Learning how to start an art rental business can be rewarding in many ways. Dealing in rental art is perfect for anyone who wants to turn a passion for art into a good income. The art rental business has become quite popular for a wide range of clientele.
Many individuals and companies rent art for parties, wedding receptions, conventions, and other events where they just need art pieces for a short time. This obviously saves them a lot of money over purchasing art, and it presents a great opportunity for anyone ready to learn how to start an art rental business.
Starting a rental art business requires some capital in the beginning, but your overhead on an ongoing basis is typically not very high, with makes this a very profitable business.
What You’ll Need to Succeed
A strong knowledge of art is the most important thing you can possess when you start an art rental business. You will be expected to be the expert, when helping clients select pieces to rent, and they will also want you to have a certain amount of interior decorating knowledge as well.
An important key to your success will be differentiating yourself from the competition. So, before getting too far into how to start a rental art business, check around your area and find out who your competition is. You will want to investigate what they charge for their services, if they specialize in any particular genre of art, and what opportunities exist to serve a need or a market they are not covering.
Another factor in your success in the rental art business will be the connections you have in the local community. Get involved with local art organizations, museums, and galleries. The people who attend functions sponsored by these organizations will make up a big segment of your target market.
Also form relationships with local artists. You can form partnerships where you purchase their art through commissions on the rentals, which will help to defray the upfront costs that would be involved in purchasing the art outright. Many artists will be happy with this arrangement, as it gives them a chance to showcase their talents in a number of venues. Don’t forget sculptors and photographers as well. Some clients may want to rent those types of artwork.
If you are able to afford to rent a small gallery-type shop, you will be able to display the art you offer for rental, so that clients can easily browse your collection. Otherwise, a portfolio with high resolution pictures of every piece can work too. The advantage of having a portfolio in any case is that you can take it with you to visit prospective clients.
Marketing Your Art Rental Business
Your best customers when you start an art rental business are likely to be your business clients. They can afford to rent several pieces at a time, and they might sign a long term contract for you to change out the art in their offices every so often.
To obtain those customers, the best way is to visit them at their business, or to meet them at networking events. Business networking is a great way to find potential clients and to gain referrals to other prospects. Bring your portfolio everywhere you go, and when someone expresses an interest in what you do, show them your offerings. They say that a picture is worth a thousand words, and as you learn how to start an art rental business, you will find that to be very true!
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