Starting a Business
How to Start an Art Studio
These tips are ideal for aspiring entrepreneurs who hope to start an art studio. Read this article before you start!
Need info on how to start an art studio? We provide a gold mine of simple techniques to make your startup process as successful as possible.
Art Studios: Turning Passion Into Profit
Unfortunately, the phrase "starving artist" is a practical reality for many art fanatics. Every year, thousands of talented artists struggle to make ends meet -- not because they lack the ability to create truly exceptional work, but because they lack the skills it takes to turn their passion into bottom line profits.
If you have decided to make your artistic endeavors a full-time career, you can't simply view yourself as an artist. You also need to see yourself as an entrepreneur. Becoming an entrepreneur means that you will need to think like an entrepreneur. Business planning, strategizing, sales, marketing -- it all counts in determining whether or not you'll be able to make a go of it in the art world.
Diversified Revenue Streams for Art Studio Startups
It would be great if your art studio could survive solely on the income you earn from the sale of your art. But we both know that the likelihood of that happening is remote, at least for now. So instead of relying exclusively on art sales, you'll need to diversify your studio to include both recurring and non-recurring sources of revenue.
- Consignment Sales. To supplement the sale of the art you create, consider accepting other artists' work on consignment. In a consignment arrangement, you agree to display someone else's work for a specific period of time. If the art sells, you take a percentage of the sale price. If not, the art is returned to the owner at the expiration of the consignment period.
- Art Classes. Art classes are a reliable way to generate additional income through your studio. Once you learn the ropes of business ownership, you could even expand your classes to include entrepreneurial topics for artists.
- Studio Space. Depending on the size of your studio, you could lease space to individual artists on a monthly or annual basis. Your studio will benefit from the sense of community it creates plus it's easy to transition tenants to consignment clients.
- Special Events. Many art studios lease their space to corporations and community groups for special events. If you create a strategic partnership with a caterer, you could offer package deals for groups interested in hosting an event in a unique environment. By opening your studio up to special events, you're also likely to experience a boost in sales.
Successful Business Plans for Art Studios
How good is your art studio's business plan? If you aren't completely confident in the quality of your business plan, it could be because you haven't invested enough time and effort in its creation.
Although there are a lot of tasks screaming for your attention, cutting corners on your business plan can be a precursor to disaster. Why? Because there are a multitude of reasons why your company can't succeed without a sound business plan.
As a rule, don't exit the business planning process until you are completely satisfied with the scope and content of your business plan.
Location Selection
Most art studios sell primarily to local customers. Location is key, as they say. If you have to pay a little more for a better location, it's almost always worth the extra expense.
Check Out the Competition
Before you open an art studio in your town, it's a smart move to see how strong the competition is. We've provided the link below to help you get a list of local competitors in your area. After following the link, enter your city, state and zip code to get a list of art studios in your area.
How tough is the competition in the market you are considering? If the competition is too tough, you may need to think about starting the business in a different area or even start a completely different business instead.
Studying the Market
If you are seriously contemplating launching an art studio, you really ought to learn as much as you can from somebody who is already in the business. If you think owners of nearby art studios will give you advice, think again. It'd be crazy for them to teach you the business.
But, a person who owns an art studio in a different city can be a great learning resource for you, after they realize you reside far away from them and won't be stealing their local customers. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How do you go about finding an art studio manager who is willing to advise you because you live in different cities?
Simple. Let your fingers do the walking by using the link below.
Advantages of Using a Business Broker
Business owners are decision makers. And the first decision you'll need to make is between an art studio startup and an acquisition. For art studio entrepreneurs, there are many reasons why a purchase is more logical than a startup.
Although you could navigate a business acquisition on your own, most prospective art studio owners enlist the services of a business broker.
The best business brokers will ensure that you get the right business for the right price, and will help you avoid common art studio acquisition mistakes.
Is Franchising the Right Option?
Your odds of growing your business are higher when you opt to franchise and benefit from the prior work of others and their lessons learned.
Before you get too far along in your plan to open an art studio, you should assess whether buying a franchise could be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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These additional resources regarding getting started as an entrepreneur may be of interest to you.
Questions to Ask Before Starting a Business
Consideration Before Buying a Franchise
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