Planning to Start an Art Business? Use these Steps

After hours, days, weeks or years of soul-searching, you have finally made the big decision: “I will become a professional artist.” This is a huge step and could become the bedrock for your success in this industry. The steps that you take next will be even more crucial because they will get you on the road towards the final destination.

So, how do you get started? Keep reading to learn more about the main steps to follow and set you for success.

Plan Everything about Your Art Business 

When starting as professional artists, rarely do people appreciate they are laying the foundations for business. You need to get it right from the start because it entails creating products (artwork) and selling to clients (collectors) who get value in it. Therefore, look at the work of art as a business and start with a clear plan.

For example, you might need to craft a robust marketing plan and identify areas of target. Do target clients who visit online exhibitions and display your work? You might also want to only work online or combine offline and online models.

Clearly Define Your Art Practice

As we have highlighted, artwork is a business. Therefore, define the mission and what you consider success. At this point, it will be an excellent idea to break them into both short and long-term. Go a step deeper and outline the key performance indicators to help you understand when the mission is on course or changes are needed.

At this point, it will be an excellent idea to work with a professional in the art business. The expert can help you to refine the goals and avoid strategies that have made others fail. Remember that although working with an expert comes at a cost, it is useful in helping you to achieve the targeted goals with ease.

Note: Customers are Not Equal!

What clients are you targeting with your art practice? This is important because it will help you understand the best methods of promoting your work. For example, where will you find your clients? Are they online or offline?

Some good methods of promoting your work include social media, blogging, and newsletters. Remember that the needs of customers change. Therefore, you should review their changing demands regularly and align your business with their targets. For example, if most of your clients prefer to check for works of art in galleries but are now shifting online, make sure to follow them.

Price Your Work for Profit 

Pricing can be a major challenge for many artists, but it is necessary. Like other types of work, your work should reward you amply. Do not fall to the myth that artists should be starving. That is not true!

Think about the materials and time that were used to create the work when determining the process. Also, you should factor in the shipping, marketing, and framing-related costs. You should also look at how other similar works are priced to get an appropriate tag. Remember that no matter the method of pricing you prefer, there should be a profit from your work.

These are the main steps that you should consider to get started with your art business. Others include having a good website and considering non-fungible tokens (NFTs) to unlock the huge potential in the emerging blockchain world. According to Adrian Cheng, the General Manager of New World Development, you have to stay focused and make your work relevant based on customer needs. For him, art gives special satisfaction and he wants to make the business outstanding using his new 1.4 billion Seaside Art cultural-retail complex in Shenzhen.