Art and creative businesses will fail without this essential step – here’s what they need to know
The art world is dynamic, exhilarating, and filled with opportunities for those who dare to carve their own path. Yet, despite an abundance of talent, many creative businesses struggle to survive beyond their initial launch.
Why? Because turning a creative practice into a sustainable business fundamentally goes against what it means to be an artist.
Artists create because they must, not because they see themselves as entrepreneurs. But the reality is that in today’s world, artistic expression alone isn’t enough. Without structure, strategy, and business acumen, even the most talented individuals risk financial instability and failure.
Why art schools don’t prepare artists for the business world
Many young artists leave incredible institutions such as the Royal Academy of Arts or the Courtauld Institute, inspired and equipped with artistic skills but lacking the essential knowledge to build a sustainable career.
From painters and sculptors to illustrators and designers, creatives often find themselves ill-prepared to navigate the commercial realities of the art world. Business strategy, financial management, and marketing are frequently overlooked in traditional arts education, leaving graduates with gaps that can hinder their long-term success.
As an art advisor, collector, and investor, I have encountered countless artists eager to ‘crack’ the industry but struggling to establish a business foundation. Many of these creatives have the potential to build thriving enterprises, yet without a business framework, their ventures remain fragile, unable to withstand the inevitable challenges of the market.
The paradox of the creative entrepreneur
Artists often find themselves caught between two seemingly opposing forces: creative freedom and commercial sustainability. While their primary focus is on producing meaningful work, they must also engage in the less glamorous aspects of running a business. Tasks such as financial planning, contract negotiations, sales, and operations can feel daunting, uninspiring, or even antithetical to their artistic identity.
Yet, avoiding these responsibilities comes at a cost. Research shows that most small creative businesses fail within their first five years, not due to a lack of talent but because of financial mismanagement and an absence of strategic planning. The ability to create extraordinary art does not automatically translate into financial stability.
A business plan is not optional
No successful business operates without a plan. Whether it’s a formal strategy document or a simplified roadmap outlining revenue goals, operational costs, and long-term objectives, having a structured approach is crucial. Without financial oversight, even the most profitable venture can collapse.
A business plan serves as a strategic foundation, ensuring that an artist’s creative vision is supported by strong business principles. It is not about compromising artistic integrity; it is about providing a framework that enables sustained success and financial independence.
Your art needs a brand
Branding is no longer the exclusive domain of corporate giants. In the modern art world, a strong brand identity is just as important as the work itself. Without a recognizable presence, even the most compelling art can struggle to find its audience.
A well-defined brand allows artists to communicate their story, values, and artistic identity to collectors, galleries, and the wider public. It is not just about aesthetics; it is about crafting a narrative that resonates and builds lasting connections.
In today’s digital landscape, an online presence is non-negotiable. Social media, websites, and digital marketing are powerful tools that allow artists to reach a global audience.
However, marketing does not end with social media. It extends to email campaigns, collaborations, influencer partnerships, and even paid advertising – all of which contribute to an artist’s visibility and commercial success.
Financial literacy, strategic planning, and branding are as crucial as artistic skill
The romanticized notion that artists should focus solely on their craft while leaving business matters to others is outdated and unrealistic. The most successful creatives are those who recognize that financial literacy, strategic planning, and branding are as crucial to their career as their artistic skill.
Artists do not need to abandon their identity to succeed in business. Rather, they must embrace entrepreneurship as a tool that enables their creative freedom, allowing them to build a sustainable career while remaining true to their artistic vision.
Ignoring the business side of art is no longer an option – it is a risk that few can afford to take.
Author: Katrina Aleksa, Art Advisor, Collector, and Investor and Co-Founder of AWITA (Association of Women in the Arts)
