Focusing on the financial aspects of the entertainment business this month, I found an article that proves very helpful for anyone considering starting their own creative business. Personally, I plan on being a freelance service provider, so Bob Koch's, "The Business of Creative Services" had valuable information for me to keep in mind.
Koch mentioned sales as being one of the more important aspects of entrepreneurship. I've told many people before, as well as wrote in this blog, about the differences and sometimes complications of people in the entertainment business that are strictly of creative skill, and those that are strictly of technical skill. It's not often mentioned in trade publications the business-minded individual. You want to sell your service to as many people as you can, which may be more difficult if you're your own business and trying to beat the well-established, go-to guys out in the business. I cannot emphasize the importance of networking enough in the entertainment industry. Koch suggests you, "evaluate the client roster on a regular basis. Provide attention to solid clients both in production as wells between project. And consider parting ways with high maintenance, low-margin clients." Once you get yourself out there, it's just as important to maintain contact with these people in your industry so they don't forget about you. To make sure you're not being taken advantage of, cutting that high-maintenance, low-margin client will only benefit your profits…and your stress level.