Tuning Into Your Creative Dream Business

Starting a home-based business is a dream for many, offering the allure of zero or shorter commutes and total autonomy. However, the hurdles can be significant when your professional and personal lives share the same four walls, especially if you’re a creative person - but don’t let that stop you.

You too can have it all, with a little effort and quite a bit of planning.

The Big Hurdles of Starting Out

A Space to Create: It is difficult to switch into "creative mode” when you haven’t a dedicated space for creating and making your products. Will you create from a room at home, your garage, or rent a small studio space to create?

Understanding LLC vs. DBA: Explore the distinctions between establishing an LLC and filing a DBA. Before finalizing your choice, it is essential to evaluate several critical components of your business structure, how you manage and pay taxes, and the laws between both entities.

The StartUp Money Factor

1. Inventory & Tools. Do you have an inventory to work with to make your products? In addition to this question, do you have the funds to establish these needs in order to produce your product?

2. Do you have the funds to open a Business Checking | Savings Account? Most banks will need a few hundred dollars to open each account.

3. Do you have your business plan written out, an EIN, your completed business registration from your state, county, and / or city as required by the bank?

Selling Online or In Person: I’m going to be very honest about this, which is based on my personal experience since I opened my first creative business in 2018.

1. Selling online isn’t as easy as many people think. Even selling from Big Box online marketplaces isn’t a guaranteed sale, and if you don’t spend the money to advertise your business, you most likely won’t do too well. However, if you do sell an item, there is a big chance that the Marketplace you chose will eat up 18% of your sale in fees on average - no lie.

2. Selling in person at local events is a better opportunity when starting out, and definitely less expensive. As a matter of fact, it’s a better way to sell your products and get your business name out to the public, based on my own personal experience. This is a great way to distribute your business cards, collect an email from subscribers looking for special deals and promotions, and you’re giving the public an opportunity to meet the person behind your brand which gains trust in your product.

3. You’re going to pay anywhere from $0 to $500 or more for an event to showcase and sell your product, depending on the event host, the number of days included in the event, and the size / location of the event. Considering advertising could cost well over $2000 for one month of services (depending on the service provider), and that I’ve made the best money at the smaller & cost effective events (even the free ones), your best interest may be selling in person - for now or keep it going like I do, with a website for those new customers coming back for more.

Of course, before you start your business, there are other things to consider which are obvious. Things like the name of your brand, the product that you will be creating and selling, the current market and regional competitors of the same or similar products that you’re going to offer. Is there a demand for your product? Is your business entering an oversaturated market, and how will you provide such a unique focus to your products compared to everyone else. These are the things that make a good business stand out from the competition.

Now start brainstorming and get going! I believe in you!