of a business that isn’t quite ready to go live, as well as maintaining your reputation.

These are just a few tips to help you to begin planning out your business in the creative industry. With careful planning and preparation, you are sure to launch a business that will succeed, as well as eradicating any fears of failure that you might have once had.