How to create profitability and sustainability in your art business.

My fourth gallery

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Three recessions, six forest fires, one inflation, and one pandemic are just some of the challenges that have impacted my 23 years in business—and I'm still here! How did I do it? Implementing strategic cost-cutting measures, diversifying my product offerings, and maintaining strong customer relationships.
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Hey, artist, completing a collection is just the beginning of a marathon in the art business. The real fun begins when you start nurturing the longevity of your enterprise.
 
As the boss of your business, you can decide how, where, and when you operate and how much you want to earn from your art. This is where strategic planning comes into play, as it helps you understand the long-term implications of your decisions. 

If you aspire to build a business that stands the test of time, like mine, you must focus on creating a profitable and sustainable business. This involves ensuring consistent profit and growing your status year by year through a strategic increase in revenue and intelligent cost reduction.

Here's an example of profitability and sustainability: Let’s say your business model is to sell only original paintings with shipping included. How many original artworks do you need to make to sustain your business? 

If you are undercharging your art, you may sell but are busy producing new works daily. And your expense is high because you have to absorb the shipping, supplies, and handling costs. 

Creating artwork daily leaves you no time to market your art, thus slowing down your business growth. On the surface, you may look successful, but in the end, it is an unsustainable and unscalable business because it operates on a “work harder, not smarter” framework. 

Therefore, to profit yearly, you must scale your business by finding ways to increase your revenue without a proportional increase in your costs and time.  

That is why having a goal and future projection is essential to know if your business model is profitable and sustainable. 

To learn more about creating a profitable and sustainable business, stay tuned for my first Be A Thriving Artist Academy webinar launch this year, where I share 3 behind-the-scene secrets to generating consistent revenue year after year. ​Click here to sign up for the waiting list.​ I look forward to sharing more tips with you.

​Having an art business has changed my life for the better. I enjoy having a creative enterprise that allows me to express my soul and manifest abundance, balance, and happiness with my talent. It truly is a dream come true. I hope you’ll join me in this entrepreneurial journey. ❤

With Joy,
​Ting