Most artists, whether it is a visual artist, a writer, or a musician, have dreams of fame and fortune. They produce their work in hopes of selling it. Some do this within the scope of the corporate world. Others will work as a freelancer, which allows them to work independently. To be successful requires artists to look beyond their talent and to manage their business. The talent allows the artist to produce the product, but to sell it means marketing, networking, juggling schedules, and paying taxes. While it may be a job that can be done while wearing pajamas and having coffee on the back porch, some time has to be spent hustling in the business world.

Putting Together a Business Plan

When art becomes a business, a business plan is necessary. A business plan will force the artist to define not only the goals of the business but how to reach those goals. The business plan is the beginning product of every successful corporation. Also, having a written plan provides an outline to small-business loan officers, lawyers, agents, accountants, and anyone else with whom the artist will be working.

The business plan should consist of a couple key points. First, there should be a mission statement. This will put down in writing exactly what the art business aims to accomplish and why this business will be more effective at achieving that goal than similar businesses. Once this is written, the artist will want to outline the goals for each aspect of the business. Some questions the artist should answer include how to market this new business, the target clientele, who the competition might be, roles for any future staff members, and production goals.

Financing the Business

Every business will have start-up costs and continuing expenses. Even a writer who plans to freelance using the family computer will soon discover that there are expenses like paper for the printer, a professional web site, and postage stamps. For tax purposes, all financial interests within the business must be micromanaged. A business run from the home should be separated from home expenses. That includes a separate bank account and a credit card specifically for business purchases. Those artists who do not feel very business savvy, especially when it comes to money, will want to consult with an accountant, bookkeeper or lawyer.