Selling the art that you have created can be a great way to make an extra income, promote your talents, and turn a hobby into a viable business opportunity.
However, before you become the next DaVinci, there are some considerations that you need to think about when selling your art that will ensure that you stay protected and are able to enjoy your new business.
- Commercial Insurance
Commercial insurance is especially important if you are selling your art out of business premises or a storefront, as it protects you should lose or damage be incurred on your art or your storefront. When setting up a business, you should check that you have the right insurance that you need before you make any final decisions.
For instance, if customers will be shopping on your premises, you may need to consider public liability insurance, especially if your store is also a workshop which may have health and safety hazards for the unwary visitor. Hiscox provides insurance for your business so that you can be safe in the knowledge that your business and yourself are protected from claims and legal battles.
- Marketplaces and Online Platforms
Rather than selling your art from a storefront or shop, you may want to think about the opportunities that online platforms and marketplaces can give to you. Marketplaces such as Etsy allow professional and hobbyist artists to sell their art from a trusted and secure platform that both buyers and sellers can rely on.
Using this third-party website means that you do not have to worry so much about marketing and promotion, and also means that you can be assured of payment for your work.
- Your Prices
Many casual art buyers do not want to spend extortionate amounts on art unless this is for a reason, and so you should match your prices to the skill level that you believe that you realistically have.
Artists with a basic skill level will still be able to sell their artwork, but probably not with as high a price mark as expert artists. Then, you should make sure that your prices are affordable for casual buyers as well as connoisseurs.
- Contracts and Commissions
If you are creating an individual piece for a buyer on commission, you should get this commission is writing and establish your terms before you start creating the art.
This will mean that there is less chance of a loss to your business should the buyer pull out, and will give you legal ground if you struggle to receive payment or if they break the terms of your contract.
- Deposits and Payment
You should also take deposits from buyers before you begin your work as this will mean that they are locked monetarily into the deal and you will still receive some payment if they fail to fulfil your contract. Not only this, but you should write and send invoices as soon as possible after you have completed the order as this will make sure that your payment is prompt.