BBB Blog

Fractured Atlas is a resource for creatives that includes spotlights, resources, tips, tricks, and tools to “ignite your artistic and creative process.” Bringing your vision to life can be difficult without fundraising. Fractured Atlas created a guide that discusses the challenges of talking about money, what kinds of options exist for artists, and how to create a funding community. To learn more about Fractured Atlas’s guide CLICK HERE.

The guide is set up to be followed in order to further understand the options of:

• -Crowdfunding
• -Grants 
• -Tax Status for Fundraising 
• -Building a Funding Community 
• -Developing a Sustainable Creative Practice 
• -Fundraising isn't the End Goal 

With the end of the year approaching, Fractured Atlas suggests creating an end-of-year fundraising campaign. The site created an exact timeline with dates and ideas leading up to the end of the year to help your business. For example, Giving Tuesday on November 30th is a worldwide event that encourages everyone to give back in their communities and beyond. . In addition to the timeline, Fractured Atlas created an introductory blog for creating an end-of-the-year fundraising campaign and why you should have one. For more information about end-of-year fundraising campaigns CLICK HERE.

SCORE stands for the Service Corps of Retired Executives, it has the largest network of free volunteer small business mentors in the nation. No matter what stage your small business is in, SCORE claims they have a mentor for you. Mentors can help provide expertise and explain the “know-how”, optimize business plans, troubleshoot new strategies and ideas, offer you proven business tools, and so much more. Small business owners who receive three or more hours of mentoring report higher revenues and increased growth. In 2020, SCORE mentors helped start 45,027 businesses, create 74,535 non-owner new jobs and 119,562 total new jobs. 

The company LulyBoo reached out to the mentors at SCORE. They created a portable baby bed that is now in ten thousand stores and available on Amazon. The owner of LulyBoo stated, “Working with my SCORE mentor Bob was when my business started to grow. When I talked to Bob about advertising, he helped me contact another SCORE mentor, Tom Patty. Tom and I sat together brainstorming ‘what’s really going to get attention?’ Tom helped me write the script, find a musician, and find a videographer to create a video entry for a local contest with the Irvine Entrepreneur Forum. With SCORE’s help, I won the $10,000 prize!” Easily request a mentor from SCORE to help you start, grow, or transition your business HERE.

What are the 3 main purposes of a Business Plan? The 3 most important purposes of a business plan are 1) to create an effective strategy for growth, 2) to determine your future financial needs, and 3) to attract investors (including angel investors and VC funding) and lenders.

A few questions that a business plan should answer include: What is your business idea? Who are your customers? How will you connect with potential customers? Who are your competitors? How will you carry out the basic functions of your business? What is your long-term goal for your business? How will you profit financially?

Lenders and investors are constantly presented with new business proposals. If you provide all the required information in a consistent format, then lenders and investors can make an efficient and fair analysis of the viability of your business ideas.

By preparing a comprehensive business plan you send a message to your lenders and investors that you have already made an objective assessment of your business ideas and that you are serious about your business plan.

Here are two resources to create personalized business plans for free: 

Lawdepot.com

Formsbuildr.com

For other business tips and tricks (including advice on creating a business plan check out our video with Derek Stephens. He offers advice for small business owners and shares how the Mississippi Small Business Development Development center can help you! CLICK HERE to watch Derek Stephens’s video.

A marketing plan is a strategic business tool for you to utilize in order for your business to succeed. When establishing funding, investors, or selling your business, it is crucial to have a marketing plan in place to understand how you generate a return. A marketing strategy should outline how the business is positioned, how its offering is segmented, who its target audience is, what its route to market is, what its core mission, vision and values are and how that informs the marketing message.

Well, how do you do all of this? Multiple routes should be considered when designing your marketing plan. One would be reaching out to your mentor or a marketing professional. Or you can use Formslaw.com that offers a template based marketing plan made specifically for you.

 A marketing plan form is a template that a business can use to document their marketing strategies. Marketing plans are important because they explain the marketing message, identify the target market, and explain the strategies that will be used to promote the business as a whole as well as each individual service or product. It also includes a marketing budget. This document acts as a roadmap to help the business meet its goals. 

 Here is what the template can offer you: 

• ·   Outlines a business' overall marketing strategy.
• ·   Identify target market, business strategy, marketing budget, etc.
• ·   Acts as a roadmap to help a business meet its goals.
• ·   Used by executives, employees, investors, and shareholders.

CLICK HERE to create your personalized Marketing Plan! 

Photo by //unsplash.com Campaign Creators on Unsplash

The 25/25/50 rule is a universal rule to help people manage time, success, business, and many other topics. This rule typically applies in every situation to help create healthy habits. In Ron Davis’s Art Dealer’s Field Guide, he focuses on how this rule impacts success. He says, “ 25% of success will come from your knowledge, 25% from your skills, and 50% of success will come from your relationships.” He specifically focuses on how this rule of thumb applies in the art world, but it also coincides with other subjects. 

25% Of Your Success Will Come From Your Knowledge - In the art world, this segment of the 25/25/50 rule could apply to art history, business topics, or even knowledge of your craft. Understanding basic business concepts like how much to sell your art pieces for is crucial to business but in Davis’s rule is only 25% of what you need to know to be successful. 

25% Of Your Success Will Come From Your Skills - Skills in the art world pertain to more than simply just your artistic ability. When applying the rule to skills it could be selling your collection or even selling yourself to get the gig or commission. When trying to improve your skills (whatever those may be), seeking help from a mentor can be beneficial and time-effective. 

50% Of Your Success Will Come From Your Relationships - Building relationships while starting any business is important, but in the art world it is everything. Developing relationships with your clients will determine if they recommend you to others and buy more of your work. Relationships that are important for you to have in the art business extend outside of only clients. Davis says, “Colleagues and customers must know you to be trustworthy, of admirable character and integrity; they must believe that your word is beyond reproach. You must be perceived as knowledgeable, professional, and helpful at all times.” Connecting with others is self-rewarding as well as beneficial for your business. 

Implementing the 25/25/50 rule into your routine will help navigate questions you may have. Managing your time can be extremely difficult, but with this rule to refer back to you can confidently make decisions and dispense your time accordingly to succeed!