Before Starting an Art Business

What you need to know to begin

Martina Pook, February 2018

What do you need to know before starting a business?

One of the very first steps is to build a business. I know that most artisans only need to hear the word business, let alone the sound of a plan to create an urge to withdraw.  

Of all things I ever arranged for my art career, although the one action I hated the most was creating a business plan, and yet the most satisfying, clarifying and important step I ever took. I had not a bone of business in my system, hence depended with every step on other people. But once I took things into my own hands, I never looked back. What I once could not stand, became natural and easy with time. It is a great feeling to know what you are doing because it creates independence and gives you power.

You will be going on a journey that will require some time, the best business plans are taking at least half a year, if not longer.

The times I have heard emerging artists say when attending my business seminars, that all they wanted was to paint and don't have the time nor the desire to learn business is heart-wrenching to me. I try to remind them that they still, after years of dreaming about an art career, remain stuck within a job they don't like to make an income, without ever getting any closer to making a living from their art. It therefore makes sense and is far better to allocate a small period of time and invest it in business planning than not moving forward at all.

So let's go! These are the steps you need to take before even thinking of going into business. The idea is to work on a plan for a few months, to give you time to think and collect ideas.

Executive Summary
001

Synopsis of your business, when you created it, and who you are. The timeline for the plan is three to five years and includes how you expect to generate revenue. Include your goals, mission statement, products, and services. This section is also where you want to make yourself stand out if you are looking for investors. If you are just starting, then focus on your background and experience.

Business Description
002

Describe what is different about your artwork versus others. Discuss your market and your target groups. For example, do you want to become known as an exhibiting artist, or rather use the merchandise market?

Market
Analysis
003

This involves pulling up demographics for the area you will be serving. Learn what comprises the population of the area you will be serving, such as income, age, education. I know that some of the steps seem awkward to you, but believe me when I say that with every step, I learned something new about the art sector.

Business Management
Plan
004

Decide how you are going to structure your management. Will you be a sole proprietor, an LLC, a corporation, a partnership?

Your
Artwork
005

What is your type of style or product? Explain your product and/or service and what is different about your art or even an advantage over your competitors.

Marketing
and Sales
006

You need to figure out how you are going to get the message out to your target groups. Basically, what is the strategy you are going to use? For more information go to Arts Marketing.

Funding
007

Are you going to look for funding? If so, then discuss how or who you will be using. The business plan is critical if you decide to look for an investor or grant money. NAVA is a great source for grant applications. Then there are Regional grants and the Australia Council.

Branding
and Logo
008

Both are very important. The home page of your website or your name can be your brand. Keep in mind that your brand is the promise you make to your customer. If it is your name, make it stand out - create something catchy. However, don't forget the logo since this creates a visual or image for the customer. The logo represents your business so make it count. Apple is a brand, and their bitten apple is their logo. Think about how that name and logo affects you.

Bookkeeping,
Accounting
009

Starting a new business is exciting and overwhelming so consider an accounting service, which is a group of experts who can save you time, money, and worry. A good accountant can provide you with some great business tips to improve cost efficiency and save on taxes. There are some great programs around you can use, who combine an art inventory of your work, invoicing and bookkeeping in one. More in my "Organise your Art Business" article.

If you want a private business advice session with someone who started out like you,  for a minimal fee over a cuppa and live within the Gold Coast or Brisbane region just book an appointment with me here.  

Wishing you all the best

Martina Pook