Artist Business Plan
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Executive Summary
Business Overview
Sean’s Scenic Creations is a startup artist company located in Baltimore, Maryland. The company is founded by Sean Hanford, who has experience in painting scenes throughout the globe. Now, with the expertise of knowledge and business acumen, Sean has determined he can confidently start and effectively grow a successful art studio company. Sean believes his experience of strategic growth, marketing skills, financial capabilities, and wide and deep knowledge of painting practices will provide everything needed for long-term growth and profitability.
Sean’s Scenic Creations will provide a select studio filled with scenic art for a wide variety of clients. Sean’s Scenic Creations will be the premier scenic artist studio, providing art works to each client while supporting the strategic goals of the company. Sean’s Scenic Creations will be the ultimate choice in scenic art for clients to ensure that every interest of the customer is fully and completely met.
Product Offering
The following are the products and services that Sean’s Scenic Creations will provide:
- Scenic oil paintings from global perspectives
- Scenic lithographs
- Custom reproductions of famous works
- Custom scenic oil paintings
- “Secrets of Creating Scenic Art,” small group painting classes
- Online sales and purchasing portal
- “Studio Wine & Cheese Night” for small audience settings
Customer Focus
Sean’s Scenic Creations will target former clients and patrons of the artist’s works. They will target first-time art buyers. They will target businesses seeking artwork for interior decor. They will target those individuals interested in learning how paintings are created. They will target those individuals who want to learn from the artist how to paint scenes.
Management Team
Sean’s Scenic Creations will be owned and operated by Sean Hanford. He recruited his former associate in art school, Jan Myers, to be his Studio Manager, to assist in teaching and demonstrating art and scenic art painting methods.
Sean Hanford is a graduate of the School of Visual Design in New York, where he studied multiple forms of art and artistic expression. Sean chose to devote the majority of his works in the area of oil paintings of iconic scenes and those environments that captured his interest. For the past ten years, Sean has worked as an associate in the Rockdale Art Studio, where he was well-known for his attentive interest in clients and his beautifully-created art.
Jan Myers has been an associate of Sean Hanford for almost eight years, working as the studio assistant in the art gallery. She is known for her dedication to customer care and service. She will become the Studio Manager, overseeing all customer interactions alongside Sean Hanford.
Success Factors
Sean’s Scenic Creations will be able to achieve success by offering the following competitive advantages:
- Friendly, knowledgeable, and highly-qualified team of Sean’s Scenic Creations
- Comprehensive selection of art and art-related classes
- Customized scenic paintings and paintings based on photography
- Corporate interior artwork
- Large scale art installations
- Sean’s Scenic Creations offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition.
Download the Artist business plan template (including a customizable financial model) to your computer here <–
Financial Highlights
Sean’s Scenic Creations is seeking $200,000 in debt financing to launch Sean’s Scenic Creations. The funding will be dedicated toward securing the studio space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and marketing costs. The breakout of the funding is below:
- Studio space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
The following graph outlines the financial projections for Sean’s Scenic Creations.
Company Overview
Who is Sean’s Scenic Creations?
Sean’s Scenic Creations is a newly established, full-service artist studio company in Baltimore, Maryland. Sean’s Scenic Creations will be the premier artist studio for collectors and aficionados to find scenic oil paintings from around the world. Sean’s Scenic Creations will be the primary choice for individuals who want to learn how to create scenic paintings in Baltimore and the surrounding communities. Sean’s Scenic Creations will provide a comprehensive menu of artwork, art classes and community gatherings for any customer to utilize. Their full-service approach includes an online option for customers to view and buy oil paintings.
Sean’s Scenic Creations will be able to offer a wide array of oil paintings and painting classes to interested individuals. The team of professionals are highly qualified and experienced in oil painting and artwork sales. Sean’s Scenic Creations will remove the headaches and issues of the art collector and art student who continually search for thoughtful assistance, and Sean Hanford and Jan Myers will ensure all clients are taken care of expeditiously while delivering the best customer service.
Sean’s Scenic Creations History
Sean’s Scenic Creations is owned and operated by Sean Hanford, a former graduate of the School of Visual Design in New York He has been in the retail art sales business sector for ten years and has amassed a significant amount of industry information and business acumen. His clients consider him to be their favorite artist and have already announced they will follow him when he opens his own studio in Baltimore.
Since incorporation, Sean’s Scenic Creations has achieved the following milestones:
- Registered Sean’s Scenic Creations, LLC to transact business in the state of Maryland.
- Has a contract in place for a 10,000 square foot studio at one of the midtown buildings
- Reached out to numerous contacts to include Sean’s Scenic Creations in their portfolios.
- Began recruiting a staff of one and two studio personnel to work at Sean’s Scenic Creations
Sean’s Scenic Creations Products & Services
The following will be the products and services Sean’s Scenic Creations will provide:
- Scenic oil paintings from global perspectives
- Scenic lithographs
- Custom reproductions of famous works
- Custom scenic oil paintings
- “Secrets of Creating Scenic Art,” small group painting classes
- Online sales and purchasing portal
- “Studio Wine & Cheese Night” for small audience settings
Industry Analysis
The artist studio industry is expected to grow over the next five years to over $15 billion.
The growth will be driven by the increasing interest by consumers in the art world and in the creation of one’s own artwork. The growth will also be driven by consumer travels globally that will increase the interest in recreating those iconic scenes via their own or an artist’s recreation in a large format oil painting. The growth will increase by individuals who work remotely and have access to their studios during short breaks from their profession, as well as those who have continual access to dedicated rooms in their own residences set aside for art studios.
Costs will likely be reduced as the increase in consumers drives retail prices down. For example, art supplies such as canvases and canvas-stretching services will probably be driven down due to an influx of new requests for services and products by the consumers. New technology in the art world will also allow the more mundane day-to-day operations of an artist studio or gallery more easily done by software designed specifically for the sector.
Download the Artist business plan template (including a customizable financial model) to your computer here <–
Customer Analysis
Demographic Profile of Target Market
Sean’s Scenic Creations will target those individuals of all ages interested in scenic art in Baltimore, Maryland. Sean’s Scenic Creations will target former clients and patrons of the artist’s works. They will target first-time art buyers. They will target businesses seeking artwork for interior decor. They will target those individuals interested in learning how paintings are created. They will target those individuals who want to learn from the artist how to paint scenes.
The precise demographics for Sean’s Scenic Creations are:
| Total | Percent | |
|---|---|---|
| Total population | 1,680,988 | 100% |
| Male | 838,675 | 49.9% |
| Female | 842,313 | 50.1% |
| 20 to 24 years | 114,872 | 6.8% |
| 25 to 34 years | 273,588 | 16.3% |
| 35 to 44 years | 235,946 | 14.0% |
| 45 to 54 years | 210,256 | 12.5% |
| 55 to 59 years | 105,057 | 6.2% |
| 60 to 64 years | 87,484 | 5.2% |
| 65 to 74 years | 116,878 | 7.0% |
| 75 to 84 years | 52,524 | 3.1% |
Customer Segmentation
Sean’s Scenic Creations will primarily target the following customer profiles:
- Individuals interested in purchasing scenic oil paintings
- Individuals interested in learning to paint or learning how paintings are created
- First-time art buyers
- Businesses seeking interior artwork for decor
- Former clients and patrons
Competitive Analysis
Direct and Indirect Competitors
Sean’s Scenic Creations will face competition from other companies with similar business profiles. A description of each competitor company is below.
Gallery Serenity
Gallery Serenity is a contemporary art gallery featuring the artworks of five artists within the Baltimore region. The art is composed of oils, watercolor, mixed media and ceramic pieces, all held within a minimalist gallery. The gallery is broken into five distinctive areas, with one small studio tucked into the gallery that represents each artist. The sleek interior matches the contemporary feel of the artwork throughout. Tara Simmons, a long-time art patron of New York City, opened the gallery to encourage patrons of her five favorite artists to purchase their own works of art from the artists. Regular “Shop Talk” sessions are offered, featuring one of the five artists on a weekly basis. The contemporary art is often moved on loan to enhance a corporate venue or exhibition that needs an artistic touch to the environment.
Esther Savage Art Gallery
The Esther Savage Art Gallery is home to the art works associated with the early colonial settlers in the Baltimore area. Works are in black pencil or oil, with rudimentary line drawings included in the gallery offerings. Esther Savage has been a dedicated collector of early colonial artwork and decided to open the art gallery to both showcase and sometimes sell her extensive collection of colonial artwork. Most of the art collection is for sale; other, more valuable works, are not. The early art of the colonies mimics the European styles of the decades, with oils playing a large part in portrait works, along with a colonial view of still life art and the occasional landscape of the Hudson River Valley and other iconic areas.
Jameson ClayCraft Salon
The Jameson ClayCraft Salon is a small salon housed in a brick-lined building located in mid-city Baltimore. Thomas Jameson has owned and operated the salon for over fifteen years, where clay art creations are both created and sold on site. Customers enjoy the intimate environment, along with the expertise of Thomas and his staff of three associates, who assist in both the slab and wheel ceramic forms and encourage loyal customers with their compliments. The Jameson ClayCraft Salon has been the hub of classes, wine and appetizer evenings for patrons, city art talks and other intimate gatherings that offer community to all who join in. Thomas Jameson is currently in the process of selling the Jameson ClayCraft Salon to a national retail chain of consumer “make-it-yourself” studios.
Download the Artist business plan template (including a customizable financial model) to your computer here <–
Competitive Advantage
Sean’s Scenic Creations will be able to offer the following advantages over their competition:
- Friendly, knowledgeable, and highly-qualified team at Sean’s Scenic Creations
- Comprehensive selection of art and art-related classes
- Customized scenic paintings and paintings based on photography
- Corporate interior artwork
- Large scale art installations
- Sean’s Scenic Creations offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition
Marketing Plan
Brand & Value Proposition
Sean’s Scenic Creations will offer the unique value proposition to its clientele:
- Highly-qualified and skilled employees who offer a comprehensive selection of art and art-related classes
- Large scale art installations
- Customer appreciation evenings
- Customized scenic paintings and paintings based on photography
- Sean’s Scenic Creations offers the best pricing in town. Their pricing structure is the most cost effective compared to the competition
Promotions Strategy
The promotions strategy for Sean’s Scenic Creations is as follows:
Word of Mouth/Referrals
Sean’s Scenic Creations has built up an extensive list of contacts over the years by providing exceptional service and art expertise to Sean’s clients. The contacts and clients will follow Sean to his new company and help spread the word of Sean’s Scenic Creations.
Professional Associations and Networking
Sean’s Scenic Creations will take an active role in regional and community art-related associations and non-profit groups with the goal of increasing the number of youth who learn to paint and exhibit artworks. They will also network at national trade shows to garner on-trend styles and types of artwork that may be as yet unknown to the staff.
Print Advertising
Before launch, direct mail invitations will be sent to every former client and contact of Sean Hanford and his associate, Jan Tyler, inviting them to the launch of Sean’s Scenic Creations. They will receive “preferred client” pricing within the first 60 days of business.
Website/SEO Marketing
Sean’s Scenic Creations will fully utilize their website. The website will be well organized, informative, and list all the services that Sean’s Scenic Creations provides. The website will also list their contact information and contain an online gallery of available artwork for sale. An online payment portal will allow customers to view and buy pieces from the convenience of their own home, if desired. The website will engage in SEO marketing tactics so that anytime someone types in the Google or Bing search engine “art studio” or “oil painting class near me,” Sean’s Scenic Creations will be listed at the top of the search results.
Pricing
The pricing of Sean’s Scenic Creations will be moderate and on par with competitors so customers feel they receive excellent value when purchasing their services.
Operations Plan
The following will be the operations plan for Sean’s Scenic Creations.
Operation Functions:
- Sean Hanford will be the owner and President of the company. He will oversee all staff and manage client relations. Sean has spent the past year recruiting the following staff:
- Kerrie Thomas will manage the office administration, client files, and accounts payable.
Download the Artist business plan template (including a customizable financial model) to your computer here <–
Milestones:
Sean’s Scenic Creations will have the following milestones completed in the next six months.
- 5/1/202X – Finalize contract to lease studio space
- 5/15/202X – Finalize personnel and staff employment contracts for the Sean’s Scenic Creations
- 6/1/202X – Finalize contracts for Sean’s Scenic Creations vendors
- 6/15/202X – Begin networking at industry events
- 6/22/202X – Begin moving into Sean’s Scenic Creations studio
- 7/1/202X – Sean’s Scenic Creations opens its doors for business
Management Team
Sean’s Scenic Creations will be owned and operated by Sean Hanford. He recruited his former associate in art school, Jan Myers, to be his Studio Manager, to assist in teaching and demonstrating art and scenic art painting methods.
Sean Hanford is a graduate of the School of Visual Design in New York, where he studied multiple forms of art and artistic expression. Sean chose to devote the majority of his works in the area of oil paintings of iconic scenes and those environments that captured his interest. For the past ten years, Sean has worked as an associate in the Rockdale Art Studio, where he was well-known for his attentive interest in clients and his beautifully-created art.
Jan Myers has been an associate of Sean Hanford for almost eight years, working as the studio assistant in the art gallery. She is known for her dedication to customer care and service. She will become the Studio Manager, overseeing all customer interactions alongside Sean Hanford.
Financial Plan
Key Revenue & Costs
The revenue drivers for Sean’s Scenic Creations are the fees they will charge to customers for their artwork and services..
The cost drivers will be the overhead costs required in order to staff Sean’s Scenic Creations. The expenses will be the payroll cost, rent, utilities, office supplies, and marketing materials.
Funding Requirements and Use of Funds
Sean’s Scenic Creations is seeking $200,000 in debt financing to launch its art studio. The funding will be dedicated toward securing the studio space and purchasing office equipment and supplies. Funding will also be dedicated toward three months of overhead costs to include payroll of the staff, rent, and marketing costs for the print ads and association memberships. The breakout of the funding is below:
- Studio space build-out: $20,000
- Office equipment, supplies, and materials: $10,000
- Three months of overhead expenses (payroll, rent, utilities): $150,000
- Marketing costs: $10,000
- Working capital: $10,000
Download the Artist business plan template (including a customizable financial model) to your computer here <–
Key Assumptions
The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.
- Number of Artworks and Classes Sold Per Month: 290
- Average Revenue per Month: $48,000
- Office Lease per Year: $100,000
Financial Projections
Income Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| Revenues | ||||||
| Total Revenues | $360,000 | $793,728 | $875,006 | $964,606 | $1,063,382 | |
| Expenses & Costs | ||||||
| Cost of goods sold | $64,800 | $142,871 | $157,501 | $173,629 | $191,409 | |
| Lease | $50,000 | $51,250 | $52,531 | $53,845 | $55,191 | |
| Marketing | $10,000 | $8,000 | $8,000 | $8,000 | $8,000 | |
| Salaries | $157,015 | $214,030 | $235,968 | $247,766 | $260,155 | |
| Initial expenditure | $10,000 | $0 | $0 | $0 | $0 | |
| Total Expenses & Costs | $291,815 | $416,151 | $454,000 | $483,240 | $514,754 | |
| EBITDA | $68,185 | $377,577 | $421,005 | $481,366 | $548,628 | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| EBIT | $41,025 | $350,417 | $393,845 | $454,206 | $521,468 | |
| Interest | $23,462 | $20,529 | $17,596 | $14,664 | $11,731 | |
| PRETAX INCOME | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Use of Net Operating Loss | $0 | $0 | $0 | $0 | $0 | |
| Taxable Income | $17,563 | $329,888 | $376,249 | $439,543 | $509,737 | |
| Income Tax Expense | $6,147 | $115,461 | $131,687 | $153,840 | $178,408 | |
| NET INCOME | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 |
Balance Sheet
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Cash | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 | |
| Accounts receivable | $0 | $0 | $0 | $0 | $0 | |
| Inventory | $30,000 | $33,072 | $36,459 | $40,192 | $44,308 | |
| Total Current Assets | $184,257 | $381,832 | $609,654 | $878,742 | $1,193,594 | |
| Fixed assets | $180,950 | $180,950 | $180,950 | $180,950 | $180,950 | |
| Depreciation | $27,160 | $54,320 | $81,480 | $108,640 | $135,800 | |
| Net fixed assets | $153,790 | $126,630 | $99,470 | $72,310 | $45,150 | |
| TOTAL ASSETS | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 | |
| LIABILITIES & EQUITY | ||||||
| Debt | $315,831 | $270,713 | $225,594 | $180,475 | $135,356 | |
| Accounts payable | $10,800 | $11,906 | $13,125 | $14,469 | $15,951 | |
| Total Liability | $326,631 | $282,618 | $238,719 | $194,944 | $151,307 | |
| Share Capital | $0 | $0 | $0 | $0 | $0 | |
| Retained earnings | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| Total Equity | $11,416 | $225,843 | $470,405 | $756,108 | $1,087,437 | |
| TOTAL LIABILITIES & EQUITY | $338,047 | $508,462 | $709,124 | $951,052 | $1,238,744 |
Cash Flow Statement
| FY 1 | FY 2 | FY 3 | FY 4 | FY 5 | ||
|---|---|---|---|---|---|---|
| CASH FLOW FROM OPERATIONS | ||||||
| Net Income (Loss) | $11,416 | $214,427 | $244,562 | $285,703 | $331,329 | |
| Change in working capital | ($19,200) | ($1,966) | ($2,167) | ($2,389) | ($2,634) | |
| Depreciation | $27,160 | $27,160 | $27,160 | $27,160 | $27,160 | |
| Net Cash Flow from Operations | $19,376 | $239,621 | $269,554 | $310,473 | $355,855 | |
| CASH FLOW FROM INVESTMENTS | ||||||
| Investment | ($180,950) | $0 | $0 | $0 | $0 | |
| Net Cash Flow from Investments | ($180,950) | $0 | $0 | $0 | $0 | |
| CASH FLOW FROM FINANCING | ||||||
| Cash from equity | $0 | $0 | $0 | $0 | $0 | |
| Cash from debt | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow from Financing | $315,831 | ($45,119) | ($45,119) | ($45,119) | ($45,119) | |
| Net Cash Flow | $154,257 | $194,502 | $224,436 | $265,355 | $310,736 | |
| Cash at Beginning of Period | $0 | $154,257 | $348,760 | $573,195 | $838,550 | |
| Cash at End of Period | $154,257 | $348,760 | $573,195 | $838,550 | $1,149,286 |
Artist Business Plan FAQs
What Is an Artist Business Plan?
An artist business plan is a plan to start and/or grow your artist business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.
You can easily complete your Artist business plan using our Artist Business Plan Template here.
What are the Main Types of Artist Businesses?
There are a number of different kinds of artist businesses, some examples include: Antiques, Art Consultant, Tattoo Artist, Photography, Graphic design, and Art teacher.
How Do You Get Funding for Your Artist Business Plan?
Artist businesses are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.
What are the Steps To Start an Artist Business?
Starting an artist business can be an exciting endeavor. Having a clear roadmap of the steps to start a business will help you stay focused on your goals and get started faster.
1. Develop An Artist Business Plan - The first step in starting a business is to create a detailed artist business plan that outlines all aspects of the venture. This should include potential market size and target customers, the services or products you will offer, pricing strategies and a detailed financial forecast.
2. Choose Your Legal Structure - It's important to select an appropriate legal entity for your artist business. This could be a limited liability company (LLC), corporation, partnership, or sole proprietorship. Each type has its own benefits and drawbacks so it’s important to do research and choose wisely so that your artist business is in compliance with local laws.
3. Register Your Artist Business - Once you have chosen a legal structure, the next step is to register your artist business with the government or state where you’re operating from. This includes obtaining licenses and permits as required by federal, state, and local laws.
4. Identify Financing Options - It’s likely that you’ll need some capital to start your artist business, so take some time to identify what financing options are available such as bank loans, investor funding, grants, or crowdfunding platforms.
5. Choose a Location - Whether you plan on operating out of a physical location or not, you should always have an idea of where you’ll be based should it become necessary in the future as well as what kind of space would be suitable for your operations.
6. Hire Employees - There are several ways to find qualified employees including job boards like LinkedIn or Indeed as well as hiring agencies if needed – depending on what type of employees you need it might also be more effective to reach out directly through networking events.
7. Acquire Necessary Artist Equipment & Supplies - In order to start your artist business, you'll need to purchase all of the necessary equipment and supplies to run a successful operation.
8. Market & Promote Your Business - Once you have all the necessary pieces in place, it’s time to start promoting and marketing your artist business. This includes creating a website, utilizing social media platforms like Facebook or Twitter, and having an effective Search Engine Optimization (SEO) strategy. You should also consider traditional marketing techniques such as radio or print advertising.