Tips for Creating a Business Plan

As artists, selling our work means we become creative entrepreneurs or art business owners.  We wear three hats in our business:  the artist who creates the work, the director/manager who oversees the business and the entrepreneur who continues to learn new skills needed to grow the business.

Today, I would like to speak to the director/manager of your business about creating a business plan.  This can seem like a daunting and overwhelming task, but we can break it down into manageable pieces.  A business plan will help you define the path of your business, your goals, your audience, marketing strategies and financial projections.  As creative individuals, we are intuitive and imaginative about our journey and can think outside the box.  No one knows your passion better than YOU!

What is the purpose of your plan?  Are you just starting out, launching a new product or seeking financial investment?  Here are some basic steps to help you create a business plan as an artist.

•  Define Your Artistic Vision:  
  Your artistic vision is the big picture of your business and should come from your heart.  What inspires you?  What type of art do you want to create?  Having a clear vision of your creative business will help you stay focused on your goals and create a consistent brand.  Your values and authentic voice are also a part of your brand.  Define what is most important to you and how you want to present yourself to the world.

•  Identify Your Target Audience:  
  Defining your target audience means deciding who your art is for.  Some people call it your ‘avitar’ and include the age, gender, occupation and income level of the person who would be interested in buying your art.  Understanding your audience will help you choose marketing strategies and pricing.

•  Research Your Competition:  
  By understanding what other creative businesses you are similar to, you can determine what makes you unique and stand out.  Take a look and ask yourself… What type of art do they create?  What is their pricing, their marketing strategy?  Knowing your competition will help you identify gaps in the market and differentiate yourself.

•  Create a Marketing Plan: 
  It’s time to design a strategy and get the word out about your art in an intentional and targeted way.  Go back to your vision and create a plan from the heart.  It should include the kind of content you create and how you will target your audience.  Is your art available directly to consumers, through a gallery or wholesale?  This plan is to let your perfect customer know that you have something that they need.

• Build Your Team: 
  You may be used to operating on your own, but it’s essential to ask for support.  Connect with friends and family, teachers, mentors colleagues and artist communities both online and in-person.  They can offer valuable support and encouragement.

•  Financial Goals: 
  Understanding the numbers is crucial to building a profitable business.  Determine your profit (income – expenses) numbers.  Calculate how much money you need to cover personal expenses, so you know how much you need to pay yourself.  Create a budget that will help you manage your expenses and ensure that you are staying within your financial goals.

Once you have your business plan, it’s important to remember that it’s a living document subject to change.  As you grow in your business, your plan should grow with you.  Upload your document to a project management system like Asana and set reminders to review every three months and rewrite it once a year.  

Creating a business plan may seem overwhelming, but it’s an important step in turning your passion into a successful career.  A business plan will help you stay focused on your goals, identify your target audience and create a consistent brand, make informed business decisions and track your progress.

If you need help creating a tailored business plan or setting up a project management system like Asana, feel free to connect. More about Asana here.