The general perception of an artist looking to earn something from his art had traditionally been that of a half starved person barely making ends meet. That has been the view of yesteryears. Today artist businessmen are highly successful, wealthy and form the cream of society. It is not by art alone that they achieve such heights; it is a clever mix of their artistic talents and an ability to use it to the fullest through various means.

How then can you create a successful business from your art? The obvious answer is to treat it as a business and go about targeting exponential growth through scientific and clinically precise methods.

  • Create outstanding works of art – As an artist this should obviously be your first priority. However, you cannot keep on producing work in a random manner. You have to be clear in your mind about the target market and patrons. The point is to make your art meaningful in the context that you set out to achieve.

  • Fixing your target market – Carry out a detailed research of the art market and be updated on the latest developments in the art scenario. Make a study of the possible buyers of your art, not only nationally but internationally too. A lot depends on who you want your audience to be because your works in future will be directed to that group. Your detailed market analysis therefore should take into account the size of your potentially targeted market and who your competitors are. The whole setting should be treated like any other business.

  • Marketplaces for exhibiting your art – You have to define the marketplace that you want to exhibit your art in. The type of work you produce will be influencing this point. If you choose public art galleries, you have to make sure that you are a prolific producer of art. Galleries generally exhibit a work for a fixed period ranging from six weeks to a few months before taking it down. Opt for gallery exhibits if you are sure that you can keep up a steady supply of your work.

Another area that you can explore is direct access spaces. These can be personal spaces like your studio or your website or public areas like trade fairs and art exhibitions. If it is the former that you are interested in, have a dynamic website designed and developed by a top online digital marketing agency in your area and frequently have the site updated with your latest creations.

  • Have a simple business plan in place – Yes, this will surely surprise you because as an artist you are mentally far removed from devising business strategies. However, if you want your art to be a successful business, this is where you have to start. Make a vision statement first and collate your thoughts – where would you want to be say about a couple of years from now? What is the expected time that you think you will take to produce successive works of art? How long do you think it will take to sell the art pieces and hence which periods will you be without income? These and many more questions need to be asked when you devise a business plan.

However, making a new business start up plan is not easy. Even those who are trained in this area have to work things out with caution. Hence it is always advisable to take help from professional business consultants who can guide and help you in this regard. They are experts in this area and have years of experience in structuring business plans for small businesses and start-ups. The plan they will devise will be a blueprint of the road that you should follow to expand your art business in future.

Incidentally, one of the industry leaders in business consultancy is TR Consulting based in Melbourne. They have years of experience in this field and have helped many a small business and start-up quickly become profit making entities.

  • Explore various avenues of art – If you have a knack for it and want to broaden your business opportunities, you can opt for other areas of art away from canvas and paint. Consider being an art dealer, an arts teacher, stained glass and mosaic maker, caricature artist and cartoonist and even silk screen printer. All these require a keen artistic sense and talent.

Consider these points if you want to be carve out a successful business from your art.