The Importance of Stages in Artrepreneurship

A culture of instant gratification, 0 to 100, now or never, is becoming more and more prominent–don’t let it jeopardize your artrepreneurial success.

With false expectations of what it means to build a creative business, many artrepreneurs are left disappointed. I’ve seen dozens of clients face “failure” because of their own failure to address the importance of stages in their entrepreneurial journey. Should they have prepared properly, they could have obtained the success they were looking for.

NOTE: It’s true–not all paths are the same. Some people work through these stages one at a time, some work through multiple at once, and some jump between stages throughout their journey. Do what’s best for you, but remember to at least think through each stage during your preparation process.

PREPARATION

Study the market – Take some time to understand what’s already being offered. Don’t forget to think about competitors and target markets that aren’t immediately obvious. Here are some resources to help you.

Master the craft – Learn as much as you can about your art and the business in which you will operate. You don’t have to become an expert before you start your artrepreneurial journey, but you should work on becoming an expert as soon as you can.

Build a solid business model – Before you jump into launching your creative business, make sure you have a game plan. Better yet, your game plan should be backed by data or experience. And that’s where TESTING comes in:

TESTING

Test your product – As you’re developing your product or service, it’s important to test it as you go. You don’t want to build what seems like the perfect product, only to find out that your customers actually hate it’s design or functionality.

Test the target market -After studying the market, you should have a good idea of who your target customers are; but, its helpful to confirm your assumptions. Approach your target market, have them interact with your product or service, and ask them to provide feedback about their experience.

Test your pricing – As you’re working on testing your product and target market, don’t forget to test out your pricing, too. After you’ve interacted with customers, ask them about the pricing. Would they pay XX amount for this? If they say yes, great–you might even be able to increase the price a bit. If they say no, you’ll know your pricing is too high. Read more about how to price your work here.

LAUNCH

Take what you’ve learned and apply it – As you work through the preparation and testing phases, remember to make note of the insights you discover. Don’t forget to incorporate what you’ve learned into your future business decisions. If that means adjusting your business model or product offering, do it.

Take your creative business full time – Once you’ve gotten to a place where you’ve tested your business model and have secured your first few clients/customers, it might be time to take your business full time. However, some businesses can be launched as a side hustle, so think about what is right for you and your creative business.

Consider looking for additional funding (if applicable)Depending on your business model, you might need additional funding to start up your business. Read this article to learn more about financing and discover what’s right for your creative business.


Building a successful business is about the long game–build a good foundation and success will come more easily in the future. Take the time to work through each artrepreneurial stage and watch your artrepreneurial vision come to life.

Remember: Your artrepreneurial journey will consist of many levels. Don’t be so eager to get to level 100, that you forget to enjoy the levels in between. Levels 5, 20, and 80 all come with their own satisfactions. Don’t miss out on the journey because you’re too focused on the final destination.

For more straight-to-the-point information about artrepreneurship, follow Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet.

Peace, Kayla

Funding Sources for Artrepreneurs

Looking for funding as an artrepreneur can be overwhelming. Start by learning about your options.

Depending on your business model, you may or may not need a cash infusion to start up your art-based business. For example: If you need a certain machine to create your product, or you need a physical location, you might be looking for sources of funding to help you get started. Let’s talk about some options.

Remember: Successful funding is reliant on your ability to pay back the money you borrow, with interest. In order to do this, your business must make money–enough to pay back debts and still make a profit. That’s why its so important to understand your business model and ensure that you will make the amount of money you think you’ll make.

Note: The word DEBT is a four-letter word to many people. But, it’s not always bad. If you can make enough money to pay back what you’ve borrowed and still make a profit, debt is really a tool you can use to help build your business. However, if you don’t do your due diligence to ensure that you will be able to make the amount of money you think you’ll make, debt can become your worst enemy. Preparation is so important in artrepreneurship. Before taking funding of any kind, make sure you do the prep work needed to ensure it’s a good decision! (If you’d like to read about how to do this prep work, let me know in the comments section below!)

Types of Funding Sources

Banks
Most banks give out business loans. However, most banks only want to invest in “low-risk businesses” (cookie-cutter businesses that are part of secure industries and have proven business models). As an artrepreneur, your creative business, most likely, does not fall into this category. Visit your local Small Business Development Center to ask if your business might be considered a fit for bank loans.
Remember: Lenders are most concerned with your business model (is it sound, will it make money, is there room for growth?) and YOU. Lenders want to see that you have extensive knowledge in your field/industry, that you have good credit, and that you are personally financially stable. Banks want low-risk investments. If you’re credit is poor, or you have a hard time handling your personal finances, banks will be much less likely to invest in your business. It’s important to take the time to improve your personal situation so that funders will be more willing to work with you.

Investors
Investors are usually interested in tech/software/medical companies who have high growth potential. As an artrepreneur, your creative business, most likely, does not fall into this category. However, there are investors of all kinds out there. If you can prove that your creative business has potential for high profits and growth, this could be a good path for you. You’ll need to look for investors who have an interest in the arts. A personal connection between yourself and them is always helpful. Again, these investors will be looking at both your business model and YOU. When talking with investors, you must be able to sell your ability to execute the business plan and create a profitable business. Practicing your elevator pitch and understanding your business model will be VERY important.

Crowdfunding
Many artrepreneurs take to crowdfunding sources to help raise money. Crowdfunding platforms allow individual people to donate small to large amounts of money to businesses. Kickstarter is a popular crowdfunding platform. On Kickstarter, those who donate are guaranteed a gift of some sort in return for their investment, with larger donations resulting in larger gifts.
This funding source is usually most successful when the business already has a strong online following, or their offering is so innovative that people are drawn to it and want to be part of its development.

FFF
FFF stands for Friends, Family, and Fools. This kind of funding source draws from your existing network and requires that you convince those you know to join you in your artrepreneurial journey. Like the other sources of funding, those investing will want some kind of return for their investment. They might ask for a percentage of the business, interest on a time-specific loan, or unlimited use of the product or service in the future. Whatever it is, it’s important that you treat these investors like any other… Create a contract! Let them know exactly what you’re asking for and exactly what they’ll get out of the relationship.
This funding source can be tricky because you are involving friends and family (and maybe some fools) in your business affairs. Only work with those you trust–people who can act professionally and take on the role of an investor, not just a friend.

Grants
As an artrepreneur, you may have some opportunities to receive grants that are created just for entrepreneurs in the arts. You’ll have to do research to find them. Remember: Just like every other funding source, the money you receive isn’t “free.” In the case of grants, you might have certain limitations on how the money can be spent, or there might be goals you need to accomplish with the money. Make sure to read the fine print to understand what you’re agreeing to before accepting any grant money.

The Business
Depending on your business model, you might not need to look for outside sources of funding. If you’re able to start making profits for a relatively low amount of cash, you can use those profits to fund the next round of your business plan. Think about how you can strategically launch your business so that it can pay for itself. If your business model fits this strategy well, you’ll be happy that you took the time to develop your business in a way that allowed it to become its own source of funding.


We’ve only scraped the surface of each of these funding sources. Hopefully, you’ve identified one or two that might be a good fit for your creative business. If so, now is the time to do more research. Before you approach any of these funding sources, you’ll need to confirm that your business model is well thought out and has potential for profitability.

If you would like to read more about how to approach each kind of funding source, leave a comment down below!

Peace, Kayla

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