Article: . Funding an art gallery is similar to funding any other business. You will need money to lease your space, redecorate, and pay for utilities are other expenses. If you can afford it, your best option is to finance the business yourself, either alone or with your business partners. This will free you from having to pay off debt later. If this is not possible, you can always apply for business loans from a local bank or the Small Business Administration (SBA). In some cases, you may also have the option of gaining investors who will give you startup money in exchange for equity (a share of your business and its future profits). When you've located a space that love, make sure that you can afford it. You won't last long if your expenses (including rent) outweigh your sales and funding reserves. Try negotiating down an ideal space that is slightly out of your price range. In order to operate as a business, you will have to register a "doing business as" (DBA) name. This name must be different than just your name or the names of you and your partners. If you are organized as an LLC or corporation, you don't have to register a separate DBA name. Registration is done with your county clerk or with your state, depending on your location. This name will be used on all legal documents related to your business. Your gallery will have to be licensed to operate as business. The exact requirements for doing so vary by location, but at minimum you will need a business license issued by your city or state. The best way to find out what you need is to contact your local branch of the Small Business Administration (SBA) or an equivalent organization that offers help to small businesses. Try searching online for your location and "business licensing" to locate a government website that will explain what is required of you. You will need additional permits or licenses if you serve food or alcohol in your gallery. As a business, you will need to collect taxes from customers, pay taxes on your employees' wages, and file annual tax returns. Start by registering with your state to collect sales taxes. This is handled differently in each state so search online for the relevant tax authority in yours. Your tax filing requirements vary based on your business structure. See the IRS's guide for small business taxes at https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed. To pay employees and (in most cases) to file taxes, you will need and Employer Identification Number (EIN) from the IRS. Visit their website to apply for one (it's free to do so). Repaint and remodel the inside of your space to match your design that you thought up earlier. Work with the space you have, taking advantage of unique features and covering up flaws. Do as much of this work yourself as you possibly can to save on costs. And remember, when you're just starting out, the quality of the art is much more important than the quality of your gallery space. Focus on the art and the money for cosmetic improvements will come.
What is a summary of what this article is about?
Acquire funding Lease your gallery space. Register as a business. Adhere to local licensing and permit requirements. Figure out your taxation requirements. Remodel the interior to fit your design.