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Business Models and Creatives (Pt 1): Key Components of a Strong Business Model

If you are an artist(e) or a creative professional who is still unsure about the relevance of having a business plan, then you need to read this past blog post – Beyond the Hype: Why Artists/Creators Need A Business Plan. As I stated in that post, a business plan is what you end up with at the end of the business planning process, and you MUST engage the business planning process if you wish to be a success at any level with your creative business. Your business plan details your strategy for how you will sustainably increase revenue from the work you do. Essentially, it is a tool that outlines a strong business model.

Now that that’s a little clearer, let’s get started on the purpose of this post – to help you delve deeper into the business planning process and understand the importance of certain features of a successful business model. 

3 Major Components of a Strong Business Model

There are lots of business models you can choose from as you build your business and career. Still, although there are many differences, there are some principles that remain true right across the existing models. These principles are necessary for building a unique (or customised) business model that leads to your ultimate success. These principles are as follows:

1. A Clear Vision or Mission

What you offer (your products and services) and purpose (why you offer the products and services you do) are the foundation of a solid business model. After all, business is about bringing products/services to market that are consumed by targeted sects of the public in return for profit. Being clear on what you offer, as well as how and why you’re offering it will go a long way in helping to differentiate your creative work in the marketplace.

2. A Story for Clients to Buy into

Every business must have products and/or services for clients to purchase. Creative professionals are no different. However, creating products or services is one thing. It is the brand story surrounding the said products/services that people actually buy into. Think about it. The world’s best creative talents are not necessarily or automatically selling the most units. This is due largely to their brand story being unclear.

On the contrary, a clearly crafted and communicated brand story should follow a clearly outlined mission and vision. In other words, once you know exactly what your focus is, you can shape the way through branding. This will help keep you going and help move your audience and work from goals to purpose.

3. Your Target Audience and How They Access Your Products/Services

There are few things as annoying as being unable to purchase from or otherwise connect with a creator after coming across creative work. So often creative professionals are difficult to find. This should not be.

Accessibility is another key component of your getting your creative work into the world. Even with the best business models, a clear focus, and a great brand story, your offering needs to be accessible. If those you are making art for have a difficult time finding or purchasing your work, the business of your creative work will fail. Thanks to many of the digital tools available today, there are affordable and far-reaching ways to get in front of your audience and make your products, services, and other offerings readily accessible. To learn more about how you can leverage these technological tools, book a consultation with us today or visit our Tech It Like A Girl platform for some free insights and resources.

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