 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.
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 Hey, artist, I am honest with you: many artists make excuses for not turning their art into a business. They fear that operating an art business is too overwhelming.
But what if I told you learning more about the topic reduces fear and implementing the knowledge eliminates it? Today I aim to put some of these worries to rest so that you have a good idea of how the art business works. Last week’s newsletter about “Four Things You Must Do To Conquer The Fear Of Changing Your Career” prompted legitimate concerns, which I will address today. Here are the questions I got:
Without further adieu, please read my answers to these concerns.  I know you are familiar with the thoughts that arise when you lie awake at night, feeling unhappy with your current situation. You want to make a change, but you feel overwhelmed and unsure of how to proceed.
So, what is stopping you from making your art into a business? FEAR of the unknown. I get it because I felt all that anxiety before I stepped outside of my comfort zone and did something about my desire, which was to be a full-time artist. In this blog, I will share with you 4 things you must do to conquer your fear of changing careers. But before I do that let me give you a little story about how I did it because it will help you see the possibility. Here’s a quick flashback about my life in my mid-twenties: My husband got into a car accident and was incapacitated for a few years, so the financial burden was on my shoulders for a very long time. At that time, I managed a high-end restaurant for a tyrant. I hated my job, so after four years of consistent stress, and my husband, Paul, recuperated, I took the opportunity to quit. I then got offered a management position at the Sutton Place Hotel, but I did the opposite.  Hi artists, In my previous blog post, I talked about the limitations of social media in generating online sales. If you haven't read it yet, I recommend reading it to understand the full spectrum of social media vs online marketing. You can read the blog here.
How To Use Social Media To Leverage Your Online Business. Social media is a powerful tool with 2.8 billion users, you can't deny the impact that it could create for your business. But because organic posts can only reach 6% of your followers, it takes time and effort to grow. To remedy the algorithm problem, advertising on these platforms can help you reach your target audience effectively. Once you have their attention, encourage them to sign up for your newsletter by offering them an enticing freebie in exchange for their email address and that is how you grow your subscriber list. Once you have subscribers on your list it is time to create engaging newsletters to nurture your subscribers into buyers and collectors. And that is what email marketing is all about.  One of the questions I often get from artists is wanting to sell their art online. Unfortunately, the misconception of online business is severely misunderstood because most artists think that online equals social media.
Because of this misconception, artists are hopping on to Social Media, thinking they will instantly get discovered and their artwork will fly out of their studio effortlessly. Hoping that all they have to do is make art and create posts, and their business will work like clockwork. Unfortunately, that is not the case, or else we should all stay home and do just that. In this newsletter, I want to educate you on:
 Hi, Ting, I am following up on my previous blog post about my experience as an amateur artist and how I learned that following my passion is the key to a thriving art collection. In case you missed it, you can read it here.
I'm curious to know what you've been working on in your studio lately. Are you planning on launching your art collection by the end of the year? Or do you need help putting together a cohesive portfolio? As a creative, forward-thinking artist, I know that you have dreams of turning your art into a business, but you may not have the time to commit to a full-blown art marketing program at the moment.  Hi, Ting, If we haven't met yet, my name is Ting, I have been an artist for over 23 years and 13 years as a gallerist. Now, I coach artists on how to build a viable business with their talent.
If your art is not consistently selling, it is due to having an incohesive collection. This also means your target audience is undefined and your messaging is incoherent. If you desire to be a professional artist, an extensive and cohesive collection should be your #1 goal. Here is my story.  Wishes Granted III by Ting Yuen How Covid Has Changed Lives Hi, artist, The past few years after my husband, Paul, and I closed our gallery have been a mixture of emotions. Covid changed many peoples’ lives; some of us are grieving for lost ones or lost professions, and most of us are still in transition because it takes time to build or start something new.
For Paul and I, the business side of things is of inspired excitement because we started something new. We have been working nonstop at home; I’m working on my online coaching, and Paul is working on financial investment.  That's me jumping for joy when I got accepted into my 1st art show. :) Over 20 years ago! :0 Artists, I know you have been working hard on your art. You love it so much to the point of obsession because it provides you with insurmountable joy. When you are working on your craft, you feel destined to create. If only you could make it into a business one day, that would be your ultimate goal.
What if today is the day, I tell you, your dream is possible? I am not just saying it cluelessly. I am not giving you broken promises; I am telling you this because I have done it myself.  Many artists dream of turning their passion into a profitable business and leaving their day job, but they often need help knowing where to begin and how to make it happen. If this sounds like you, rest assured that you are not alone.
Although the art business is complex but it also offers many options for monetizing your talent. After over 20 years as an artist, I know having an artistic talent is a gift because it is a reliable lifetime money-producing asset. You can earn money from your creative skills in many ways, unlike other vocations where the skill can be marginal or streamlined to a specific target. By combining your talent with effective marketing techniques, you can continue making money from your art for as long as you desire. Once you start your creative business, you will be addicted instantly because it's inspiring, and you are calling the shots! Which means you can design your life the way you want it. Let's talk about the options of what your talent can do for you. I have come up with 24 ways to make money from your art. Because of the many options available to you, pick at least two to diversify your revenue streams so that you can create a steady flow of income consistently. |
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
September 2024
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