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The Business of Creativity�

Can I make a career as a creative?

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Day 5�

SWOT Analysis

Helping to plan and make SMART decisions

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If we simplify, a business is…

…a commercial entity that must:

Sell a Product or Service
Use Marketing what you do – make sure as many of the right people know about what you are doing
Manage Financial tasks - making (and spending) money – make more than you spend
Manage People / Customers / other business – the people (or companies) who you want to sell to, buy things from or employ/partner with.

A business is a commercial activity where a product or service is exchanged for

— a real an item that solves a specific problem and is easy to describe – it is easiest to sell something people need

— a market for the product means people need it, want it and get it. It’s best if there’s already proof that demand for it exists.

— the owners must have enough money available to keep funding the business while it’s in startup mode. (Many businesses fail because they run out of money and underestimate the time it takes to get their product in front of the right buyers.)

— execution is everything. Ideas are cheap. It’s the action that follows them that makes a business work. A business can have all the three above and still fail without people who are tenacious, curious and ready to carry out under all kinds of circumstances.

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Some (necessary) JARGON

Low cost + High income = High (profit) margin.

We are often trying hard to keep costs low

We are also trying to increase income by selling products.

Lots of products at low cost OR few products at a high cost

Basic financial success is making profit…

You want to make sure your profit margin is as high as possible and this will mean your profit is high

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What is Prospecting?

It is the process where you think of new or creative ways to help you and your business to survive and succeed.

This is not always the most normal or obvious ways of finding new business.

Identifying new potential customers. Finding people/companies to buy your products (artwork)
Finding companies to build a mutual partnership with an agreement that you will both get a benefit from without it always being financial.
Find a gallery and seek their advice and ask about if or how they support young emerging artist? Are there any specific exhibitions coming that you could join?

You can benefit a lot from something as simple as a well-planned email to the right company or a well re-searched visit to a gallery.

If you don’t ask you won’t get.

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Writing the magic email (this is not magic)

Make a simple but personal opening.

Introduce yourself.

Tell a little bit about who you are and why you are contacting them

Explain why you could benefit their success

Explain what you can offer them in exchange for…

Ask to meeting over Teams or in person if they would prefer.

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What is the #1 rule?

Ask.

“If you do not ask you will not get”

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There is always an angle

If you want something enough, there will be some way of doing it. It might not be easy and it might not be quick but it is possible.

I genuinely believe that (almost) anything is possible.

BUT, how do I organize myself? How do I work out what to do next?

We will talk about how to analyse and plan some of your first steps using SWOT and SMART analyses.

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Set a simple goal

Using short and long objectives can help you plan what to do next.

Make a simple plan. Stick to the plan… unless something big changes.

Remember Failing to prepare is preparing to fail

Make small steps. Remember, the journey starts with one step.

Be kind to yourself and be patient with your progress

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What are my objectives?

Short time objective

I want my business to survive from the money it makes.

Medium time objective

I want to exhibit and sell enough of my work to be able to grow my business

Long time objective

I would like to be recognized as a sculptor/artist and create large-scale, site-specific sculpture/installations

I would like to open my own sculpture gallery maybe as a sculpture park.

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What is my objective?

I admit that mine change with life but its core stays the same

I would like to be a successful artist.

How do I define success?

I am successful if my company is self-sufficiency by selling artwork (products) or consulting on the art industry (service)

I would like to be able to pay myself a salary that my family could survive on.

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What is success?

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Can we be SMART about what we are doing?

Specific – target a specific area for improvement.

Measurable – quantify or at least suggest an indicator of progress.

Assignable – specify who will do it.

Realistic – state what results can realistically be achieved, given available resources.

Time-related – specify when the result(s) can be achieved.

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SWOT Analysis - simple way to plan a (business) decision

Strengths

Weaknesses

Opportunities

Threats

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SWOT Analysis - simple way to plan a business decision

Strengths and Weaknesses

These are internal to you or the company – things that we have some control over and could change

Examples

Strengths – highly motivated, a clear vision, having strong technical skills, adaptable, creative thinker

Weaknesses - Unmotivated, shy, introvert, lacking goals, don’t like working in teams, I am not a leader, not good with numbers.

Strengths

Strengths are internal, positive attributes of your company. These are things that are within your control.

What business processes are successful?

What assets do you have in your teams? (ie. knowledge, education, network, skills, and reputation)

What physical assets do you have, such as customers, equipment, technology, cash, and patents?

What competitive advantages do you have over your competition?

Weaknesses

Weaknesses are negative factors that detract from your strengths. These are things that you might need to improve on to be competitive.

Are there things that your business needs to be competitive?

What business processes need improvement?

Are there tangible assets that your company needs, such as money or equipment?

Are there gaps on your team?

Is your location ideal for your success?

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SWOT Analysis - simple way to plan a business decision

Opportunities and Threats

Things that are going on outside of the company in the wider world.

You can take advantage of opportunities and protect against threats, but you can’ change them

Examples

Opportunities – increased funding available, free education, time, growing art market, growing independent opportunities, games industry

Threats - Highly competitive, hard to make a consistent income, not well perceived by older generations, raw materials are expensive, customer trends are hard to predict

Opportunities

Opportunities are external factors in your business environment that are likely to contribute to your success.

Is your market growing and are there trends that will encourage people to buy more of what you are selling?

Are there upcoming events that your company may be able to take advantage of to grow the business?

Are there upcoming changes to regulations that might impact your company positively?

If your business is up and running, do customers think highly of you?

Threats

Threats are external factors that you have no control over. You may want to consider putting in place contingency plans for dealing with them if they occur.

Do you have potential competitors who may enter your market?

Will suppliers always be able to supply the raw materials you need at the prices you need?

Could future developments in technology change how you do business?

Is consumer behavior changing in a way that could negatively impact your business?

Are there market trends that could become a threat?

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Could I do a SWOT Analysis of myself?!

Strengths
Weaknesses
Opportunities
Threats

Strengths	Weaknesses
People like my work Determined – there is always a way Semi-Skilled Adaptable I live in the right place – Fiskars loves wood I have the tools I have a few good partnerships I have a part time job I like Some success already I have a good business understanding Some galleries are interested I have LOTS of (good ideas) I LOVE the Visual Arts deeply My business knowledge of Finland is growing People enquire 1 or 2 very large projects in the pipeline I am very good at prospecting I am good at presenting	To be an artist in Finland you need to have an Art Degree Finnish artists are prioritized Time – I just don’t seem to have enough time Energy – I am tired at the moment Money – not enough cashflow to self-fund larger projects Other artists are better My artwork is sometimes expensive Some of my art is big and heavy People are scared to buy sculpture Most of my customers are not in Finland or Europe I need to finishing more pieces Technical knowledge Not much access to exotic woods in Europe I do not have a Van I do not dedicate enough time to making – too much admin Easily distracted I am not a great negotiator Confidence in myself is sometimes low

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Could I do a SWOT Analysis of myself?!

Opportunities	Threats
The art industry is changing – less reliance on big institutions – more ‘second tier’ galleries Online exhibitions Lots of funding opportunities in Finland/Sweden Many online sales galleries/portals Surrounded by artists Possible collaborations with other local artists Public Art is very popular at the moment Public Art often has money or good funding Fiskars Sculpture Park – I will make it. I am sure of it More ‘non-conventional’ sales opportunities – when I look for them Low operating costs – I have my own workshop	I am just one person in a VERY competitive industry No email list of clients or interested people Reducing exposure due to social media platform changes I have a small target audience Finland is cold Materials and tools and life is expensive Shipping costs a lot UK is not part of Europe any more – clients have to pay additional taxes I will run out of money before I make my next sale Sometimes it is just too hard and I give up War

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Can WE do a SWOT Analysis?!

What would you like to analyse?

We can do an analysis on VNF or Karis or Nordic Art Industry?

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Can WE do a SWOT Analysis?!