Setting Goals For Your Creative Business
Setting clear goals is the only way to go from dabbling to making consistent income with your creative endeavor.
Whatever our talents or skills are, we often start out in a creative endeavor as a hobby. Most people that I know of will do art, or crafts, or writing, or music, or whatever their “thing” may be, first for fun, then maybe as a side hustle, hoping it will make more or get bigger someday. You must have clear cut goals for that to ever be true. Sure, some people seem to stumble into success, or go viral, or are so incredibly talented that they just get discovered somewhere. But that’s not typical- more than likely, you’ll have to set a goal to work toward, and you won’t just have success thrust upon you.
Setting goals for your creative business is fundamental. It will give you the framework to know if you need to raise your prices, if you’re being realistic about your plans, or if you’re heading in a direction that will even make you happy. Here are some of my goal setting tips for creative hustles when you’re starting out.
Decide if this is something you really want. Just because you are good at something, or enjoy it, doesn’t mean you HAVE to make it make money. Our capitalist culture tends to want to monetize everything. There is nothing wrong with having hobbies because you enjoy them, or participating in something artistic as self care, or being good at something and not wanting to sell it. For some people, that may actually ruin the experience. You don’t want to end up resenting something you love because it’s now your job, and an income you rely on.
Figure out how much you need and want to make from your creative hustle, and work backwards from there. Find the amount you want to pay yourself. What would need to happen for you to make enough to cover your expenses, overhead, and taxes, and pay yourself? Can your idea realistically create those kinds of numbers? I don’t mean with a wish and a prayer and maybe a small chance of going viral- I mean with hard work, a plan, and the amount of time and resources you have available. Is this skill one that has the potential to generate what you need to make? That number will be different for everyone. Maybe you need $200 extra a month. Maybe you want to quit your six figure job that makes you unhappy. Those are both legitimate goals, yet vastly different. Don’t be naïve about numbers and money, ever. Get nitty gritty with money goals. You may be surprised to find how within reach something actually is!
Do thorough market research. I’ll be the first to admit, I didn’t do this for my handmade business. I lucked out with my choice of products in so many ways, but I should have done more planning and would be further ahead, sooner if if I had. Take the time to find out what the market is for your idea. Who are your customers? Competitors? Is this trendy? Does it have staying power? Is there something about your idea that sets you apart? I am not saying every little detail has to be perfect before you begin. But I am saying that you want to take the time to make sure your idea is a good one, and a sellable one, before you invest time, money, and expectations. This research will absolutely help you set your goals and direction, and get ahead of problems before you get in too deep.
If you already have a creative business, what are some things you wish you had accounted for in your goal setting early on? I would love to hear from you in the comments.
