The key to making creative business ideas work is to know how to effectively run the business and be creative at the same time.
Often, highly creative people can be extremely motivated to engage with their clients about the creative aspects of their business.
But there's the rub: you have to remember that it's also a business you are running.
But the thing that has always distinguished my businesses from others is that I have been able to keep the bank manager happy at the same time.
Of the three of these it's amazing how many creative businesses overlook the cashflow issue.
This is an amazingly powerful tool and works particularly well in a creative business because, by definition, a creative business is usually taking some real goods furnished by a supplier and turning them into a creatively engineered product.
This ensures that your cash flow is even better because you are getting money in before you've even had to commit to a supplier to give you the raw goods.
One thing that is worth keeping in mind, however, is that when you do this the customer deposits should show up in your balance sheet as a liability rather than an asset.
This is because you have actually committed to providing them.
Once the creative project is finished the cash transfers from a liability to an asset on your balance sheet and if you manage your cashflow correctly you should be even richer as well as creative.
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