The brilliant team at Farillio have written a guest blog for Federation members about the 4 essential things every creative business owner needs to know:

April 26, 2019

4 Things Every Creative Business Owner Needs To Know

When you’re starting a business, it’s easy to imagine spending your entire working week being totally creative…

… working on projects that excite you and inspire you, spending each day doing work you’re passionate about…

… doing the very thing that you started the business to do…

And, of course, that’s mostly true.

But a major part of running a business is exactly that… running the business. Sorting out and maintaining all the niggly aspects that keep your business strong and protected.

But the good news is… while sometimes niggly, many of things that strengthen and protect your business are actually really rather simple when you know how.

Here are 4 to start you off:

  1. You have valuable intellectual property, and it’s so important that you protect it.

In some businesses, intellectual property is obvious… for example, a photographer’s photographs or an author’s manuscripts.

But even if you don’t actually produce anything like that, you still have intellectual property. If you have a business name, you have IP. If you have a logo, you have IP. So many aspects of your business count as precious IP to your business.

Whether a copyright, a trade mark, a design right or a patent, there are ways you can protect your IP from being copied, stolen or shared by anyone else.

What’s more, you can make money from your IP by licensing it out to others – and all the guidance and templates you need are available at Farillio, including our introductory guide to IP, guidance on learning who IP belongs to, how to value your IP, how to enforce your IP, and more.

  1. There are tons of financing options available to small businesses… explore them!

While your own cash is typically the first source of financing your business, there’s lots of ways you can add to that money pot… from grants and vouchers to crowdfunding and loans.

But finding the right funding option for you is key – and Farillio’s guide to funding and finance options for small businesses is ideally placed to help you.

  1. But whether you get outside funding or not, it’s super important to manage your finances and consider accountancy support.

The level of accountancy duties you have as a business owner depend on what type of business model you choose – but, whichever way, all business owners have a number of responsibilities when managing their finances.

You might decide to hire an accountant to help – we use Boffix at Farillio, and they’re fab. In fact, they feature in our video tutorial to setting up a limited company, explaining everything from choosing a business bank account to filing your accounts.

  1. No matter how creative your business, many of the same laws apply – get yours compliant.

Many businesses, particularly small creative businesses, may see legal aspects as something that isn’t applicable or as relevant to them as the larger corporates.

But, even simple things such as the way you use your website, the wording you use in your contracts and invoices, and the process you hire and pay people to help you, and the manner in which you email people are all subject to UK laws that must be complied with.

Our guide to legal website requirements, guides on GDPR (the UK data protection legislation), the invoicing with success guide, our step-by-step superguide to hiring an employee have plenty of easy-read guidance for you to follow.

So there you have it! 4 key things every creative business owner should know about to keep their business strong and protected: IP, funding options, accountancy and legal duties.

And there’s heaps more to know too… and we share even more over in our resource library – helping you protect and strengthen your business through many steps of its journey. Take a look over at farill.io to discover more.

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Farillio are not your average legal service. They provide all the legal documents and advice you need to grow your business from as little as £8+VAT per month. They provide real-time collaboration with experts in an easy, affordable and fast way. That's why we're partnering up with them to provide our members with 10% off their service with the code CIF19.

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