Task 8: Other considerations for businesses

 Finance- there are a handful of ways to get funding in the creative industries. There is funding from yourself (self-funding), which is when you use your own money to start up your business, most people are usually unable to do this as creating a business of any sort will cost quite a lot of money... unless you get help from family and friends, which is how most business start up, the majority of business entrepreneurs start up with their own funding, and help from loved ones. Then, there is a loan from the bank, which I believe is very likely one of the most common ways of funding a creative enterprise. Then, there is also funding from a private company which is when that private company lends money to other similar business usually for a sum of the income which that said new business may make in the future. Relating to my creative enterprise, crowd funding is a great way to start a project/ venture or even a business, as people will want to see shows at the theater. So, you'd hope that your potential audience would pay a small amount of money each and then fund your business for you.

Insurance- when it comes to the creative industries, there are many insurances which exist. For one, there is Profession Indemnity Insurance, which is for small business which provide a professional service. The insurance covers you when your service fails to meet a clients expectations and that said client decides to make a claim. Another type of insurance is Cyber insurance, which is for making sure to keep your data secure and prevent any hacker targeting you. Lastly, relating to my business, is Education Insurance, which focuses on possible claims by students or parents, things such as if their child is injured in class or fails a test and blames the teacher.

Working from home- working from home can be easier for some people, as they get to remain in the comfort of their own home. But, as a result of this you will likely be able to claim for tax relief. This has become very popular recently due to Covid. The tax relief focuses on heating, metered water bills, home contents insurance, business calls or a new broadband connection.

Business rates- these are a tax on business properties. This is how people who own non-domestic properties contribute towards the cost of local services.

Geography, transport and accessibility- in the creative industries, distance is less likely to have as bad effect as any other industry, as in some sectors of the creative industry you can work from home. Either way, being a long distance from your employees and potential customers will always be a negative thing, as it makes it harder for everyone to do most things, such as meet up or anything in person really. Like, for example, with my performing arts school, no ones going to want to drive an hour to get there, some might but it wont be ideal.