More businesses are popping up every year. And with the pandemic causing a sudden shift to digital, there’s no better time to start your business. For artists, creating a successful business is more than making great art. You need to have connections and market yourself well. Nowadays, many digital tools can help make these tasks easier. If you’re looking for a sign to start your art business, this is it.
Here are a few tips to help you start and grow a successful art business.
Plan It Out
Planning may sound uninteresting at first, but doing so will help you out in the long run. The first step to starting your business is to draft up your business plan. A business plan is an important aspect that helps create a successful business. It helps you set your priorities, figure out what aspects of your business you need (or will need) to focus on, and track your results. It doesn’t have to be too formal; you can create one by writing it down in a notebook or creating a short document.
In your plan, you’ll need to include a lot of important information in keeping your business running smoothly. These include:
- Mission Statement
- Vision Statement
- Short and long-term goals
- Target Market
- Competitors
- Expenses and Funding
- Marketing Strategies
- Workflow
Once you have everything on paper or print, you’ll have a reference to go back to whenever you’re feeling lost.
Identify Your Target Market
One of the most important steps in starting a business is to figure out your target market. Identifying who you want to buy from your business will tailor your products to meet their needs. It will also help you find out the best channels to market yourself. For instance, if you’re trying to attract younger clients, the best way to reach your audience is via social media sites like Twitter or Instagram. On the other hand, if you want to attract older clients, sites like Facebook may be your best bet.
Evaluate Your Finances
Businesses need financing to operate smoothly. Without money, you may not have the necessary materials to create your artwork. Many artists start out using their own funds and income to keep the business running. However, this may not always be enough. There are times you will need financing. Whether it’s for materials, equipment, a new studio, or even living expenses, knowing your options early is the best way to stay prepared.
Generally, there are two types of financing: debt financing and equity financing. The latter doesn’t apply to artists who have sole proprietorship of their business. On the other hand, the former is financing provided in loans such as real estate loans, equipment loans, working capital loans, credit lines, and credit cards.
Before jumping in and taking a loan out for your business, consider your current financial situation. If you don’t see yourself being able to pay off your loan in the future, it’s best to stick with using the money you have now and attempting to get financial help through other means like friends and family.
Don’t Undersell Yourself
Pricing your work is one of the most difficult parts that many new artists and business owners struggle with. In most cases, we tend to undersell ourselves when we’re just starting. However, it’s important to consider how much of your time, energy, and resources each piece of art takes up in your day. The best way to price your work is by paying yourself an hourly wage and adding the cost of materials used for a specific piece. The total you get should be the price of your art.
However, it’s important to consider how much artists with the same style charge in your area. Compare that to your total price and make the necessary adjustments.
Register Your Business
Artists who make a profession out of their skills are required to have a business license. Most artists settle with a sole proprietorship as it fits the description of their business and is the easiest to set up. Do a little research before applying for a license to see what kind of business structure you think would suit your business.
The business license process can vary depending on where you live, so it’s best to look up your local government’s website for the requirements you need to bring and the steps you need to take.
Build Your Online Presence
Businesses without websites might as well not exist at all in the digital age. 97% of consumers go online to search for local businesses, and since many potential clients are almost always in front of a screen, it makes sense for you to be a part of what they see when they scroll through social media or surf the web.
Building your online presence involves creating your own website, taking advantage of search engine optimization (SEO) practices, and utilizing social media to forge connections with existing and potential clients.
As a professional artist starting a business, you’re likely to be running the show yourself. From inventory to client orders to payment management, you’ll have to keep track of all of them. It may be difficult at first, but once you get the hang of things, you’ll run your business smoothly and successfully in no time.
