What are the startup costs for an art business compared to other businesses?

The startup costs for an art business are remarkably low compared to most other businesses. You primarily need supplies (for artists) or camera equipment (for photographers). You don’t need to rent office space, pay for utilities separate from your home, hire employees, or maintain inventory. You can run the entire business from your house, write off a portion of your rent or mortgage as a home office expense, and declare business losses against your taxes if needed while you’re building. You need a website and domain, but that’s essentially it. This low barrier to entry means you can properly equip yourself and give the business a real shot without taking on significant financial risk.

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Asked by synthesized from teaching · Answered by Patrick Shanahan and Nick (co-host) · art-marketing-podcast · 2020-08-19