(BPT) - The creator economy has revolutionized the way individuals monetize their content, skills and passions. To thrive in this dynamic landscape, creators must adopt strategies that enhance productivity, streamline financial management and foster engagement.
There are more than 50 million artists, musicians and creators who are publishing content full or part time[1]. But creators face the same challenges as small and medium-size businesses: macroeconomic uncertainty, lack of timely access to working capital and competition from established players. To overcome growth hurdles, Visa recognizes creators as small businesses, unlocking access to Visa solutions that will help them grow with ease. Here are three pivotal tips for success in the creator economy.
Get Paid Faster to Help Cash Flow
Break free from slow payouts hindering growth. Many leading social platforms now offer real-time payments to creators. This means creators spend less time waiting for their earnings, improving cash flow and reducing reliance on pending transactions. Yet more than two-thirds of creators cite slow payments as a barrier to growth.
Fast access to earnings also enables creators to make timely financial decisions, invest in growth opportunities and manage expenses effectively. Visa Direct is addressing slow payouts through collaborating with social media networks and marketplaces to help creators get payouts in real-time[2] to their eligible card.
Utilize Small Business Tools for Streamlined Operations
Bridge the gap between creativity and commerce. Tools like project management software, accounting apps and social media schedulers automate tasks, freeing time for creative pursuits.
It's not just social media tools that help creators grow - it's also business tools built specifically for small businesses. Creators have not always had access to these financial products and solutions, but that is changing. Acknowledging the impact of creators on the digital economy, Visa is recognizing creators as small businesses. Creators can easily and securely pay and be paid with Visa's products made available through its clients to small businesses worldwide.
"Creators drive the digital economy. We're proud to empower their growth through financial inclusion," says Jonathan Kolozsvary, Global Head of Small Business at Visa.
Utilizing business tools enhances credibility, ensures timely deliveries and maintains organized records for tax purposes and financial tracking.
Foster Authentic Engagement for Loyal Communities
Interacting genuinely with the audience builds trust and loyalty, encouraging consistent support and word-of-mouth promotion. Creators should leverage engagement metrics to glean valuable insights into audience preferences, guiding content creation and business strategy adjustments.
Another way creators can build authentic relationships is by brand differentiation - distinguish yourself from competitors, securing a loyal fanbase that advocates for their work.
By incorporating real-time[3] payments, leveraging small business tools and cultivating genuine audience connections, creators can solidify their presence, ensure financial stability and drive sustainable growth within the creator economy. Join Visa's creator-focused initiative. Explore how Visa is supporting this new wave of creators here.
