Creating a business plan for artists? This can be complicated because art is a broad category and it's often difficult to project accurately how much money an artist can bring in by showcasing and/or selling his/her work directly to the buying public. What your business plan will need to do is describe the art (style, method, end results, etc.), preferably with photos or case studies of past successes, and then project how that performance can be parlayed into future gains. The business plan's market analysis should talk about the market for artwork generally but should drill down to specifics in your local market where the buyers are most likely to be. Answer these questions:
• Who are your most common clients and what are their commonalities?
• Can you describe the art style by likening it to others?
• Who are you competing with directly and indirectly?
• What are the industry conditions currently?
• Do you have space to create or is part of the plan to acquire a studio?
The start-up summary will show your planned allocations of capital to marketing, overhead and cash on hand as well as any other outlays required before you have salable pieces for display. The business plan also needs a marketing strategy that makes it clear how you plan to promote yourself and what methods are most likely to get your art in front of the public. The financial pro forma probably requires only three years, but you will be required to show a revenue forecast, the break-even point, a profit and loss, cash flow, balance sheet, and an appendix showing monthlies. Stumped by the model or the market analysis? You are not alone! MasterPlans has worked with thousands of clients including dozens of artists and hundreds of freelancers better at their craft than at business planning. Call 877-453-2011 now to speak with a consultant.
