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Michael Jacobsen Hviid. The Business of Creativity
Publishing details
About the author
With thanks to
Preface
Introduction. A passion for business
Creative business
A move into mentoring
When business and creativity collide
CHAPTER 1: Curtain Up, Getting Started In Business. The Ingredients for Success
Checklist of ingredients for success
A Sound Footing for Your Business
1. Have courage in your vision
2. Assess the need
3. Coach, mentor or friend
CHAPTER 2: How To Set Up Your Business
Vision, Mission and Values
Vision statement
Vision statements of famous brands. Avon
Nike
Brighton and Hove City Council – Music and Arts
Disney
BBC
McDonald’s
Toys R Us
Kraft Foods
Mission statement
Example mission statements. Starbucks
Saatchi & Saatchi
Coca-Cola
BBC
Tesco
eBay
Google
Classy Tickets
Topshop
Jamie Oliver
James Dyson
Values statement
Values statements of large companies. Microsoft
Google
Marriott
PayPal
Craigslist
Dirty Dancing theatrical production
Vision
Mission
General admin and tax (the boring stuff)
VAT
Income taxes
National Insurance
Business insurance
Accounts payable and receivables
Credit with suppliers
Research
Market research
Business name
Financial plan
Start-up costs
Expenses
Sales targets
Strategic research
Quick research tools. PEST
SWOT
Choosing a Business Structure
Sole trader
Partnership
Social enterprise
Private limited company
Business Systems
1. Franchise
How a franchise works
Focus on creative sector franchises
MANGO
Gloria Jean’s Coffees
The master franchise arrangement
2. Licence agreement
3. Joint venture
Focus on Live Nation Entertainment
4. Merger
Focus on Live Nation
Buying a Business
Focus on the Capitol Theatre, Sydney
Buying process from a start up perspective. Finding
Funding
Valuation
The business plan
Timetable for acquisition
Starting a Creative Sector Business at Home
notonthehighstreet.com
How notonthehighstreet.com works
Jamie At Home
The Pampered Chef
ETSY
Forming Bands
CHAPTER 3: How To Grow Your Business. The biggest mistakes when starting a business
1. Undercapitalisation
2. Believing others will automatically fall in love with the business
3. Bad advice
4. Trying the same strategy and expecting a different result
5. Business with partners
6. Thinking you are bigger than the market
7. Growth that is too rapid
8. Being controlling
9. Not paying on time
10. Having a selective focus
How to Write a Business Plan
Critical items in a business plan. Products and services
Competitive advantages
Operational plan for legal matters (IP and other legal considerations)
Management and organisation
Macro-economic analysis
Competitive analysis
Financials
Fundraising. For bankers and lenders
For angels
Appendices
Other information to include
Digital media companies
Proof of Concept
Marketing
Distribution
1. Product
2. Price
3. Place
Options for routes to market
4. Promotion
USP: unique selling point
Focus on The Bakery
Branding
Branding tips
Competitive advantage
Innovation strategy for digital media
Focus on a show business marketing Tsar
Focus on Spotify
Social media
Facebook
LinkedIn
Twitter
Flickr
YouTube
Google Analytics
The core of marketing
Legal tips
Key legal considerations for new business ventures
1. Protecting ideas
2. Risk management
3. A marriage of equals?
4. Put it in writing
5. The “A” Team
6. On good terms
7. Marketing and advertising
8. Premises
9. Avoid personal guarantees
10. Keep your customers satisfied
11. Handle data with care
Focus on SingOn — a foreign start up
CHAPTER 4: Finance And Funding
Financial Ratios
Working capital ratio
Quick ratio
Price-to-earnings ratio
Debt-to-equity ratio
Return on equity
Gross profit margin
Financial Statements
1. Balance sheet
2. Cash flow statement
3. Profit and loss statement or income statement
Understanding financial statements
Day-to-Day Finance
1. Keep an eye on expenses
2. Understand accounts receivable
3. Know the sources and applications of your funds
4. No one knows your business like you
5. Keep your long-term plan in mind
Sources of Funding
Family and friends
Angels
Focus on an arch angel
Venture capital
Focus on Octopus
Focus on Ingenious
Focus on Passion Capital
Private equity
Focus on Oakley Capital
Other Funding Channels for the Creative Sector
Start-Up Loans
School for Creative Startups Angel Society
Focus on SEQ Futures
Focus on PROfounders Capital by Oakley Capital
How to Pitch for and Raise Money
Pitching hints
Why a pitch may fail
Why a pitch may succeed
How to Take On an Investor and Manage Them
Tips for managing the investor relationship. 1. Foster the relationship
2. Maintain trust
3. Report regularly
4. Keep them passionate
5. Have a clear chain of command
6. Have regular board meetings
7. Don’t waste their time
8. Have a shareholder agreement
What to include in a shareholder’s agreement
CHAPTER 5: where to find support
UK Trade & Investment (UKTI)
National Association of College and University Entrepreneurs (NACUE)
British Library Business & IP Centre
Creative Scotland
Create Wales
School for Creative Startups
Enterprise Nation
StartUp Britain
British Council’s Young Creative Entrepreneur (YCE) Programme
Fashion Angel
Tech City
Directory
Accelerators
TechStars London
Accelerator Academy
Wayra Academy
CHAPTER 6: psychological mastery
Tips for Psychological Mastery. 1. Stay positive and passionate
Negativity of family and friends
2. Time management
3. Ongoing education
4. Understand yourself
5. Model others
6. Energy and health
Human Performance Institute
7. Clear thinking
8. Be flexible
9. Go the other way
10. Health at your desk
Fitness and Psychology
Focus on creative sector entrepreneur Paul Manley
Focus on Amanda McGregor
CHAPTER 7: What To Do Next
Combining it with Your Job
Get the right day job
How do I find time and energy?
Undertake research
Talk to your boss
Marketing
Compliance
Legal and moral considerations
Check on contractual matters
Keep an eye out
Doing it from Your Spare Room
1. Create an oasis
2. Self-discipline and boundaries
3. Spend your time carefully
4. Look the part
5. Good IT arrangements
6. Home office tax
7. Home office insurance
Looking after employees in the workplace
8. Be comfortable
Making the Break – Going It Alone
How will I know the time is right?
What Do I Do and How Do I Do It?
A fee-for-service videographer
A product-based game or app designer
Advertising and media
Arts and crafts
Fashion design
Music and performing arts
Publishing and e-publishing
Some Inspiration
DASH magazine
The concept
Vision
Nomoi. What is the reason the company exists?
Inspiration
The brand vision
What the brand stands for
Unique selling point (USP)
CHAPTER 8: Famous British Success Stories
Simon Cowell – TV producer
Sir James Dyson – industrial designer
Harvey Goldsmith C.B.E. – music promoter
Sir Philip Green – retailer
Nigella Lawson – homemaker, chef, author and TV personality
Stella McCartney – fashion designer
Sir Cameron Mackintosh – theatre producer
Tamara Mellon O.B.E. – accessories designer
Kate Moss – model
Elizabeth Murdoch – TV production company
Jamie Oliver M.B.E. – chef and TV personality
J.K. Rowling O.B.E. – author
Charles Saatchi – advertising
Michael Acton Smith – game creator
Sir Paul Smith – fashion designer
Lord Webber – composer
CHAPTER 9: Words Of Wisdom
Next Steps
Concluding Thoughts. How to become a professional business person without losing your creative streak
Business books from Harriman House
Business Reimagined: Why work isn't working and what you can do about it
From Vision to Exit: The Entrepreneur's Guide to Building and Selling a Business
How To Become A Business Angel: Practical advice for aspiring investors in unquoted companies
Refreshingly Simple Finance for Small Business: A straight-talking guide to finance and accounting
Selling Your Technology Company for Maximum Value: A comprehensive guide for entrepreneurs
Spin-Outs: Creating Businesses from University Intellectual Property
