Need Help! How to move forward with this deal.

[LazyPenguin]

So I need advice. so the first place i go to is this forum :banana:

I am in the situation of only starting with roughly $500 and I want to make decisions with my limited funds. Heres the facts:

*$500 (TOTAL $)
*$300 of it is in my account called "investments"
*$200 is just sitting in checking (I have only my car as a liability so I dont REALLY need to hold on to it)

*Pictures of the art = $95 (one time fee)
*4 copies of the artwork = $135

Okay so theres the basic info.
I plan on making a limited amount of prints to increase value :cheers:
So first of all, I dont know what my limit should be (total prints in the end) and once I figure this out, if I should throw ALL my cash into as many prints as possible (say I decide to make 24, should I spend ALL $500 to make 12 copies {500-95=405 405/135=3 3x4=12copies} ) or should I spend only 135 to get the initial 4 copies and decide from there..??

sorry if this doesnt fit this thread, move it to wherever it would fit if you need if you must:bgh:

And if this didnt make sense to anyone.. :smx4:

 

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[bflbob]

I don't know much of anything about artwork.

Try tracking down Larry Hayes over at the www.richdad.com forums.
I know he is running an art-related business.
He might be able to steer you in the right direction.

 

[nomadjanet]

How are you selling your art now?
Have you had a request or seen a demand for prints?
How will your market your prints to get them sold in the fastest possible way?
If your funds are limited, will you be able to sit on them if they don't sell quickly with out limiting your ability to produce more products or do other possible deals?
I would take pre orders for a limited number of prints possibly obtain a small down payment for the order say as little as 5% with a commitment to buy you will know you have some sold before the production.
So where you normally sell your art you advertise as a limited offer of 30 signed & numbered prints to be produced in time for Christmas giving or whatever your stick is going to be. In order to reserve your print a small 5% reserve payment is required. You can pay this by credit card (set up paypal account for this). Your print will be delivered by: Dec 3 2007 by priority mail.
I go to a few art shows in our local areas, there are always artist there selling paintings & prints. Many times there are people who want a particular work in a print and the artist does not have one available. I have specifically asked for the availability of a print and I have never had anyone ask me to reserve one, I would have gladly done so if they had asked. We several properties and I like to decorate with nautical stuff so I like to get prints, we can put up in different properties.
Another thing that the local artist do is have a photo of themselves with a little bio printed up as a flyer and they enclose this with each print sold, it make the buyer feel like they have a connection to the artist. I have bought paintings because I was attracted to the personality of the artist as much as the art.
Janet

 

[wildambitions]

Lazy,
First, if you haven't made a business plan, from start up through your exit strategy, do that. During this time, do you due diligence and determine what type of entity you want your biz set up as, determine all costs involved from starting the biz, to recurring costs, to additional prints, etc. Base your prices so that they are fair to the customers as well as covering all your costs. Plan to invest in additional art prints costs from what you make from the first prints that sell.

Personally, I would not put all of your investment money into additional prints. Determine the total number of prints you want to limit it to. Too many and you may never be able to sell that many. Too few and your customers may never get one (lost sales). I don't know if prior to selling you have to publish what the limited edition amount will be. Maybe do a test run and market your art with pre-sale orders and then determine how many you think you can sell based on how fast the first ones sold. Be careful in your estimate as family and friends will typically buy faster than cold sales.

The best form of advertising is word of mouth, it works similarly to compounding interest. Get the word out. Advertise smartly to keep those costs down.

As far as keeping what cash you have flowing...
I suggest taking orders and pre-selling. You have the first 4 printed. Sell those as you take orders for more. Use the income from the first 4 sales to make 4 more prints and continue until all of your limited edition prints are sold. You can also use the income for starting a second print of a different piece of art. And do the same thing over and over.

Good luck.

 

[nomadjanet]

Went to an art show this weekend. Did not find anything I could not live without
The big sellers seem to be sculpture this weekend. Lots of outdoor stuff & things that move in the wind. It was interesting but it is way too windy at the ranch or at the beach house, the stuff would blow to pieces. Anyway, saw some of the same atrist that were at the last show & only one had prints this time, they were selling, several also had gelicee (spelling?) which seem to sell well, did not see any original paintings going out the door.
Janet

 

[wildambitions]

Nomadjanet,
When you buy prints, what price range and size interests you?