 Do you know more than 60% of new businesses fail within the first five years? There are so many factors why a business close its doors. Operating an art business is no different; having a profitable enterprise is not impossible, but it takes discipline, the right mindset, good sales skills, relatable marketing skills, hard work, and sound art. I have operated mine for over 20 years. After side hustling with my art for less than two years, I decided to become a full-time artist in 2001; with a small saving for investment, I had to be very careful about how I operated my business. There were times that I felt that I had to find a part-time job for securities, but my husband told me to have faith and give it more time. And I hate to admit it, but he was right.
I quickly learned I had to step up the game to succeed. And I also realized that success in the art business world requires more than talent. Because art is a luxury item and not a necessity, it is even more vital for artists to have the proper mindset, discipline, marketing, and sales skills for their art to sell well. Based on my experience as a veteran artist and my experience with coaching artists, I have uncovered Eleven Reasons why most artists fail. I wrote this blog to help ensure you don’t make the same mistakes so I can save you some wasted time and frustrations. Here, I touch on these 11 core reasons why artists fail.
So let's get to it! #1 Discipline Goal Setting and discipline go hand in hand. This habit is a MUST. When you don’t set goals for your business, your path to success will be arduous and confusing. Having no plans will set you up to waste time and not get anything accomplished. When you have a plan on how your business will take shape, learn to strategically break it down into manageable tasks and then schedule each task on your calendar and see it through. Make them realistic, measurable, and timely. Since artists wear many hats, we are the makers, marketers, and sellers; the best way to do this is to divide your time between studio time, marketing, and selling. You will have a better chance to succeed if you look at your business with these three aspects and understand that each principle supports the other. By being specific, plan every goal out in great detail. With a target and timeline in mind, you can strategize the direction to get there and track and analyze the success that it brings you. If your plan does not measure your goal, do not panic; return to the drawing board, look at it with a fresh perspective, tweak it, and try again. Don’t get discouraged, artists; the essential thing is to take action and keep going even if, at first, you fail a few steps short; with more experience, eventually, you’ll be an expert in executing goals. #2 Mindset The right mindset and attitude are hugely vital to your success as well. You will fail if you don’t have a solid determination to make your art career work. It depends on how much you want to succeed and what you are willing to do to make it. Knowing why you want to own a successful art business helps. Ask yourself: Is it to get out of your uninspired job? Is it to own a business and call your shots? Or do you want to make extra income to support your family or plan that vacation? Or perhaps you want to build a business with your talent so that you can semi-retire. Knowing your whys will give you more tenacity to accomplish your dreams at great lengths. Keep your eye on the end game. Write down why becoming a successful artist is vital to your life, and revise your list often. Train yourself to overwrite your fear and stay strong and determined. Get yourself accustomed to taking risks and overcoming doubts. It does take courage to see things through. #3 Marketing Being a successful artist also means that you have to be good at business. Just being creative is not going to cut it. Half to three-quarters of your time will be spent marketing and selling your art collection. So you need to fall in love with the marketing and selling part of your business. As an artist-entrepreneur, I enjoy doing business; it is diverse, ever-changing, inspiring, and creative. The more you learn to monetize your talent, the more you will love it, and success will naturally follow. I guarantee that because I am the living proof of an artist who has made it and only because I operate my career like a business. So artists, if you want to be successful at selling your art, start by being devoted to the marketing and selling part. The time spent on your art business should be 60/40: 60% marketing and selling and 40% working on your art. #4 Sales Skills I know so many artists have such a hard time selling their talents. Most creatives want to paint, draw, and create with no intention to sell, which is fine if you do it as a hobby, but it is a different story if you want to do it as a business. Most creative people don’t like pricing, selling, and marketing their art; they feel weird about the whole business process, so they continue to give away art for free or charge little for it because they undervalue their worth. What saddens me is their self-sabotaging thinking. So, if you struggle with the same thing, your disserving attitude has to change if you want to quit your 9-5 job and open an art business. Sales is not a dirty word; it is a business practice, and your work has value. Did I feel weird in the beginning? Yes, of course. I was terrified on the first day of my gallery opening, but I knew I had to do something about my fear because I had no choice. I wasn’t returning to being an employee working hard for someone’s business with no future and little rewards. The sales skill comes from understanding human psychology and being aware that sales do not have to be a slimy transaction; it is about building relationships, finding common ground, nurturing, cultivating, and authentic communication. My Introverted Nature has taught me that sales can be a gentle, honest, joyful, and meaningful experience with mutual benefits. Artist, there is no way around sales if you want to do it as a business, but you can do it with dignity and integrity. Learn with me, and I will teach you how. Once you know how to sell with sincerity and authenticity, the mentality of knowing that you can succeed in it is powerful. #5 Inflated Attitude Some artists wish to be discovered; they hope their talent will bring them to stardom. Sadly, that is further than the truth. There are many artists out there forging through challenges to reach success. Therefore, you must actively work hard on your art business to be included. Successful artists know they have to create their luck. They know they will not be discovered if they don’t work hard at it. The successful ones work hard at their mindset to have the right attitude to support their dreams. Plus, they seize opportunities whenever they are available because they understand building a successful business takes hard work and when coupled with a little bit of luck, goes a long way. #6 Unrealistic expectations There are three ways to sell your art:
I have experience in all three; the one that makes me the most money is face-to-face sales, which means doing shows or opening my galleries. Face-to-Face: Here’s the thing, artists: if you want to get to financial stability fast, make sure most of your sales are done face-to-face. It is the fastest and most profitable way to grow your business, which includes doing art shows. The conversion rate for face-to-face sales is 20-40% and up, the better you get at sales the higher the conversion rate. Online Sales: Many artists hope online will produce the same results, but it is entirely different. The same goes for gallery representation; you will yield different results. Increasing online sales can be challenging as it demands a lot of effort, and standing out in the crowded online marketplace requires effective advertising but it is doable and learnable. While there are ways to achieve better results, generating significant income involves a combination of email marketing and proficient online marketing skills. Gallery Representation: With gallery representation, you lose 40-60% of your sales. However, some galleries have elite collectors lists, which is helpful for growth momentum if you are one of the artists who sell well. But if you are in the middle of the road, it will take a lot of sales to make it a full-time income. To find out the ins and outs of self or gallery representation, please check out this article. #7 Lack of Networking Many artists want to spend their time in the studio but solitude confinement and not meeting people are not healthy for your mind or business. Artists must invest time to build relationships with their clients and industry people. They don’t realize that art is a people’s business. Creating lasting relationships with your clients is essential for your brand. Networking with industry people is also vital to your growth. You have to invest time connecting with your fans and industry people to deepen those relationships and help create momentum for your business growth. Cultivate your buyers into collectors and industry people as your allies. Scheduling regular time to network in the art world is crucial to your business's health. #8 Bad Art As you know, beautiful art doesn’t sell itself, but bad art has no chance. If you are an emerging artist and feel insecure about your art skills, please take a few workshops, study old masters’ work, and practice daily. Doing so will help you gain experience, solve painting mistakes, and improve your skills. With daily practice, your art will go from bad to good, and your confidence will also go from insecure to confident. To help you create better art, I have created a guide called 10 Steps To A Successful Painting please click here to download your guide. : #9 Poorly curated art portfolio: As a gallerist and coach, one frustrating thing is reviewing poorly executed portfolios. Sorry, artists, your art collection has to make sense. It has to be cohesive with a focused genre and mission. The collection must also be extensive to make an impressive impact when you launch it. To learn more about this, click here. #10 Wrong Pricing Pricing your artwork with the correct value is vital to the success of your art business. If you price it too low or too high, it will either work against you in the long run or not sell well. A tip for emerging artists: Price it according to your skills and make your work affordable but still valued. Never undervalue your work because you are doing a disservice to the art industry and yourself. Plus, if you price your work too cheap, you will attract the wrong audience; they will stifle your profit and creativity, leading to a failing and unsustainable business. But when you price your art accordingly, you will attract more buyers, and from there, you can cultivate them to loyal customers. Once you gain more experience and had a couple of successful seasons, then it is time to increase your price by 10%. But be mindful of what the economy is doing; if it is weak, it will only be wise not to raise your price that year. If you need help pricing your art, I have created a guide to help you with just that; you may grab your Pricing Guide here. #11 Sustainability Starting a business as an artist can be challenging, as many businesses shut down within the first year due to a lack of motivation and inadequate marketing skills. Having the proper business understanding and focusing on generating diverse revenue streams is crucial. Apart from selling artwork, artists can also consider commissioning art, teaching art, gift products, or selling prints to maintain a steady income for the business. Adding more revenue streams to your business will help you build a sustainable and profitable business that you are proud to own. Conclusion: Dear artists, I hope you found this article helpful. Now that you know what mistakes to avoid, I hope you can move forward confidently and understand that becoming a successful artist is achievable. If you need guidance in building a profitable and prosperous business, the quickest and easiest way to achieve this is by seeking help from someone who has already been there before. Check out the courses and services I offer; I would be delighted if you joined me on this journey because I am a dedicated coach who wishes to help you turn your dream into a reality. With Joy, Ting
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Ting YuenI am an artist and art marketing strategist that is passionate about creating meaningful art and courses that inspire your life, business and home. Archives
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