In the last few decades, the creative industry has become a rapidly growing economic sector in Indonesia. This can be seen from three things, namely the increase in the number of digital startups, the increasing diversity of online media, and the proliferation of content creators in cyberspace. Meanwhile, from the figures, the creative industry contributed around IDR 1,211 trillion to total state income in 2020.
Well, one of the factors that makes the creative industry grow more is technological progress. Technology enables creative industry players to create more creative and innovative products. They can also reach a wider global market through various digital platforms. Thus, anyone has the same opportunity to do business in this sector.
So, are you interested in getting into the creative industry now? Maybe this is the right moment for you. But before discussing the steps you have to prepare, it's a good idea to understand what the creative industry is, including the various challenges you may face.
Judging from its meaning, the creative industry refers to businesses that originate from the use of individual creativity, skills and talents to create prosperity and empower creativity and inventiveness. Meanwhile, according to the Indonesian Ministry of Tourism and Creative Economy (Kemenparekraf), several sectors are included in the creative industry, including architecture, interior design, music, TV & radio, product design, visual communication design, fashion, photography, crafts, animation, performing arts, and many more.
Of the various existing fields, the Ministry of Tourism and Creative Economy said there are four subsectors that are considered to have the fastest growth, namely TV and radio; animated films and videos; performing Arts; and visual communication design. All four offer great potential both in terms of product enthusiasts and service users.
Even though it offers various opportunities, the creative industry also has a number of challenges, such as increasingly fierce competition. Therefore, creative industry players are required to be able to create products that are more creative, innovative and of high quality in order to be able to compete in the market.
The following are some tips that you can try as a first step in building a business in the creative industry.
As a business person in the creative industry, the first thing you have to learn is to research the market and the latest trends. This will help you create products that suit market needs and demands.
Also make sure to keep up with the latest technological developments and adapt to changes that occur. If you are able to see opportunities well, then your business can be superior to other competitors.
Running a business without a plan is the same as planning to fail. Everything you do becomes less structured and can even become messy. That's why you must have a plan for running a business.
You can create a business plan starting from determining the target market, sales and promotion strategies, to preparing a budget. Apart from that, make sure your business plan is interesting to execute. As Pip Jamieson, founder and CEO of “The Dots”, said, “Getting your team excited about the business plan is key to its success.”
Brand is one of the most important components in building a business, especially in the creative industry. Look for ideas and create a mature concept to create an attractive and unique brand so that people can easily remember it.
To make it easy for people to remember, try to determine a specific business niche that suits your skills. Then focus on a specific type of product and build a reputation as a specialist in that area.
It cannot be denied that technology and digitalization are a necessity in the current era. You can start taking advantage of it by using websites and various social media. If you have built a website for your business, congratulations you are on track! However, it is not enough to build a website, you also have to be able to manage it consistently so that the website is active and able to follow the latest trends, for example from UI/UX to the content in it.
Just like websites, social media also needs special attention from you. Apart from Instagram, which has long been a favorite of creative industry players, you can also try TikTok, which has been on the rise recently.
Business in the creative industry relies heavily on networks or relationships. Try to build good networking with clients, investors and business partners.
Participating in creative industry events or communities can help you expand your network and introduce your business to relevant people.
Try to pay attention in the last few years, many businesses have started to close down. Apart from the pandemic and global recession, one of the causes is actually improper financial management.
In any business, good financial management is the key to building a successful business, including in the creative industry.
Always pay attention to cash flow and make sure your business generates sufficient profits to sustain business continuity. Don't depend too much on capital from third parties or investors because there are many examples of companies that have had to 'say goodbye' because they have not been able to make a profit.
That's an explanation of the creative industry and some tips that might help you get started in it. Building a business in this industry requires hard work, persistence, creativity and innovation. Good luck and enthusiasm!