17 Tips to Successful Art Gallery Business in Nigeria

Successful Art Gallery Business: Starting an art gallery business can be easy with the right information.

Learn what’s involved in opening an art gallery business in Nigeria.

From startup costs and business licensing requirements to marketing tips and insider advice.

Art galleries provide local artists an opportunity to gain exposure and profit from their work.

While the primary goal from a business standpoint is to make profit.

Based on art sales and special events.

Providing a vibrant art scene can help create a more vibrant community.

Customers for an art gallery’s work typically include collectors, investors, decorators, and private companies.

Successful Art Gallery Business

Successful Art Gallery Business: https://www.peerspace.com

17 Tips to Successful Art Gallery Business in Nigeria

 

1. Get to the know people involved in the business

The best art gallery manager is an artist himself.

Someone who is aware of different modes and styles of art as well as its history and future trends.

The manager should have a sense of individual style that the different works on display help accentuate.

Which helps the business stand out from its competition.

Running a gallery means having a somewhat flexible schedule.

But sales can be contingent on a willingness to deliver and display artwork to prospective buyers’ homes, and often on short notice.

Read on: Top 17 Goat Farming Business Tips in Nigeria

Successful Art Gallery Business

2. Know activities involved in the business:

Some of the day-to-day activities of running an art gallery include greeting and speaking with customers.

Handling and displaying artwork.

And dealing with a variety of administrative tasks that can range from managing a database of contacts to creating unique advertisements.

And updating your website and social media pages.

It’s also important to deal with framers, manage your inventory.

And always be planning for your next major event.

Most importantly, you must take care of your artists.

Which can include finding additional opportunities for existing artists.

While also researching and reaching out to new artists.

 3. Get to know your clients:

Of the four primary types of art buyers, the most preferred client is typically the art collector.

These clients often have the most time to explore an art gallery and the most dispensable income with which to make purchases.

They are also likeliest to enjoy discussing the finer points of different art and different artists.

By contrast, art investors purchase many works of art.

But they are more interested in buying art for low prices and selling it for a much higher return.

Read on: Top 22 Business Leadership/ Modeling Skill Tips in Nigeria

4. Get to know how to make money:

The primary way that an art gallery makes money is by taking a percentage of artwork sales throughout the year.

This percentage is negotiated with the artist but is typically no less than fifty percent.

Additional revenue may be gained by throwing different events throughout the year or even renting the gallery space out as a special venue for other businesses.

5. Get to know the growth potential of the business:

One quality of running an art gallery is that the job doesn’t really change as the business scales up.

That is, a really popular art gallery may eventually lead to expanding via larger buildings and better venues, and may spawn multiple galleries in different areas.

Ultimately, though, the nature of the job still involves negotiating with artists, marketing to clients.

And seeking higher profits, with the added complexity of hiring additional employees.

And managers to work under you.

See also: Top 55 Valuable/Beneficial Business Questions in Nigeria

6. Have a good background:

The most valuable experience for running your own art gallery comes from having served.

As a gallery assistant, art curator, or other related position in someone else’s art gallery.

This provides invaluable experience for the different parts of the job.

Which is doubly important because managers of smaller galleries are doing much of the work on their own.

It is possible to pick up both the practical and soft skills of gallery management by beginning and running the business.

But it is vital to have a background in art.

Prospective gallery managers should consider joining the Art Dealers Association.

In order to pursue answers to business questions and to explore networking opportunities.

See also: Top 33 Internet Security Service Providers in Nigeria

7. Get to know the costs involved:

One important cost for your art gallery is renting your space.

This cost will vary by both region and specific areas of town.

Many art dealers and gallery managers begin as artists themselves.

And may be able to network with artists who rent studio spaces.

To find the best intersection of price and space.

Business license fees will vary by state but must be paid.

More variable costs include marketing (clever social media marketing is free.

Though you’ll want to pursue traditional advertisements locally).

Frames and furniture (the cost of which are respectively contingent on the amount of product and the amount of space available).

Read on: Top 200 Creative Topics for Nigerian Students

Salary for staff (which may be negligible for a small gallery).

And the utility costs and other monthly operating expenditures.

Equipment needed is a cash register(s).

Bins to hold items for sale, appropriate lighting, and decorations to make the store attractive.

The other thing needed is exterior signage.

Finally, a deposit is often required to sign a long-term lease.

The deposit amount depends on the monthly rent and the size of the retail location.

8. Try to promote your business:

Traditional marketing for an art gallery includes television and newspaper advertisements.

As well as fliers and other promotional materials in cafes.

And other cultural centers that support the local art scene.

Local businesses may also enjoy being associated with the art scene via your business.

As mentioned before, social media is a major way to reach a large audience at no additional cost.

See also:How to Start Airtime Printing Business in Nigeria

9. Try to maintain customers:

One of the best ways to retain existing customers is to stay in contact with them.

Create a mailing list of previous clients and keep them apprised of new artwork and events that keeps them coming back for more.

To attract new customers, it’s best to perform a combination of the above marketing techniques.

And collaborations with your artists on ways to advertise their work.

This takes some of the pressure off of you.

And helps leverage their natural connections to the community you wish to reach.

10.Try to expand your business:

Determining when to expand your art gallery business is a fairly organic process.

Once it gets to a point that you can no longer do everything on your own.

It makes sense to begin hiring employees.

This may happen very soon: you may wish to have someone who can process payments while you show other customers around.

Or someone to “mind the store” while you deliver some artwork to a loyal customer.

Once you begin to host special parties and events, additional employees are an absolute must.

Typical roles for employees are gallery assistants.

And office managers.

Though it is possible for businesses just starting out to hire part-time help on an hourly basis.

Read on: How to Invest in Oil and Gas in Nigeria

11. Get the business license:

Certain state permits and licenses may be needed to operate an art gallery business.

Learn more about licensing requirements in your state by visiting BusinessHAB.com.

In particular, most states require art dealer businesses to obtain a seller’s permit.

A seller’s permit allows states to record and collect taxes from goods (and sometimes service) sales.

In addition, certain local licensing or regulatory requirements may apply.

For example, If you want to offer complimentary alcohol at special events or showings.

You will need an Art Gallery Liquor Permit, the specificities of which vary locally.

12. Get consignment agreement:

When dealing with artists, it is always advisable to draft a standard contract regulating terms of conditions.

Under which you may sell their artwork.

This type of agreement is often referred to as a consignment agreement.

See also: How to Invest in Healthcare Business in Nigeria

13. Learn to protect your business:

Structuring your business as a limited liability company (LLC) ensures your personal assets are protected in the event your business is sued.

 14. Get to know customers charges:

The amount that you can charge clients and customers is dictated by factors such as region, competition, and the artists themselves.

Artists with a long history of their work selling well will safely command a higher price and essentially represent a safe “investment” for your gallery.

The prices from local competition also dictates your own prices, as it’s not wise to charge more than enough for a work of art.

If no other local galleries charge more than the amount.

It is also wise to offer a range of different art at different prices to increase the perception of your gallery’s accessibility to the entire community.

See also: 6 Tips to Start General Store Supply Business in Nigeria

15. Know the cost of expense:

The ongoing expenses for an art gallery include paying monthly rent and the salaries of any employees that you may have.

You must also continue to pay for any special events you throw.

Such as local art fairs.

There are ongoing costs associated with the safe transport of the artwork as well as insurance for your entire business.

Finally, you must pay for continual marketing in your area and beyond.

16. Get to know the profit:

The profit an art gallery can make is variable.

Bloomberg reports that the average profit margin for this kind of business is 6.5 percent.

Obviously, the amount of profit is tied to the amount of art sold and the price of that art.

It’s important to work out a fair price with the artist.

They want to feel properly compensated for their materials used and hours spent.

While you want to receive at least fifty percent of the sale.

See also: Top 36 Security Business for Computer Annalists in Nigeria

17. Try and make it more profitable:

One immediate way to make your business more profitable is to negotiate a higher cut of art sales.

While a 50/50 split is more of the industry norm.

Some argue that a 70/30 split in favor of the gallery is more equitable.

After all, the gallery is typically paying for the marketing, production, transport, and insurance of the art.

Finding areas with more affordable rent is also a consideration.

As is using the gallery space for more of your own special exhibitions.

Fairs, and parties as well as leasing it to others for their own events.

Finally, it’s wise to consider a smaller staff.

A few higher-paid employees actually perform better in gallery-related roles.

Than paying smaller salaries to a much larger staff.


Copyright Warning!

We work really hard and put a lot of effort and resources into our content, providing our readers with plagiarism-free articles, original and high-quality texts. Contents on this website may not be copied, republished, reproduced, redistributed either in whole or in part without due permission or acknowledgement. Proper acknowledgement include, but not limited to (a) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes, (b)"FAIR USE" in the case of re-publication on online media. About possible consequences you can read here: What are the consequences of copyright infringement? BusinessHAB.com is a property of GotoSchool Limited and we have all legal actions at our disposal to take within and outside the internet in effort to protect our intellectual properties. All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).

Tags: , , , , , , , , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *