Art Studio Business Plan

“These things are all things I’ve created, and I need to own that,” he says.

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“The studio could continue to grow and grow, and at a certain point, I feel it would get away from me,” he says, noting he intentionally did not expand beyond what he felt was manageable.

Today, he can touch every piece and is aware of what’s happening between the walls—engagement that is important to him for the sake of quality and integrity with the work.

Or perhaps you illustrate note cards and donate a percentage of the proceeds to advance a charity’s cause. Artists usually work alone and are responsible for all aspects of the business.

However, if someone helps with billing, accounting, connecting with clients or hanging exhibits, include them as members of your team.

Such recordkeeping doesn’t have to be hard, but it can come with a learning curve.

When Teri Campbell, who specializes in commercial photography and film production, opened his Cincinnati studio in 1988, he mismanaged his finances to the point that his main film supplier made him pay cash on delivery instead of giving him credit.Campbell is now also able to withstand slow-paying clients, an achievement in itself.“Cash flow can kill a small business, and waiting to get paid—especially if you have to pay your employees, freelancers, utilities, [and others] before you receive anything—can be really difficult,” he says.“If you can build this system around you, you really do free up a ton of your time and you can be significantly more effective and prolific,” Altman says.Those are goals any small-business owner would love to achieve.He offers health insurance, and works to create a pleasant environment as another benefit. “Everyone is looking to achieve the same goals, and there’s a spirit of experimentation.” The benefits have helped reduce turnover—most of his staff have been with him a long time, he says.Ultimately, when creatives can hire the help they need, even for duties like answering phones or handling shipping, they can focus more on what they most love to do.Asking clients to pay an upfront deposit on commissioned work is one way creatives can improve their cash flow, says Maria Brophy, an art business consultant who also manages the business operations of the studio of her husband, surf artist Drew Brophy. “Artists will get started on a project without their client investing in it, and [clients] need to invest in it,” says Brophy.Brophy says that artists who want to run a viable business need to evaluate opportunities for the potential to earn money, not just exposure.For instance, he has designed sneakers as part of a collaboration with Adidas.“The choice to do that was a nuanced one that had to do with the ability they had to reach a different audience than my work might in a museum or gallery,” he says.

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