How to start an art business today: Business essentials for artists
If you are a creative person sooner, or later you will want to release your art into the world. For many artists, turning your passion into a successful business is a dream come true. But the idea of starting a business can also be a pain point for many.
How to get from here ⬆️ to here ⬇️
So many questions and unknowns: What to do, where to start, who do I approach? Who will buy my art? Where do I sell? Am I ready to sell? So how to start an art business today? Not going to lie, it can be quite overwhelming thought if you do not know all the steps. Establishing and growing an art business requires planning, dedication, and a strong understanding of the essentials. Luckily, this guide to How To Start An Art Business is all you will need and it will provide manageable tasks, one by one.
When I started my art business, I approached it from a completely opposite worldview. I came from the business into the art world. I began my art business journey from a point of a manager who decided to finally step into their creativity and do it for a living.
I've done it the other way around and I can reassure you, the road between these worlds is a two-way street.
You can navigate it too. In this article, I will guide you through the process of starting an art business and provide you with the necessary tools and knowledge to succeed. You will have control over your art career in no time.
Bonus incentive: think of it as a creative challenge!
Jump to section:
Step #1 - Setting the Foundation: Clarifying Your Artistic Vision
Foundations of every long-lasting structure need to be rock solid. This is where we begin our journey of successfully establishing your art business.
Finding Your Artistic Identity
It is crucial to develop a clear understanding of your artistic style, themes, and preferred mediums. Take the time to experiment, explore different techniques, and find your unique voice. Embrace your strengths and passions, and let them guide you in creating a cohesive body of work that reflects your artistic identity.
Identifying Your Target Audience
Understanding your target audience is essential for the success of your art business. Determine who appreciates and resonates with your art the most. Are you creating art for interior designers, art collectors, or individuals looking for unique home decor? Are you a musician looking to expand their audiences outside of the theatregoers? Do you want to teach music or find people online who are interested in learning your instrument? Are you are a writer of sci-fi or historical fiction who wants to self publish and find ways to reach readers interested in these genres?
This is beyond important! Define your audience's demographics, preferences, and interests to tailor your marketing efforts effectively.
Defining Your Unique Selling Proposition (USP)
One crucial aspect of building a successful art business is defining your Unique Selling Proposition (USP). Your USP is what sets you apart from other artists and makes your artwork stand out in the market. Analyze your artistic style, understand your target audience's needs, highlight your values, emphasize your expertise, and showcase the benefits of your art.
Craft a compelling artistic statement that captures the essence of what makes your art unique.
Step #2 - Crafting Your Art Business Plan
Now that you have a clear artistic vision and have identified your target audience, it's time to craft a comprehensive art business plan. Interestingly;
"Plans are nothing. Planning is everything" Dwight D. Eisenhower
A well-thought-out plan will serve as a roadmap for your art business, outlining your objectives and guiding your strategic decisions. its not about making your plan 100% a reality, it's the clarity you will gain about your business after making your plan that will lead you to success. Here are some key components to consider:
Outlining Your Business Objectives
Define your short-term and long-term goals for your art business. These objectives can include financial targets, the number of exhibitions or shows you aim to participate in, or the expansion of your customer base. Setting clear and measurable objectives will help you stay focused and motivated.
Conducting Market Research
Thorough market research is essential to understand the current art market trends, customer preferences, and competition. Study other successful artists and art businesses within your niche. Identify gaps or opportunities in the market that you can leverage to differentiate yourself.
Do not think of this as inauthentic or as theft of ideas, rather think of it as going further down the already paved road. Use the existing knowledge to keep going forward to reach even further.
Developing a Marketing Strategy
A well-defined marketing strategy will help you promote your art and reach your target audience effectively. Consider both online and offline marketing channels, such as social media platforms, art galleries, art fairs, and collaborations with other artists. Tailor your marketing efforts to align with your target audience and showcase the unique aspects of your artwork.
Creating a Financial Plan
Developing a financial plan is crucial to ensure the financial sustainability of your art business. Determine your startup costs, ongoing expenses (such as art supplies, online website hosting and studio rent), pricing strategies, and revenue streams. Consider seeking professional advice to help you with financial projections and budgeting.
Before you feel overwhelmed, take a look at this! I've created a FREE step-by-step PDF guide for your art business set-up. You can download it through singing up for Cosmic Muse newsletter here:
Now, lets continue outlining your new art career:
Step #3 - Legal Considerations for Art Businesses
When starting an art business, it's important to understand and comply with the legal requirements. Here are some key legal considerations to keep in mind:
Choosing a Legal Structure
Decide on the most suitable legal structure for your art business, such as a sole proprietorship, partnership, or limited liability company (LLC). Each structure has its advantages and implications in terms of taxes, liability, and ownership.
Registering Your Business
Register your art business with the appropriate government authorities. Obtain the necessary licenses and permits required to operate legally. This may include a business license, tax registration, and permits for selling artwork at exhibitions or online.
Protecting Your Intellectual Property
Artists should be vigilant about protecting their intellectual property rights. Consider copyrighting your artwork to establish legal ownership and prevent unauthorized reproduction or use. Consult with an intellectual property lawyer to understand the best ways to protect your creations.
Understanding Tax Obligations
Familiarize yourself with the tax obligations specific to art businesses. Consult with a tax professional who specializes in the art industry to ensure compliance with tax laws, deductions, and record-keeping requirements. Keep accurate records of your income and expenses to facilitate tax filings.
Step #4 - Establishing Your Art Brand
This is the fun part but also an extremely hard part to figure out. Best advice - take your time to hone in on the details. Building a strong brand presence is crucial for the success of your art business. Your brand should reflect your artistic style, values, and unique selling proposition. Here are some essential steps to establish your art brand:
Creating a Compelling Brand Identity
Develop a distinctive brand identity that resonates with your target audience. This includes designing a captivating logo, selecting brand colors, and developing a consistent visual aesthetic that represents your artistic style.
Designing a Professional Art Portfolio
A professional art portfolio is a vital tool for showcasing your artwork to potential buyers, galleries, and clients. Invest time in curating a high-quality portfolio that showcases your best and most representative pieces. Use professional photography or digital imaging techniques to capture the essence of your artwork.
Building an Engaging Website
In today's digital age, having a well-designed and user-friendly website is essential for any art business. Your website serves as a virtual gallery and a platform to showcase your art, provide information about your artistic journey, and facilitate sales. Include an online store where visitors can purchase your artwork easily.
Utilizing Social Media for Promotion
Social media platforms provide powerful tools for promoting your art business, connecting with your audience, and reaching new customers. Identify the social media platforms that resonate with your target audience and maintain an active presence. Regularly share updates, behind-the-scenes glimpses, and engaging content related to your art.
Step #5 - Pricing Your Artwork
Determining the right pricing strategy for your artwork is crucial for the financial success of your art business. Here are some factors to consider:
Assessing the Value of Your Art
Evaluate the uniqueness, quality, and demand for your artwork. Consider factors such as your artistic reputation, years of experience, and the level of craftsmanship. Be objective and research the prices of comparable artworks in the market.
Considering Market Factors
Take into account the current market trends, buyer preferences, and economic conditions. Assess the prices of similar artworks by other artists in your niche. Consider the size, medium, complexity, and time invested in creating each piece.
Strategies for Pricing Your Artwork
There are various pricing strategies you can consider, such as cost-based pricing, market-based pricing, or value-based pricing. Each approach has its advantages and challenges. Experiment with different pricing strategies and monitor their impact on sales and customer perception.
Step #6 - Marketing and Selling Your Art
Promoting and selling your artwork requires a thoughtful and multifaceted approach. Here are some effective strategies to consider:
Networking and Building Relationships
Networking with fellow artists, art collectors, gallery owners, and industry professionals can open doors to new opportunities. Attend art events, join artist communities, and engage in conversations with potential buyers. Building strong relationships can lead to collaborations, exhibitions, and word-of-mouth referrals.
Participating in Art Exhibitions and Events
Participating in exhibitions, fairs, and events allows you to showcase your artwork to a larger audience. Research and apply to juried exhibitions, local art festivals, and gallery shows that align with your artistic style and target audience. Prepare your artwork professionally and create an engaging display to attract visitors.
Online Art Marketplaces and E-commerce
Expand your reach by selling your artwork through online art marketplaces and e-commerce platforms. Platforms like Etsy, Saatchi Art, and Artsy provide exposure to a global audience and simplify the selling process. Optimize your listings with captivating descriptions and high-quality images to attract potential buyers.
Leveraging Email Marketing and Newsletters
Building an email list and sending regular newsletters to your subscribers can be an effective marketing tool. Provide valuable content, updates on your latest artworks, exhibition announcements, and exclusive offers. Personalize your emails to create a sense of connection and encourage engagement.
Step #7 - Managing Finances and Bookkeeping
Proper financial management is vital for the long-term success of your art business. Here are some important considerations:
Tracking Income and Expenses
Keep detailed records of your income and expenses related to your art business. Use accounting software or spreadsheets to track sales, art supplies purchases, studio rent, marketing expenses, and other financial transactions. Regularly review your financial statements to assess the health of your business.
Budgeting for Art Supplies and Studio Costs
Create a budget for art supplies, studio rent, and other recurring expenses. Be mindful of your cash flow and ensure that your pricing and sales cover these costs. Look for opportunities to reduce expenses without compromising the quality of your artwork.
Understanding Cash Flow
Maintaining a healthy cash flow is crucial for the sustainability of your art business. Monitor your cash inflows and outflows to ensure you have enough liquidity to cover your expenses and invest in your artistic growth.
Consider implementing strategies such as offering payment plans or seeking grants and sponsorships to enhance your cash flow.
Seeking Professional Financial Advice
Consider consulting with a financial advisor or accountant who specializes in working with artists. They can provide guidance on tax planning, financial strategies, and help you make informed decisions to optimize your financial health.
Step #8 - Scaling Your Art Business
As your art business grows, you may consider scaling and expanding your reach. Here are some avenues to explore:
Collaborating with Other Artists and Galleries
Collaborating with fellow artists and communities can broaden your exposure and introduce your artwork to new audiences. Explore opportunities for joint exhibitions, collaborations on projects, or partnerships with galleries to showcase your art in different locations.
Licensing and Reproducing Your Artwork
Licensing your artwork for commercial purposes or reproducing limited editions can create additional revenue streams. Explore licensing agreements with companies for merchandise, prints, or collaborations on products featuring your artwork. Ensure you protect your intellectual property rights through legal contracts.
Expanding to Different Markets
Consider expanding your presence to different geographical markets. Explore opportunities to exhibit your artwork in different cities, participate in international art fairs, or collaborate with galleries abroad. Research and understand the unique characteristics and preferences of each market to tailor your approach.
Step #9 - Continue to Learn and Grow
Last but an incredibly important step - Keep learning and growing! Invest in your artistic skills and business knowledge by attending workshops, taking courses, and staying updated on industry trends. Continual learning and self-improvement will not only enhance your artistic abilities but also help you navigate the evolving art business landscape.
So, this is how to start an art business!
Starting an art business requires a combination of artistic talent, business acumen, and perseverance. By clarifying your artistic vision, creating a comprehensive business plan, understanding the legal aspects, establishing a strong brand, and implementing effective marketing and selling strategies, you can pave the way for a successful art business.
Remember to continuously hone your skills, stay adaptable, and embrace the journey of being an artist-entrepreneur. With dedication and a strategic approach, you can turn your passion into a thriving art business.
And don't forget your FREE Art Business Essentials step-by-step PDF guide to help you out!
Good luck and have fun creating your new art business :))
Do you have any tips or suggestions for anyone looking to start a business with their hobby and creations? Let us know in the comments!
