B. Units 1 & 2 (t8) - Other considerations for business

 

Task 8 - Other considerations for business

Funding within the Creative Industries (England):

·        Arts Council England – focused on arts, museums and libraries, theatres, dance, publishing, music, literature. Maximum grant of 100,000. Awarding funds from the National Lottery. Governmental funding received from DCMS (Department for Culture, Media and Sport). Funding available at all times.

·        Creative England – supports the country’s diverse games, TV, film and digital media, music, creative tech, fashion and publishing. Offers interest-free business loans of up to £200,000. Funds given through their Creative Growth Finance Debt Fund, which uses funding with partnership with Triodos Bank UK. 

SOURCE - creative-industries-routes-to-finance.pdf (thecreativeindustries.co.uk)                                                         Creative Growth Finance - Creative England Creative England

Insurance 

• Insurance for Music, Events and Event Production - includes the financial cover of theft of equipment while onsite or in transit, public and products liability, cancellation and non-appearance and worldwide travel insurance. 
• Media, TV and Film - covers for technical equipment, hired equipment, cast and crew cover, props, set and wardrobe, employer's and public liability, professional indemnity, faulty stock and travel insurance. 
• Theatre and Arts - covers for technical equipment, cancellation and non-appearance, hired equipment, cast and crew cover, props, set and wardrobe, employer's and public liability, professional indemnity and worldwide travel insurance. 

SOURCE - Creative Industries - Vista Insurance Brokers Ltd

Working from Home

In the UK (April 2020), about 90% of creative industry workers worked from home. Obviously, there is also the pandemic to thank for that, as many non-creative industry workers were also encouraged to work from home. However, there are multiple issues to consider. When working from home, you may be faced with more interruptions if living with others. As well as this, you may be lacking equipment which is either in the office or elsewhere. As most creative industry workers are classified as self-employed, there is also funding to consider, which can drastically affect how your business is still up and running. Other industries such as theatre will also be affected, as they require in-person interaction and performances. This can be prevented through the use of online streaming though, with social distancing measures considered. However, as most creative industry workers work from home, the pandemic did not stall their work as it did to other working industries. The main thing is to keep up-to-date with customer demand and preferences, while still relating to them strongly as they may now also be in the same situation.

SOURCE - 90% of the creative industry is working from home (creativepool.com)

Business Rates 

Business rates are charged on almost all non-domestic properties, which are used for activities other than residential living, such as factories and pubs. Business rate bills are usually sent off in February/March for the following tax year. However, there are some exemptions to business rates, including agricultural buildings and churches. Business rates are calculated based off of the property's 'rateable value', which is the open market rental value provided by the Valuation Office Agency (values come from open market price in April 2015). 

SOURCE - Business rates - GOV.UK (www.gov.uk)

Geography, Transport and Accessibility

It is not overly important where a creative business is based due to the fact that the invention of the internet has opened up plenty of opportunities for the industry. This means that workers from different countries can still travel and interact with clients and or/co-workers, as no geographical barrier is posed. However, as the UK is the leading country for the creative industry, it is the place to be for that type of work. Therefore, creative workers from other countries may find that travelling to the UK – the heart of it all – would benefit them more. Alternatively, in the case of theatre workers, they would obviously need to be based in a theatre; or musicians, who may prefer to be based in a studio to limit their travel if they were dependent on a studio elsewhere.