7 Factors to Consider Before you Start an Art Business

Learn How To Start An Art Business Today

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Congratulations! You’ve finally decided to pursue art as a career. Choosing to start an art business might seem hard at first, but through dedication, creativity and continuous learning, you’re bound to go places. This can be the beginning of better opportunities and building a lasting legacy with your artwork.

Like many others in the initial stages, you might doubt whether you’ve taken the right path or whether things will work out. However, there is nothing more rewarding than earning from your talent or skill. The latest statistics indicate that the global art market is currently worth a lot of money, so demand is high. Without a doubt, you can contribute to the market in many ways and reap immense benefits in the long run.

Whether you choose to run an art business as a part-time or full-time job, sell your art or the work of others; you can grab many opportunities with your talent. Either way, if you want to start an art business, there are a range of factors to keep in mind.

There are many different art business ideas, but ultimately, every project must have a plan to help you achieve your goals effectively. This article will explore and explain several factors to consider before starting an art business to help you make informed decisions. Let’s dive into it!

How Can I Start An Art Business?

1. Make A Business Plan

business plan

A business plan is a document that shows your objectives and how you intend to achieve them. Treat your business plan as a roadmap that details the methods you’re to follow when operating and growing your project. This should help you stay on track and serve as a constant reminder of your goals.

Your art business plan should include information like: financial sources, resources, operational mediums, the parties you intend to collaborate with, marketing strategies and pricing models. It serves as a guide for efficient management and allows you to begin tracking growth. The business plan is never set in stone – adapt and change it in line with the development of your business.

Commercialising your artistic talent and knowledge requires you to take a deep dive into the formalities of running a business. Creatives will require a plan whether they intend to sell their own artwork or simply sell others’ art pieces – it doesn’t matter what the item is. Whether they are paintings, prints, drawings, illustrations, or sculptures; you’ll benefit from a business plan as long as your ambition is to target customers.

2. Seek Advice From Others

advice from others

It’s important that beginner entrepreneurs listen to advice, because there’s a wealth of information from experienced business owners out there that would go to waste otherwise. You may feel like you know it all already – but stay open minded if you can. Like any other project, there is always a risk of failure if there is a lack of knowledge or when unprofessionalism kicks in. As a professional artist, you must research how art businesses operate and how you’re to scale up your skills before you start.

Your passion is indeed the biggest determinant for success, but that isn’t enough to sustain a successful business. What happens when you don’t feel like painting or your artwork fails to bring in enough money as you expected? Depending on the type of artwork, where you want to sell, and your business ambitions; consider interacting with other professionals within your field. It’s common for artists to be driven by their individual desires, but it’s also essential to incorporate collaboration and lean on others when you need to.

How much can you make with a single piece, how will you run your production facility, and what about the legalities? Seeking advice from those who have existed in the art industry for several years can help you attain insights. You’ll end up knowing more about what matters and discover completely new things at the same time. With this, you’ll be able to make the right decisions and understand the dynamics of starting an art business.

3. Understand Your Target Audience

target audience

Who will buy your art and what’s their purchasing power? Where do you hope to find your target customer and what hindering blocks may you encounter? What about the competitors and the brand identity you want to cultivate? Understanding who your target customer is and their expectations will help you run a profitable art business. Research your target market and clarify whether you want to sell your art locally or internationally.

Also, you’ll need to identify the mediums through which you will meet your customers. This can be through art fairs, commercial galleries, your art shop, online or exhibition grounds. Knowing who your target audience is enables you to design your work with them in mind and discovering where they shop tells you where to sell. But, don’t assume that everyone will understand your work and want to buy from you. It is best to build a loyal audience who genuinely connect with your art and expand your reach with time.

4. Formulate A Pricing Model

pricing model

Pricing mode and formulas refers to the method you use to determine prices for your artwork. Pricing your art pieces might be challenging, especially in the initial stages. That’s because you may want to keep them cheap in order to sell fast, yet desire to make a profit that will meet operational costs.

There are different types of pricing models available, including: value-based pricing models, hourly pricing models and cost-plus pricing models among others. Considering that you might be selling art pieces, you may price your work using a combination of them all.

A value-based pricing model is one where you set prices as per the customer’s perception of your work. You can also set the price in this case as per the value you think is associated with the art piece.

A cost-plus pricing model is when prices are set based on the materials, time, and additional factors like transportation costs that were involved in completing an art piece.

On the other hand, a fixed pricing model is where one sets a price for the entire project. For example, you receive a contract to produce art pieces for a home and you directly give a price for the whole project.

Other factors to consider when it comes to pricing includes the packaging, framing and shipping costs. All in all, choose a pricing model that can maximise revenue while building your loyal customer base.

5. Consider Registering Your Art Business

Although it’s not essential at the start, registering your art business is not only a pathway to getting licensed but it can avail you of a range of opportunities. Being registered will help you cultivate trust among your customers and will also open access to resources like loans, grants and fundraising where necessary.

Once your art business is registered, it will also make it easier to tackle plagiarism issues

or other regulatory challenges that come with running a business. For example, you could trademark your business name and logo to avoid other companies copying. It’s also important to remember your taxes – as this will come into play once you make a certain amount of money.

If in doubt, talk to the relevant authorities to understand what it takes to register your art business. As the rules differ depending on where you live, it’s always best to get professional advice when it comes to the legal side of starting an art business.

6. Create A Website

create a website

An online presence in the form of a website is essential for building your brand and introducing your artwork to those who may be interested in it. It gives your business a competitive advantage that wouldn’t be possible with a mere physical store. As well as running a physical art gallery, consider creating a functional website that will increase the accessibility of your art and promote more sales. Consider using an artist website builder to keep it looking smart and remember to make it mobile-friendly, to provide a seamless user experience.

Aside from building a professional image and processing sales, a website can help you improve your marketing efforts. With a few simple techniques, you can rapidly boost your SEO which in turn, improves your art businesses online visibility.

If you’re looking for a quicker set-up with a built in marketplace, opt for sites like Etsy to run your art business. Lots of small businesses have had success with these platforms as the audience is already there. You just need to market your art effectively in order to get it seen.

7. Market and Promote Your Business

market your art

Before you start an art business, be aware of the marketing that it involves. You’ll need to invest in multiple channels both online and offline to fully achieve your business goals. Try to plan a marketing strategy that effectively shows the avenues you will take to market your art. Consider all your options, including art fairs, galleries, exhibitions, and competitions. All of these are excellent marketing grounds that you can explore both locally and further afield, with each offering the chance to spread the word about your art business.

However, you should also heavily consider social media amongst your marketing efforts. Social media platforms like Instagram, Facebook and TikTok are excellent marketing tools, with almost all businesses having one. Establish a brand that represents your art and plan how you will create high-quality content ideas for these online platforms. In this case, you will have to follow a few copywriting tips to create engaging content. Also, invest in a quality camera – it will really help portray the best version of your brand.

Important Questions To Ask Yourself

As you start an art business, there’s likely to be many questions that you’ll ask yourself. Some common ones include:

Can I make a living selling art?

Truth be told, it’s very difficult for artists to solely live by selling artwork, at least, not in the first few years. If you’re considering starting an art business, it’s recommended that you run it as a side hustle. Then, depending on the revenue generation, you can decide to do it full-time. It is possible to make a living selling art – but you’ll need to be patient and endure the process.

Is my art profitable?

Profitability in the art business depends on a range of factors. Differences in art from the style, theme, material and artist all influence the money you can make from a piece. Instead of asking what art is the most profitable – it may be helpful to consider what kind of art is in demand. Either way, art’s profitability is ever-changing and dependent on the specific niche you’re in, but essentially, any art can be profitable if it’s connected to the correct audience.

In what ways can I grow my art business?

There are many ways you can boost growth with your art business. Increasing your brand’s visibility is a great start. Try engaging with competitions, exhibitions, and art fairs, or create a blog to promote your artwork. Don’t forget the power of collaboration and having a supportive network around you.

Bottom Line When Starting An Art Business

Want to showcase your talent or astounding creativity? Venture into the world of art. Deciding to start an art business is an excellent way to earn from doing something you love. At first glance, it may look like a smooth process, but running an art business is always going to be associated with a range of challenges, as with any big project.

This shouldn’t put you off the idea. Instead, consider all of these 7 elements before starting an art business in order to make the process successful and sustainable. Having the extra art business knowledge should go a long way in helping you make more informed decisions.

WHAT ADVICE WOULD YOU GIVE TO SOMEONE LOOKING TO START AN ART BUSINESS? LET US KNOW IN THE COMMENTS BELOW.

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