There is no magic A + B = Successful Business formula(if only) and turning your creativity into money is always tricky because art is so subjective. In my day job (working for an enterprise agency) and from my own experience, here are my Top Ten Tips (in no particular order):
1 - Do it for passion not money
The moment you do something you don't like or object to, the moment you loose motivation. It's difficult to sell something that you don't believe in
2 - Be realistic
Let's not kid ourselves, for every artist who makes it big there are 10 thousand of us struggling to make ends meet - have a backup and don't expect to become a millionaire
3 - Think like a business person
Artists often get trapped in the 'I'm an Artist not a Businessperson' mindset (myself included). But turning your creativity into a business means thinking of it as a business, and until you do, you'll never make a living out of your art
4 - Don't give up too soon
These things take time. You'll chip away and chip away at it. It's not unusual for a business to make a loss in the first year. Be patient, success is like buses; you wait for ages and they all come along at once
5 - You don't know what you don't know
Get advice, get support, get a mentor, get training - get something - never be afraid to ask for help.
According to a Federation of Small Business report (http://www.fsb.org.uk) one of the main reasons businesses fail in the first year is that people don't seek advice, support or training. I don't mean a 'business studies qualification', they are a world away from practical self employment support
6 - Don't try to rush
Lay the foundations, do plenty of market research and allow yourself breathing space. It won't happen overnight, and if it does, that's unsustainable. Take your time, break it into small steps and get it right first time
7 - Cash Management
If you can possibly avoid starting out without borrowing money, that's a bonus, otherwise you'll be constantly chasing your tail to repay debts. Be sensible with your money and make sure you have money in the bank to pay any unexpected bills. For ever £1 you make, put 30p aside in a savings account as a contingency and tax fund.
Remember: a sale is only a sale when you have the cash in you hand.
8 - Assuming makes an ASS of U and Me
Research, research research. NEVER assume. Just because you like it doesn't mean it will sell. Find out, specifically, who your customers are and talk to them - you'll be amazed what you learn from them
9 - We have 2 ears and 1 mouth
Listen to what people tell you. Listen more than you talk
10 - You don't get something for nothing
Don't go around touting your wares to all and sundry, offer something. Offer freebies, offer advice, offer time, offer skills - anything - but always offer something (not necessarily money) if you want something from someone else.
Happy hunting!
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