It is heart-throbbing to know that you have finally decided to leap without much consideration into starting an artist business. Figuring out what to do next should be the next milestone to cross. Well, as an artist, you need to have a business plan before you get to experience any development in your new business. As a starter, you will be faced with multiple new experiences that might seem tough to handle, which is understandable because you are in a new field. So, to make your artist business journey easier, a development plan is needed. To avoid stressing this further, this article will provide a template that can help you write an artist business plan. As a bonus, this template can also be used when writing a music, graphic, or makeup artist business plan.
If you want an easy way out of this, you can opt-in for our pre-made artist business plan instead of writing one for yourself.
What is an Artist Business Plan?
A business plan or development plan simply lays out the who, what, when, where, why, and how an artist operates their business. Why won’t you run a smooth business when you have a clear description of these questions? Business plans are about setting goals, taking actionable steps to meet business objectives, and creating milestones to measure success along the way. When you want to create your artist business development plan, you should be clear about what you want and commit to going after it.
Why do You Need a Business Plan?
Although the curriculum of your art school doesn’t include learning how to write a business plan, a business plan is what makes your business creative. An artist’s business plan makes it possible for you to build a profitable career. Have you thought about selling your work at art fairs? With a business plan, you won’t be seen thriving hard to pull it through. Instead, you will spend time preparing your artwork and striking deals with potential customers. Without laying more emphasis on this, let’s get down to writing an artist business plan for yourself.
How to Write an Artist Business Plan
To compose a successful artist business plan, you need to remember that it’s the planning that matters and not just the plan. This will allow you to devote more time to making your plan professional and presentable. To write a business plan, there are some outlines that you will need to follow to better understand your art business and develop a step-by-step strategy for success.
#1. Executive Summary
Your executive summary should be an introduction to the business. It is more like a summary of the general section of a business plan. It is the first to appear and the last to be written down because you will need information from other sections. While writing this section of your business plan, you should keep your language clear to attract and engage your readers. In summary, you will need to give a brief overview of the artist industry. You can also mention your competitors and provide a marketing plan as well as your financial plan.
#2. Company Overview
This section is mainly about your business venture. You will get to give some basic knowledge of your business. While writing this section of your business plan using this template, you will need to specify the type of art business you will specialize in, which can either be a makeup, graphic, or music artist.
An artist can be a broad range of related things, from fine art and commercial art, to design, writing, acting, or even live art. Specifying your art genre will help you narrow down your niche and focus on your target audience and their needs. In addition to this, you will also explain when and why you started the business and the business goals you tend to achieve.
#3. Industry Analysis
Still in the industry, but this time we are going deep into it. To efficiently write this section, you will need to have thorough research on the music industry. The essence of this is to convince your reader that you have all the necessary knowledge about your new industry and that you also know what it takes to scale through. To complete this section, you will also need to talk about the market, who your competitors are, your market trends, the market size, and your potential customers.
#4. Customer Analysis
What type of customer do you render your services to? Are they private individuals, schools, families, or corporations? This customer will also depend on the type of art services you offer. If you have a target market, you should also run a basic check on them to understand who they are and what their needs are.
#5. Competitive Analysis
This section should be about your competitors, which can be either direct or indirect competitors. The direct ones are your fellow artists and the indirect ones are other options your customers can look up to. Mention all competitors you have and state their strengths and weaknesses. You can also include the type of customers they serve and the prices they sell their art products. To round off this section, you will need to mention your areas of advantage. You can state how your products are more unique and better than that of your competitors. Will you provide better customer service? Also, state if your prices will attract more customers to you.
Read Also: Makeup Artist Insurance: Liability Insurance And Coverage For Makeup Artist
#6. Marketing Plan
What will be your marketing and sales strategy? How do you intend on attracting customers and making sales? These are the basic questions that you will need to be explaining in this section. You will also need to talk about your marketing and promotion strategy. Will you advertise in local papers, make flyers, use social media platforms, create websites or engage in email marketing? These are information that your readers will need to know about your marketing plans because, without constant sales, a business can’t grow.
#7. Operation Plan
Just like the name implies, you will have to explain how your business goals will be carried out. You will also need to clearly define how you will carry out basic operations in your artist business. Your operation plan should cover how you will manage your everyday tasks, which involve answering calls, meeting with clients, billing, and collecting payments. You should also include how you will meet your long-term goals. Indicate the milestones you need to achieve, what it will take you to achieve them and when you plan on achieving them.
#8. Management Team
The management team section should entail your workforce. You can also explain how your team is liable to grow the business. You can mention their skills and responsibilities in the company.
#9. Financial Plan
A proper financial statement should include your income statement, balance sheet, and cash flow statement. Your income statement consists of your profit and loss information. A balance sheet is what shows your assets and liabilities, while a cash flow statement will determine how much money you need to start or grow your business.
#10. Appendix
Finally, this section should have your full financial projections and any supporting documents that can make your plan more presentable. It can be in the form of a license or a sample of your artist portfolio.
Artist Business Plan Template
Before starting up an artist business, either as a makeup, graphic, or music artist, you will need a template to kick off that plan. The essence of a template is to ensure that you start on the right foot while planning on how to set up your business. This template checklist will serve as a guide to clarify all necessary steps to take before kicking off that idea of yours. Also remember that this artist business plan template can accommodate other art genres like music, graphic, and makeup artists.
- Choose a business name
- Create a professional business plan
- Secure start-up fund
- Get a location for your business
- Get required permits and licenses
- Get the legal documents you need
- Have an insurance
- Buy artist equipment
- Develop a marketing plan
- Open for business
Not Ready to Write a Business Plan Yourself?
Creating a business plan can be overwhelming to compose, especially when it’s your first time creating one. If you want to escape the stress of figuring out what each section should entail, then it’s best to seek professional help.
Wouldn’t you wish to get your hands on a professional artist’s business plan in seconds? Then try this winning pre-made artist business plan.
At BusinessYield Consult, we help entrepreneurs like you create a business plan that can improve the success of any business. To achieve your art biz goals, get this plan now.
Conclusion
As an artist, it is natural to be exposed to numerous responsibilities. That means inventory details, showing or selling your work, exhibition dates, invoices, call-for-entry application deadlines, sales records, and a host of other schedules that need to be handled. A good business plan is all you need to escape being disorganized. By getting a plan and keeping track of your activities, you can curb those excesses. When it seems so overwhelming to create one, you can go for a pre-made
FAQs
How do I write a business plan for an artist?
To write a business plan, you can make use of the template in this article to compose your artist’s business plan.
Is being an artist a business?
As an artist, you can choose to turn your talent into a business and make it profitable. Indeed, all entrepreneurs are not artists but all artists are entrepreneurs. What matters is how well you polish your skills and make a living out of them.
How much can an art business make?
Artists do not have a specific amount of money they make. Most times it depends on the type of art services you render to clients. For example, if you are a graphic artist you can make more money compared to an artist who is just a painter.
