Charlie Kirkham

We’ve all got that image in our head, you know the one of an artist in a hut somewhere creating all day everyday and somehow managing to still afford food and heating. We’ve also been told a million times by well-meaning, misguided folk that there’s no money in art. Well, let’s put both those ideas out of our head and cover off some of the basic business aspects to being a professional artist.

When you’re desperate to spend time creating, building a knockout business structure around yourself might be the last thing you want to do. It’s a pain point that only disappears when tackled head on. If you want to spend more time in the studio creating you need to make sure the sales and revenue are happening as automatically as possible.

In this post I’ll cover off pitfalls and power-up methods that will help you build your art business.

You’ll be able to put in place genuine processes that allow your business to run efficiently, giving you more time to make that amazing artwork of yours.

Why does an artist need business acumen?

Short answer, you don’t need a business to be an artist. There are amazing artists out there who make zero from their work. Long answer, if you want to make enough money from being an artist to sustain your practice from your creative endeavours, you do need some business savvy.

So often art and business are presented as opposites. How crazy is that idea? What business doesn’t need creativity to thrive? It’s important to navigate that intersection and work out where to spend your time. 

How is your art brand unique?

Every artist brings a different voice to the table. Before you start, sit back and analyse what it is that makes YOU create. Once you’ve got that special something defined you can take it into your branding, marketing and sales tactics. Until you know what is that makes you exclusive it’s hard showcase it.

Corporate doesn’t mean boring…

Some aspects of the corporate world are great nudges for us artists. We think of corporate as ‘boring’. Yet, there are so many secrets there to learn! Corporate entities build their foundations first, they have clear missions and aims. Corporate branding is recognisable and consistent.  All these things are crucial in creating a recognisable brand and an organised business.

Think about that unique art brand of yours. You’ve considered why you’re creating, now it’s time to create a clear goal for your art business. Is your mission to market luxurious artworks for the home or to sell affordable prints? It’s incredibly important to have a focus.

What is Marketing?

I’m borrowing this definition of marketing from Investopedia.

“Marketing refers to the activities a company undertakes to promote the buying or selling of its products or services. Marketing includes advertising and allows businesses to sell products and services to consumers, other businesses, and organizations.”

Marketing in Business: Strategies and Types Explained (investopedia.com)

Marketing is about promoting your products. By amplifying your reach, you attract more customers which leads to more sales.

Marketing takes many forms: advertorials, adverts, free PR coverage, over to e-commerce and online and social media promotions. One of the best forms of marketing is word of mouth.

Network = Net Worth

Tim Sanders

There are inexpensive (and free) ways to market your artwork. A human interest piece could get you in the local press, open studios are a way to bring the public in to learn more about your process. However, getting lots of eyeballs onto your work isn’t enough. Consider where your audience are. Who do you want to see your work most?

Query: you have a limited budget to spend. What is the priority right now? Would paying for an art fair stand  be a better use of funds than advertising on Instagram?

According to everyone, artists need an online presence. An easy to navigate, clear website acts as a portfolio and guide to you as an artist. In addition to this there is a plethora of social media. With so many social media platforms it can become overwhelming.

Tip: use a consistent colour palette, style and font range across you website and social media.

What is the difference is between marketing and social media?

There’s a lot of debate around the value of social media to small businesses. We’ve all been sucked down the rabbit hole before. It’s often a time consuming process to run content creation for social media alongside artwork creation.

Let’s step back for a minute. It’s social media, it’s a way to connect to people without having to leave the confines of your studio. When you focus on the social, i.e. building connections with others and promoting them, that’s when it starts to bring you opportunities.

Lots of artists have a track record of sales via social media. Here’s my confession, all of my Instagram sales have indirect.

That is, via Instagram connections I’ve had shows and studio visits, mailing list sign ups and invites to participate in curated exhibitions. Those opportunities were where I sold the artwork. Would they have happened if I was quieter on social media? Probably not, can I easily work out the ROI on my Instagram presence? Definitely not!

Get the revenue in first

It doesn’t matter whether the revenue for your art business comes from selling original artworks, prints, merchandise or workshops. A business cannot survive without a revenue stream.

It’s challenging to rely entirely on the sales of original artworks to make money. Lower price points and commercial collaborations offer alternatives.

Workshops and Education

Not only are workshops fulfilling to offer, giving you the chance to build up artistic skills in others, they’re also an easy sell. Working with local venues and education providers to delivery art workshops and educational programmes is a great way to get a guaranteed stable income in each month.

Your students often become your loyalist fans, showing up at exhibitions and telling others about your artwork.

Note on Pricing

One of the most challenging aspects of direct to consumer sales is finding that sweet spot on pricing. If you’re selling via galleries and e-commerce you need to keep your pricing the same in both contexts.

That means factoring in commission charges for when you’re selling through a third party. Look at artists at similar points in their career and see what their pricing strategy is. Value your work and the costs of the materials and time invested, but don’t be naïve to the broader market forces at play.

Finances

One of the most important skills an artist has to master is the art of budgeting. Whether you’re delivering projects for other people, applying for grant funding or simply running your studio you need to make a budget and stick to it.

Be realistic about what you actually spend. Many people convince themselves they will spend less in the future. You won’t. Cutting the money going out is harder than increasing the money coming in. Of course there are subscriptions, materials and expenses that you may not need this year. However, they will creep back in again. Guaranteed.

Focus on creating enough revenue to cover non-negotiable costs. For example, studio rental, framing, exhibition fees, marketing and materials. Be honest with yourself. Taking a proactive approach gives you time to organise additional summer workshops or studio sales to cover any deficits.

Know your budget and review it every month to keep yourself on track.

Tax and Accruals

Most artists are sole traders (self-employed), which means we need to accrue for tax charges. One of the easiest ways to do this is to have a Business Current Account and a Business Savings Account. Every time money comes in set 30% aside to cover tax and unexpected events.

Record Keeping

It’s never been easier to keep track of expenses and income. Whether you’re using a professional account or keeping a paper ledger find a system that works for you and block out monthly time to update your records. It’ll make sure you stay on budget, show you where you’re earning the most in your art business and what is costing you the most.

Good record keeping means you can see the ROI (return on investment) from your various activities. It might surprise you to see how much something really costs to do!

Tip: Jenna Rainey has an excellent blog post on bookkeeping for creatives here.

Ask for Help

Whatever business you’re in, it’s good to talk. Seek out people with the skills you lack.

A few hours with a book keeper could get your record keeping on track.  Becoming privy to a commercial artists inventory method could transform how quickly you can ship works.

People enjoy helping each other, don’t go it alone.

We’ve covered marketing, revenue stream options, compliance and record keeping here to help you create an organised art business. The more streamlined your business the more time you have to do what you do best: create artwork! Putting a budget in place and regularly reviewing your finances will help you run a more efficient art business for the long term.

Building your business skills makes you a better artist, it means you create more time and opportunities to keep doing what you love!

What have your biggest challenges been as an art business? How have you navigated them? Let me know, I love to hear from you.

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REFERENCE LINKS

Marketing in Business: Strategies and Types Explained (investopedia.com)

Put your network to good use – Tim Sanders

Bookkeeping for Creatives (jennarainey.com)