An art restoration company works with customers to repair pieces of art such as paintings and sculptures. These firms specialise in fixing damage and deterioration to art, with the goal of restoring it to its original state. The damage might be the result of an accident, such as someone falling through a painting, or it could be the result of time and natural causes. Some of these companies cater to the general public, while others work for museums and other comparable institutions.
Table of Contents
Follow these ten steps to start an art restoration business
Plan your Art Restoration Company
Create a legal entity for your art restoration business.
Tax registration for your art restoration business
Create a Business Bank Account and a Credit Card
Create Accounting for Your Art Restoration Company
Get the Permits and Licenses You Need for Your Art Restoration Business
Purchase Art Restoration Business Insurance.
Create a brand for your art restoration business.
Create a website for your art restoration business.
Configure your Business Phone System
Starting a company entails more than just registering it with the state. We’ve put up this easy-to-follow guide on launching your own art restoration company. These stages will guarantee that your new company is well-planned, correctly registered, and legally compliant.
STEP 1: Make a business plan.
A well-thought-out strategy is vital for entrepreneur success. It will assist you in mapping out the intricacies of your organisation and uncovering some unknowns. Consider the following crucial topics:
What are the initial and continuing expenses?
Who is your intended audience?
How much money may you charge your customers?
Fortunately, we have done a lot of the legwork for you.
What are the expenses of starting an art restoration business?
The majority of the early expenditures of establishing an art restoration firm are educational expenses. A master degree in conservation is not cheap. Throughout your study, you will be need to acquire a number of art materials in order to complete your work, which will be pricey. Fortunately, if you are doing it on your own and from home, you will not need much more capital to get started. You can sell yourself quite cheaply through internet platforms and social media if you have the necessary creative equipment.
What are the continuing costs of running an art restoration business?
Rent for premises (if you aren’t operating from home), art materials and equipment, employee salary, marketing fees, and American Institute for Conservation membership dues are all recurring expenses for an art restoration company (AIC). Other expenditures include the cost of lab work and comparable services, which you may directly pass on to the customer.
Who is the intended audience?
Anyone who owns art that needs to be repaired is the target market. Private owners as well as bigger entities such as museums are among them. Many museums employ restorationists, thus they may be unwilling to hire other companies to conduct restoration work for them. However, there is always the possibility that the restoration personnel may need assistance, so museums and similar institutions should not be ruled out totally.
How can a firm that restores art generate money?
A modest art restoration firm might expect to make $50,000 to $100,000 per year, depending on the sort of clientele it serves and its level of success.
How much money may you charge your customers?
Many art restorers charge $100 or more per hour for their services. Because the job is only done by exceptionally trained artisans, the expense of restoration is understandably exorbitant. You may charge considerably more if you are repairing something more valuable, such as a historically important piece of art for a collector. The size of the task also has an impact on the cost. A little picture may cost $1,000 to repair, but a huge painting may cost $10,000 or more.
How much money can an art restoration company make?
A modest art restoration firm might expect to make $50,000 to $100,000 per year, depending on the sort of clientele it serves and its level of success.
How can you increase the profitability of your company?
You may increase the profitability of your firm by building a solid reputation for your services. When you first start out, you will most likely be performing work for customers that do not have a lot of money to spend on your services. For example, a family may want to repair an artwork created by grandmother when she was younger. However, if you consistently show your expertise and competence – as well as develop strong connections with people in the business – you may attract customers with more money to spend, such as rich art collectors. It will take time, but most firms take their time.
STEP 2: Establish a legal entity
Sole proprietorship, partnership, limited liability company (LLC), and corporation are the most frequent business structure forms.
Establishing a formal business organisation, such as an LLC or corporation, shields you from personal liability if your art restoration company is sued.
STEP 3: File your taxes
Before you can begin for business, you must register for a number of state and federal taxes.
To register for taxes, you will need to get an EIN. It’s really simple and completely free!
Taxes on Small Businesses
Depending on the business form you choose, you may have multiple choices for how your company is taxed. Some LLCs, for example, may benefit from being taxed as a S company (S corp).
These guides will teach you more about small company taxes:
Taxes on LLCs
LLC vs. sole proprietorship
Corporation vs. LLC
S Corp vs. LLC
How to Form a S Corporation
S Corporation vs. C Corporation
There may be state taxes that apply to your company. In our state sales tax guides, you may learn more about state sales taxes and franchise taxes.
STEP 4: Establish a company bank account and credit card
Personal asset protection requires the use of distinct business banking and credit accounts.
When you combine your personal and business accounts, your personal assets (your house, vehicle, and other possessions) are at danger if your company is sued. This is known as penetrating your company veil in business law.
Furthermore, understanding how to develop corporate credit may help you get credit cards and other financing in your company’s name (rather than your own), lower interest rates, larger lines of credit, and other benefits.
Establish a business bank account.
Opening a business bank account is not only required when asking for business financing, but it also:
Separates your personal assets from the assets of your firm, which is required for personal asset protection.
It simplifies bookkeeping and tax reporting.
Create a net 30 account.
Net 30 accounts are used to develop and grow company credit while also increasing cash flow. Businesses use a net 30 account to purchase items and refund the whole debt within a 30-day period.
Many net 30 credit suppliers submit information to the main business credit agencies (Dun & Bradstreet, Experian Business, and Equifax Business Credit). This is how firms establish business credit in order to get approved for credit cards and other lines of credit.
Apply for a business credit card.
Obtaining a business credit card benefits you in the following ways:
Put all of your company’s costs in one location to separate personal and business spending.
Build your company’s credit history, which will be important for raising funds in the future.
STEP 5: Establish business accounting
Recording your numerous costs and sources of revenue is crucial to assessing your company’s financial status. Keeping precise and thorough accounting also makes yearly tax filing much easier.
STEP 6: Obtain all required permissions and licences
Failure to get appropriate permissions and licences may result in significant penalties or possibly the closure of your firm.
STEP 7: Obtain commercial insurance.
Insurance, like licences and permits, is required for your company to operate safely and legally. In the case of a covered loss, business insurance protects your company’s financial well-being.
There are several sorts of insurance plans designed for various types of companies with varying risks. If you are unaware about the hazards that your company may encounter, start with General Liability Insurance. This is the most popular coverage required by small companies, so it’s a good place to start for yours.
Workers’ Compensation Insurance is another important insurance product that many companies need. If your company will have workers, your state may require you to purchase Workers’ Compensation insurance.
STEP 8: Establish your brand
Your company’s brand is what it stands for, as well as how the public perceives it. A strong brand will help your company stand out from the crowd.
How to Promote and Market an Art Restoration Company
Word of mouth and web marketing are the two most effective strategies to advertise your art restoration company. The art world is surprisingly tiny, especially when it comes to high-value art restoration. You are most likely to acquire business from them via word-of-mouth recommendations, so make every effort to establish strong connections with everyone you deal with. However, online advertising is also vital since a lot of your work may come from private owners, including those who wish to repair personal art (that has emotional significance rather than monetary value). To attract the most business from common people, create a nice website, keep active on social media, and attempt to be approachable.
How to Keep Customers Returning
To develop a successful company, you must ensure that your consumers are satisfied. Making customers satisfied with art restoration implies exceeding their expectations as much as possible. Show them what your aim is – what the finished product will look like – and strive to deliver on what they want. Things don’t always go as planned, but if you’re diligent and persistent, you should be able to restore components while leaving customers completely delighted. That delight will keep them returning.
STEP 9: Create your company’s website.
After you’ve defined your brand and designed your logo, the next step is to build a website for your company.
While developing a website is an important step, some may be concerned that it is out of their grasp due to a lack of website-building skills. While this was a fair concern in 2015, online technology has made significant advances in recent years, making the lives of small company owners considerably easier.
The following are the primary reasons why you should not put off developing your website:
Every genuine company has a website, period. When it comes to bringing your company online, it doesn’t matter what size or sector it is.
Social media accounts, such as Facebook pages or LinkedIn company profiles, are not a substitute for your own business website.
STEP 10: Install your company phone system.
Getting a phone for your company is one of the finest methods to keep your personal and professional lives distinct and private. That isn’t the only advantage; it also helps you automate your company, provides it legitimacy, and makes it simpler for prospective clients to identify and contact you.