ARTIST BUSINESS PLAN GUIDE
The creative industry has witnessed tremendous improvements over the years. This also comes with an increased level of appreciation for the arts.
For most artists, this starts as a hobby.
However, the urge to go commercial comes naturally. Although this may require giving a push or encouragement.
Going commercial and opening an art gallery is entirely a different ballgame. This is so because you need to be involved in the running of your business. This is in addition to getting the job done.
SEE: Make Money From Digital Art
Hence, this added responsibility can prove daunting without a plan. This art business plan is written to address such.
Here is a sample business plan for starting an artist parlor.
– Executive Summary
Elite Designs™ is an arts company that is specialized in designs on fabrics, glass, and wood among others. We are located in downtown Manhattan. We operate a partnership model.
This reflects the ownership structure. Elite Designs ™ was founded by two graphic design experts by name Gwendolyn Heinze and Eric Schultz.
These have worked with reputable brands with upwards of 20 years of experience each.
Thus, this company seeks to deepen the competition. This will be through the provision of highly innovative services.
To stay relevant, we are constantly improving.
This is achieved by the following industry trends. We also seek out the best hands. As a result, we are confident in growing capacity as well as reputation.
At Elite Designs™ we offer many types of artwork or designs. These are rendered on several types of surfaces. Such materials consist of fabrics, glass, wood, etc.
Some of these services are; screen printing and embroidery, production of promotional products and posters & printing. Others are tour vending and logistics.
We have the right skill set to ensure customer satisfaction.
We are a new company poised to provide high-quality print services. These are second to none and geared towards creating a reputable art brand name. We have the bigger goal of establishing our presence in all states. This is within our timeline of 8 years.
Our vision as an arts business is to offer creative solutions to a huge market. We are always looking for better ways of creating exciting designs. Therefore our eyes are set on industry trends. This will enhance our level of creativity.
Also, it will help us satisfy our clients better.
Elite Designs ™ is the brainchild of 2 industry veterans. Hence to run this partnership, a financing arrangement has been made. This has succeeded in raising the sum of $800,000.00. Given this, we won’t be applying for loans.
Hence the business will kickstart with 80% of the amount going to purchase of equipment. This includes other expenses like rent and office furniture. 20% will go into operational expenses. It is important to state that this is only for the short term. We intend to expand our operations within 2 years from the time of commencement.
We are working towards putting a solid business structure in place. Hence we have taken deliberate steps towards making this a reality. The SWOT analysis was conducted with the sole aim of identifying our areas of an advantage.
On the flip side, it also enables us to know areas of disadvantage. In other words, these are areas we need to improve on.
Our findings have been revealing as shown here;
We have focused on quality. The quality of our staff is dear to us and enables us to attain our goals faster. This has been a painstaking process that has yielded tremendous results. In addition to this, we also have put in place a work-friendly environment. This allows for greater productivity and efficiency.
Throughout this process, we have been careful to design a streamlined structure. This also encourages efficiency.
We have attributed our weakness to our running capacity. This has placed a temporary cap on our production activities.
Hence, we are restricted to certain (small scale) clients. In other words, we are unable to compete for major contracts. This is only a temporary setback as we seek to expand our operations.
This is what excites us the most because there’s no better time than now. That is to say, the demand for our products and services has seen a rise. Therefore we are not letting any opportunities slip by. We are constantly building our capacity to become a responsive business. Responsive to the needs of a growing market.
Our wide network is also an edge that will play a crucial role in establishing a world-class company.
Threats we face are in the form of a dwindling economy as well as stiff competition. Thankfully, the former isn’t a frequent occurrence. Although such is the case, we are optimistic that our business will not be adversely affected. We are creating the right conditions for our business to thrive despite such dangers.
Our operations are tied to profitability. This sustains our business. Thus, we have analyzed sales relating to industry trends. Our future projections have covered three years. This is fair enough and gives us a rough idea of what to expect. However, this depends on putting the required work. Our findings are summarised as follows;
- First Financial Year. $450,000.00
- Second Financial Year. $790,000.00
- Third Financial Year. $1,300,000.00
No business is complete without adequate marketing. We aren’t left out either. Consequently, we have set several marketing activities in place. These are geared towards promoting our business. Our target clients consist of both corporate and individual.
Therefore our activities will be designed towards reaching these groups. We are incorporating every effective measure. These include the use of social media, a functional website, as well as electronic and print media.
We have a clear advantage over our competitors. These are in the areas of expertise, experience, and network strength. We are leveraging these to enhance our operations.
So far, we’ve looked at some of the most important sections of an artist business plan. These can be used as a template to put together a comprehensive plan.
As always, we advise that you take all the time you need. In other words, this shouldn’t be rushed. Implementation is also of the essence.