A creative talent takes decades to nurture and develop, and so when you have the opportunity to turn that into a career, the prospect of opening a business is exciting. However, the decision to open a business shouldn't be taken lightly. According to magazine Entrepreneur, 1 in 3 businesses fail within a year, and 1 in 2 within 5 years. The market for digital creative design is fiercely competitive; any would-be entrepreneur should plan carefully and ask the right questions before taking the plunge.

Digital Illustration Process by tubik

Can you finance it?

Out of all the reasons a business can fail, cash flow is one of the most significant. According to Forbes experts, 29% of all business failures are down to money problems. The most pertinent question to ask yourself, then, is whether you can finance your business. There are a number of viable ways in which to secure finance. In the digital age, many businesses will also choose to crowdfund using online platforms. This can be especially effective for the digital arts, where platforms such as Patreon provide you with a way to incentivize investment. Alternatively, your own money can be deployed. Personal assets will cost you less in the long run, but you need to be prepared to take the hit. Business and personal loans can offer lines of credit and when managed carefully can be an excellent financial boost for a new business.

Do you have a niche?

Creative design often prospers in this environment provided by digital business. By definition, your product will be unique; internet users will go through dozens of artists before commissioning art, for example. However, it's important that your products have the appeal to rise above competitors while not remaining too niche to attract consumers. Even if you have found your niche and your business has an opportunity to grow, future growth can be impeded if there are other, strong competitors in the market, according to the Harvard Business Review. Address this balance by constantly evolving. Don’t let your products stay in any one place, and keep a buzz around your work by finding new angles and ideas. Having a scholarly pursuit of your creative design field helps here by allowing you to pre-empt trends and look for new developments in the design world.

Planning your execution

If you have finance and the information that shows you have an angle on your market, it will be time to execute your business. Ensure you register your business properly; as legal experts Lexology note, it can be extremely bad news for your business to skip over even one important document. Make sure you have infrastructure in place, for instance payments systems and customer feedback. Finally, make a buzz. Marketing is absolutely crucial for a new business, and the advent of social media means you can conduct much of it on your own terms -with good reach. Instagram and YouTube lend themselves natural to creative arts, making easy and accessible ways to promote yourself.

A new business is always exciting, but it’s folly to rush in head first. Be careful, consider all of your options, and plan well ahead of a proposed launch date. With diligence and proper research, you can set up a business and be confident of its success.