By Monique Montney,
Hello Guys & Dolls
Many of you are asking how to become more successful with your art or craft business. In this blog I will help you start off with the business side of doing an art business. I will share some of the things my company, Mqmystic Art has done.
Choosing your business name and getting your DBA (DBA, is short for "doing business as", it is a formal declaration that an individual, company or organization is conducting business under a assumed name. DBA's are sometimes referred to as trade names.) is very important. It will give your business more clout and give some protection for your business name. Make sure to research the name you choose online to see if someone else does not have that name already.
Keeping records of what you are investing is very important. Start by gathering all your receipts for your art supplies in one place. Keep records of the time spent doing your art or craft. Decide how much you want to make per hour for your time. Doing this will give you a starting point for pricing pieces you do. Keep records of the time and cost of each art show you are doing.
I want you to remember that it usually takes around 5 years to really get a business off the ground successfully unless you are really lucky.
Next you need to write a business plan for your business.
The Mission Statement – This explains what your business is all about. Keep it short, between several sentences to a paragraph.
Company Information – Include a short statement that covers when your business was formed, the names of the founders and their roles, number of employees, and your business location.
Growth Highlights – Include examples of company growth, such as financial or market highlights (for example, "XYZ Firm increased profit margins and market share year-over-year since its foundation). Graphs and charts can be helpful in this section.
Your Products/Services -- Briefly describe the products or services you provide.
Financial Information – If you are seeking financing, include any information about your current bank and investors.
Summarize future plans – Explain where you would like to take your business.
I hope this gets you started in your successful business.