There are several stages of business development that all startup ventures must pass through before they can start enjoying good returns. Unfortunately, most artists do not focus on the business side of things. New musicians, painters, designers or sculptors are like business enterprises, meaning that there is a lot that they can borrow from startups if they are keen on making profits from their talents, such as:
Instead of taking a backseat after finishing a beautiful painting, a fine artist must find a way to sell it. This means networking with possible clients both off and online in order to create a buzz about their product. It might be scary trying to sell your work to strangers, but establishing business relationships is all about taking risks and not getting discouraged if they do not pay off.
2- Entertain criticism
Do not fear judgment about your work, but instead be ready to stand in the spotlight as where there is rejection, there is also acceptance. Remember that, like a startup venture, artists who are starting out also face challenges which should not deter them from their goals of earning a decent living from their talent. Professional marketers and public relation firms can help artists cater to the business aspect while they focus on their passion.
3- Display a good image
Startup managers know that customers judge them according to their image. If business premises are dirty or disorderly and the attendants cannot communicate well, there are high odds of failure. Artists must also be very careful of the image that they present and how they relate to their likely customers or investors. Most people in the art world are free spirits who barely recognize the demands of the business world, but this shouldn’t be the case. Such care free people deter investors as it heightens risks.
4- Use the 80/20 principle
For the creative mind, art and business hardly go hand-in-hand, but that is no excuse for failure as a professional artist. Even if all you want is to immerse yourself into your art pieces all day long, selling them will definitely improve your life. To strike a balance, art marketing experts recommend that artists dedicate 80% of their time to their creations and 20% to public relations and marketing.
5- Diversify how you make your money
Some great artists like Jay Z and Beyoncé are often ranked among the richest celebrities. This is not just for their music, but also because they engage in parallel activities like fashion and movies to rake in more cash. As a beginner, you can arrange workshops or become an assistant to great artists like the Chapman brothers, who were assistants to the great Gilbert & Georg. This will increase your work’s exposure and help you learn vital lessons for success.
6- Build a relationship with your fans
Pablo Picasso was a famous artist renowned for some great pieces, but the most admirable thing about him was his amazing connection with his fans. He would mingle and freely interact with people to gain inspiration. By doing that, he achieved rare celebrity status which made his exemplary works even more desirable, popular, and valuable.