Keep your vision consistent. Don’t back down or change your vision just because sales are low initially. [2] X Research source
Make sure you can explain your art in a way that is not intimidating or off-putting to inexperienced visitors. That is, don’t drop into high-level art lingo with new customers until you become aware of their own experience level. [3] X Research source
Try looking in areas populated by other galleries, near art schools, or in up and coming areas. If possible, look for a location with extra space so that you can expand later if you need to. [4] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source
Set out in clear terms your management structure, including ownership shares and profiles of managers. Explain your funding requirements and how you plan to get that funding. This is important as your business plan will be used when acquiring business loans or investor money. Include growth plans and revenue projections over the years. [5] X Trustworthy Source U. S. Small Business Administration U. S. government agency focused on supporting small businesses Go to source Explain how you plan to make money. Art galleries typically make a commission on sales. This can be as high as 50 percent for two-dimensional work and 40 percent for three-dimensional work.
You will need additional permits or licenses if you serve food or alcohol in your gallery.
Your tax filing requirements vary based on your business structure. See the IRS’s guide for small business taxes at https://www. irs. gov/Businesses/Small-Businesses-&-Self-Employed. To pay employees and (in most cases) to file taxes, you will need and Employer Identification Number (EIN) from the IRS. Visit their website to apply for one (it’s free to do so).
If you hire a curator or manager, hire one that can help keep your vision on track and work with you to make business choices. [9] X Research source
As your knowledge of your specific niche and of the art community grows, you will become better at identifying artists to showcase in your gallery. You will be better able to identify trends and capitalize on them before your competitors. [11] X Research source
Maintaining these relationships may also ensure that you remain their gallery of choice even when their work gains more recognition. [13] X Research source
Also remember to stay consistent between shows in your themes and levels of accomplishment of your artists. Visitors don’t want to be confused by your inconsistency, as generally the art is confusing enough to them. [15] X Research source
Also, when pricing your pieces, stay consistent throughout your shows. That is, don’t showcase art that costs $100,000 in one show and then $1,000 pieces in the next. This will alienate customers at both price levels. [16] X Research source Use your knowledge of market prices and your customers’ purchasing power to price your art competitively. In many cases, you will be working for relatively small margins. However, a great dealer on the forefront of a new trend can make high-margin sales.
Once the art gallery opens, the marketing and public relations requirements will not cease. Word of mouth is a powerful tool and networking is essential. Use your websites as another venue for displaying your collection. Include high-quality images of the art, descriptions of the piece, and artist bios online. [17] X Research source
Make sure to avoid the trap of creating a group of non-paying adorers. That is, recognize people who show up to your gallery events and fail to buy anything time after time. Your gallery should not be your own personal social club for friends. Instead, make sure you keep your focus on the greater art community, drawing in new customers and gaining recognition outside of your social circles. Cater to new customers and actively seek their patronage. Keep up with your customers and art critics by sending out a newsletter or announcements once or twice a month. [20] X Research source
Also, when talking about a piece, don’t just say how much you like it or how great the artists is. Instead, discuss its relevance and significance. For example, talk about what the piece is trying to say, what concepts or movements it is inspired by, why it is worth owning, and how it can improve the visitor’s own life. [21] X Research source
