What is the number one reason small businesses fail, and how does that apply to art businesses?

In surveys of entrepreneurs and companies that close down, the number one reason small businesses shut down is because the owner quits—they give up. It’s not external factors; they mentally can’t handle the challenge or lack of instant gratification. In art businesses specifically, with extremely low ongoing costs, the only reason your business will fail is if you quit. It’s not because you couldn’t cover costs—you could have through small sacrifices or side work. Artists who give up are quitting by choice, not because they were forced out by financial constraints. Understanding this and committing mentally to not quit, combined with a financial strategy to sustain yourself, positions you for the long-term journey.

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Asked by artists wondering why businesses fail · Answered by Nick Friend and Patrick Shanahan · art-marketing-podcast · 2023-12-20