Other considerations for businesses (Task 8)

  • Finance - what sources of funding exist within the creative industries?
Depending on what type of creative industry you work in there is different revenue streams that can be accessed. A simple way anyone can get some money is by taking a loan out, if the loan is taken out as part of the company the bank might ask for certain assurences that can sometime be hard to prove. There is then organisations like the BFI that have access to a certain amount of funds a year that they could distribute to you to make a certain production, along with creative england who like to invest in the upcoming talent. If your film production can be fully classed as being british it can mean you can gain access to the UKs film tax relief which could help lower overall costs of a production.
  • Insurance - what types of insurance exist for the creative industries?
Professional Indemnity Insurance, this will cover you in the event of a client not being happy with something. The insurence covers you even if you our found to have done wrong and will cover the costs of any heraings.
  • Working from home - what are the considerations?
Business rates dont aplly if you work from home unless employes work from your house or your physicaly seelling products to people in person.
  • Business rates - what are they?
Business rates is a statutory tax that is set by central government, it applies to people who our responsible for commercial property and is collected by the local council. Business rates our calculated by the 'rateable value' of a property. If your business is valued below a certain amount business rates may not be a worry as you might be eligable for reliefs.
  • Geography, transport and accessibility - does it matter where a company / organisation is based? Does distance matter?
When deciding to setup a business its a good idea to evealuate where most of your work might originate from for example london has a high amount of creative companys due to its world wide access. Depending on what you offer as long as you have an easy way to travel to areas that your company needs then your fine this could be by train or car.

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