Making your entrepreneurial project a reality
Starting a business in the cultural and creative industries comes with its own unique challenges, but like any entrepreneur, it is important to ask some key questions. Below is a list of information to help you prepare your entrepreneurial project.
Birth of the project
Why become an entrepreneur ?
Entrepreneurship is a life choice. There are different types of entrepreneurs and many different reasons for becoming an entrepreneur. The most important thing is to know why you want to start your own business and what is involved.
👉 Discover if you have the right profile and motivation
Finding a good idea, a good concept
A good idea doesn't fall from the sky and is not served on a platter, ready to use. First, you need to look for the ingredients, this means observing trends, taking notes, consulting various sources and engaging in discussions. Where will your inspiration come from and how can you develop your idea?
Choosing the right legal structure for your project
Ready to start your new business? There are several legal structures to choose from, including a non-profit organisation (npo), a company, sole trader, etc.
How do you choose the right structure? How do you decide between sole trader, company or non-profit organisation? What about the different forms for companies? How do you transition from a side business and make it your main occupation? Why choose one legal structure over another? What criteria should guide your decision? We have compiled everything you need to know in terms of formalities to help you start your project and understand your options.
👉 Understanding the different ways to start my project
It is important to note that some grants or tax benefits only apply to legal entities. Examples of grants or tax benefits for legal entities:
- Structural operating grants from the flemish audiovisual fund (vaf)
- Tax shelter benefits for audiovisual works and performing arts only available to legal entities subject to corporation tax
- Grants for european cooperation projects for cultural or creative organisations
Preparing your project
Conducting market research
"My product is unique, the service I want to offer will please, I have no competitors, the market is growing, etc." these certainties are often later dismissed. Market research can ultimately question an entire project : so better to know before than after ! Remember that the 5-year business survival rate is 50% and that market research would prevent 60% of bankruptcies !
👉 How conduct a market study ?
What price should I charge as freelancer ?
Assessing the price of your services is an arduous exercise for anyone starting out... How do you determine how much your clients are willing to pay for your services? Which aspects of your work can you include in your price? Read on for some specific explanations and examples...
Partnerships
Among the factors generally identified as contributing to a company's success, there is one that entrepreneurs tend to focus on less, I.E. The relationships between partners or key people in the company.Bringing people together undoubtedly has a beneficial effect in supporting a company in terms of dynamism, combining skills, creativity, and sharing working capacity. On the other hand, it cannot be repeated often enough that conflicts and discord between founders can seriously damage the business, or even kill it if not managed properly. In fact, it is very rare for company founders to start and finish their entrepreneurial adventure without obstacles in their relationship. This is why it is uncommon to find the same individuals in key positions throughout the life of a company.
👉 The secrets of a lasting professional relationship
Presenting your project convincingly
You are regularly required to present, within a very short space of time, your personal career, your product, your service, or your idea. Many people do not give this presentation correctly and start with a hesitant tone and offer a boring, vague, or incoherent presentation. This is a too bad, because you rarely have another chance to make a good first impression. A good elevator pitch would have helped you avoid this situation.
👉 Tips for a great elevator pitch
Testing your idea
The steps for testing your idea
Is your idea or concept likely to succeed? Do you want to see if it can form the basis of a viable business?
👉 Discover the do's and don'ts
Business plan & financial plan
The different revenue models
The revenue model describes how you generate income as an entrepreneur or cultural organisation.
What are the revenue streams that drive your organisation's sales, both now and in the future? The revenue model is a crucial part of your business model and serves as the cornerstone of your financial plan.
As a cultural entrepreneur, you might not fully recognise or feel comfortable with the term "Revenue model", as you may work from an artistic ambition or mission and not want to reduce value (solely) to financial terms. As a cultural entrepreneur or organisation, you might navigate your way based on of your artistic identity, ambitions and audience preferences. However, creating a sustainable income from your activities is essential if you are to make a living from and continue your work, so the key question is: how can you generate income from your activities?
Here are a few examples of traditional and less traditional revenue models. They might inspire you to look at your income differently.
👉 Discover the different models
Permits, regulations & obligations
When you start up or develop a business, you often need a permit, certificate or authorisation such as an environmental permit, urban planning permit, permits for particular activities, and suchlike. In this guide, we will explain all of the permits that you need as a business owner.
👉 Find out which permits you need
Who can help me ?
