Tag Archives: business planning basics for artists

Business Plan Basics Every Art Business Owner Should Know

Why do I need a business plan?

Architectural Plan for Crystal Palace

Just like an architect needs a plan to turn an idea into reality you need a plan for success in your art business. The Crystal Palace

The main and best reason to develop a business plan is so that you have a blueprint to run and grow your business. Imagine trying to build a house without plan. If you are starting a new art business, a plan will help you organize your thoughts and help you tackle the challenges faced by startup businesses. If your art business is established a plan will help you in building a great team and allow you to focus on your most pressing problems, opportunities and initiatives.

A business plan will also be required if you are seeking some type of financing either from a bank or investors. Your plan will show what you intend to accomplish, how you will do it and how much money will be required. More often than not a business will prepare a plan with the sole purpose of getting financing. Your plan is an important tool in the success of your business and should be much more than a document just to raise money.

One of the most often overlooked benefits of a business plan is that it forces you to think about your business in new ways! The skills you develop in creating a business plan are universal and transferable to businesses of any kind or size. Perhaps one of the most important benefits of preparing a business plan is that you will start to think strategically, look at the big picture and develop a critical way of thinking about your business.

What is a business plan?

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Artists – What Can You Learn From Your Competition?

How do you stand out in a world of competition?

How do you stand out in a world of competition?

An important step in developing business and marketing strategies for your art business is to take a look at your competition. Very successful companies focus on their customers but that is not to say they don’t keep an eye open for what the competition is doing. Here are a couple of quotes from Jeff Bezos, CEO and founder Amazon.com on being customer centric while keeping up on what the competition is doing:

“We watch our competitors, learn from them, see the things that they were doing for customers and copy those things as much as we can.”

“We’re not competitor obsessed, we’re customer obsessed. We start with what the customer needs and we work backwards.”

A competitive analysis is an important ingredient in answering the basic business planning question – Where are we now? You analyze your competition with the goals in mind of determining your competitor’s advantages/disadvantages and defining your own competitive advantage. Who knows? You may also get some great ideas from your competition and possibly creative inspiration!

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