What are the pros and cons of starting an art business?
An art business has a few pros and cons, which you should be aware of before getting started.
Here are the high level benefits and drawbacks of an art business:
|• Flexibility||• Work is not always glamorous|
|• Ability to start your business from home||• Crowded Space|
|• Little startup costs required||• Isolation|
|• Meaningful business connections||• You may need to charge sales tax|
|• Pick & choose the clients you work with||• Time commitment|
|• Quick build time||• Difficult to build trust with your customer|
|• Rewarding work||• Work can be repetitive|
|• You are your own boss!||• You might struggle financially (at first)!|
|• Local Community||• Learning Curve|
|• You can sell your product in various places!|
|• Simple business model|
|• Greater Income Potential|
|• You get to do something you truly love|
|• Daily physical activity|
|• Minimal experience required|
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.
• Ability to start your business from home
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!
• Little startup costs required
The cost to start a art business costs significantly less money than most businesses, ranging anywhere from 1,242 to 58,669.
• Meaningful business connections
You never know who you will meet or get to work with for your art business. This could be the start of an incredible business opportunity!
• Pick & choose the clients you work with
Art Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!
• Quick build time
The average time it takes to build your product is quick - typically around 7 months. This will allow you to bring your product to market faster.
• Rewarding work
Starting a art business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
• You are your own boss!
With starting a art business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Local Community
One of the best parts of starting a art business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
• You can sell your product in various places!
There are various different markets to sell your product, which will help you reach different audiences and revenue streams.
• Simple business model
A art business has the advantage of a simple business model, which makes launching and building the business more seamless.
• Greater Income Potential
When you start your own art business, you have the ability to make as much money as you want. You no longer work for someone else where at any point, you could be let go or get a pay cut.
• You get to do something you truly love
With starting a art business, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.
• Daily physical activity
Art Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
• Minimal experience required
Starting A Art Business requires little experience and no specific certifications or qualifications. To be successful, you need hard work, determination and the desire to achieve greatness!
• Work is not always glamorous
With starting a art business, you may need to get your hands a little dirty. Although it may seem glamorous from the outside to start this business, the work can require a lot of physical activity and repetition.
• Crowded Space
Competition is high when it comes to your art business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
Often times, as a art business, you typically work alone and do not have much face-to-face interaction with other team members.
• You may need to charge sales tax
If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article
• Time commitment
With starting a art business, all responsibilities and duties will be in your hands. Although this is not necessarily a negative thing, it's important to understand that your work-life balance may be a bit unbalanced at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• Difficult to build trust with your customer
With a art business and any online business, there is little physical interaction, which means it can be a lot more difficult to establish trust and clout with your customers. You'll need to go the extra mile with your customer to grab their attention as soon as they reach your site + assure them that your brand is legit and trustworthy.
• Work can be repetitive
You may find creating the same product over and over repetitive and tiresome. One way of avoiding this is to diversify product lines and revenue streams - this will keep things interesting!
• You might struggle financially (at first)!
If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.
• Learning Curve
When you start your own business, you no longer have upper management to provide you with a playbook for your roles and responsibilities. You should know the ins and outs of every aspect of your business, as every decision will come down to you.