Look for opportunities to grow your art business but don’t forget to to avoid the rocks (threats)…
Now is a great time to think about all of the opportunities you could discover and take advantage of in the coming year. This year make it a point to find new opportunities for you as an artist and for your art business as well.
Knowing what your opportunities are gives your art business a solid sense of direction and a basis to develop your strategies. Opportunities come in all shapes and sizes and you need to look for them because they may not be looking for you. Examples of opportunities could be new places and venues to show and sell your work, a better way to produce your art, market trends, or a better ways to run your business. If you think about it there are probably quite a few opportunities you should be looking at right now!
Determining your strengths and weaknesses is a key step in creating your business and marketing plans
One of your goals for the New Year should include a little reflection on what you are good at as well as those areas that need improvement. You strengths help you stand out among the competition and have a lot to do with the overall success of your art business. Knowing your strengths allows you to do what you do best and provides the backdrop for your marketing and sales efforts. In business terms – you capitalize on your strengths and manage your weaknesses. Just think about the things that you are really good at and how you can leverage them in the coming year.
Analyzing your strengths and weaknesses is a basic business technique taught in every business school. The concept is simple: you gain market advantage by leveraging your strengths while you work to correct or minimize your weaknesses. Luckily you don’t need to go to business school to get started – all it takes is a piece of paper and a pencil and then making a list of your art business’s strengths and weaknesses.
___ Cool Study - To turn the pages move cursor to upper corners.
As was mentioned in the first part of this article Business Plan Basics SWOT (Part I) – Strengths & Weaknesses, a basic part creating your business and marketing plan is conducting what is called a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis. The second part of conducting a SWOT analysis is doing an inventory of the opportunities and threats facing your creative business.
As we did with analyzing Strengths and Weaknesses the first place to start by taking a piece of paper and draw a vertical line so you have two columns – one labeled Opportunities and the other labeled Threats, you can take it even further by adding a third column labeled Neither or Neutral.
When we looked at our strengths and weaknesses we were analyzing factors that were internal to our creative business – opportunities and threats are factors that are external to our business. Typically these are called “environmental” factors – not necessarily the green kind but this type is becoming increasingly important.
Why do I need to look at Opportunities and Threats?
In an upcoming article I will be exploring how you need to analyze the Opportunities and Threats facing your creative enterprise as a part of creating a business plan. This video is an update that is based on the book Socialnomics by Erik Qualman. As you view the video I want you to think of how these trends affect your creative business today and tomorrow, in postive ways as well as negative ways. The ideas presented in the video should make you think about ways to employ social media in your art or creative business.