Stein says there are several reasons the Cumberland Gallery has been successful for 30 years.

1. The first has been an influx of clients from California and Chicago, in particular. She attends national, juried shows all over the country, and she says Nashville's image has changed over the years. "We were always known for being Music City, but the truth is it's so much more than that. We have one of the top three symphony halls in the world. It's just been quietly blossoming as a livable city," Stein says.

2. Doing the difficult thing early. "One of the smartest things I did--although financially it was tough for a while--was purchasing the building I'm in. I have always been of the mind that it's better to pay rent to oneself than to someone else."

3. Support from her husband, both emotional and financial. "I didn't have to worry about putting bread on the table, " she says. "So for the first few years I could throw everything straight back into the business."


Here is here biography from one of the entrepreneur.com sites :

Her father was a book publisher with a personal interest in fine arts book publishing, so she went with him to auctions, visited artists and art galleries, and took some courses in college. But she earned her master's degree in psychiatric nursing, and she loved the work she was doing in family therapy. "It's just that when we moved here, I didn't know what to do with myself," she says.

That's when her love for art reasserted itself. "I always had this idea about a gallery, but there weren't any contemporary galleries in Nashville."

Stein soon remedied that, opening the Cumberland Gallery in 1980.
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"My husband had a meeting in New York, so I spent a week with him just meeting with art dealers I knew." She asked a lot of questions: How much minimum space do I need? How much minimum capitalization? Will you work with me on consignment rather than buying things outright? "When you're first starting out," she says, "not that many people want to take risk in terms of inventory."

Stein initially opened the gallery with two partners--Susan O'Neill and Susan Hammond. Within less than three months, O'Neill's husband transferred to Philadelphia, and within six months, Hammond became pregnant, so she sold out to another friend of Stein's. After five years, though, Stein was running the business alone.

At the time, women entrepreneurs were unusual. "We all had to have our husbands co-sign on everything," she says. As the wife of a physician, she was also viewed with astonishment by the other partners' wives. "They thought I was out of my gourd doing this because, you know, 'you don't have to work.' "

Even her mother was upset, asserting that Stein should stay home with her children. Stein demurs: "I really am a better mom if I meet some of my own needs."

What's more, Stein believes the business has been a good influence on her children. In addition to their exposure to fine art, "They have been exposed to all kinds of people who stay at our house over a weekend opening, either as clients or artists." She was also careful to take time to attend her kids' life cycle events and made sure she didn't bring her work home from the office.

Stein also kept the kids involved. "I had them putting labels on invitations and, when the boys were old enough [and her daughter, Lauren, too] to serve wine at openings, I employed them and paid them for that." She adds, "The kids enjoyed meeting different people; I know my husband to this day loves that."

Stein was profitable by the end of the second year: "I don't like to be in the red," she says. Today, the gallery is a 3½-person operation. A majority of works sell for $2,000 to $25,000. "There's a lot that are less, and there are some that are more. But that's my bread and butter," she says. The gallery remains, by choice, a small operation, taking in less than $1 million per year.

Stein started out slowly, using her social connections. Then she gradually built a mailing list of potential clients. "We did luncheons and did some social events that were significant," she adds.

Her initial inventory was also low-key, consisting primarily of small, limited-edition prints and show posters. "It was a low-risk way of putting my big toe in the water," Stein says. "Slowly, we moved away from prints and posters and into unique pieces. One thing I hadn't anticipated was the remarkable energy in the Southeast in terms of artists looking for outlets. So I was inundated with regional talent."

The internet has been a boon to business--much to Stein's surprise. "I have been absolutely floored with the success of our website." It has become a significant portion of her business.

The recession has had its effect on the gallery. "Art and galleries in particular are kind of like the canary in the coal mine: They're the first thing to go," Stein says. "For some of us it's an essential of life, but for most people, it can easily be put off or discarded entirely. They can live with this thing over the sofa rather than replacing it."

But there's a flip side to the coin, she notes: People are spending more time at home to save money, so they're paying a little more attention to their immediate surroundings. Stein anticipates a boomerang effect, though she acknowledges that isn't going to happen "for a while."

Stein has responded to the recession by spreading out her shows, which are expensive to produce, and sending invitations via e-mail.

She's also president of the Nashville Association of Art Dealers, which has developed a First Thursdays event from 5 p.m. to 8 p.m. "It's not necessarily an opening, but it is an effort to put on something a little special, a little different, so people will want to get out to at least look," Stein says. It's meant to combat the dearth of walk-in traffic, which Stein characterizes as "nada, nothing, zippo."

Luckily, Stein says, she does some business out of state with designers, consultants and architects who have projects, and they've seen the work at her out-of-state shows.

She's also teaming up with some nonprofit organizations for some special events and shows related to a particular subculture. In August, she did a show with work done by artists using recyclable materials. It was a fundraiser for the Tennessee Parks and Greenways Foundation. "You try to do different things to get your name out there and remind people that you're still there," Stein says. "And you don't have to go and buy something; you can go and look. That's OK."

Her advice for starting and running a successful business:

1. Stein started her business in 1980 during a recession. She says, "There's no good time to start a business; you just have to jump in with your two feet."

2. Do your homework and make sure you're well-capitalized. Recognize that you may not see a profit for a certain number of years, so have something to fall back on.

3. Running a business requires a certain level of stubbornness. "Just kind of hanging in there, doing what I do and what I feel to be right in terms of my vision and business practices, regardless of what anybody else is doing."

4. It helps to have a supportive spouse during those days when you're spending endless hours for very little.

5. Build relationships with artists. "A lot of people treat the artist/gallery relationship as a parasitic relationship. I've always seen it as being symbiotic. If something is good for the artist, it's good for me; if it's good for me, it's good for the artist." As a result, she says, "my loyalty index is pretty high. I pay my artists very quickly, and the word gets out to other artists."

6. Know the ins and outs of your product and choose carefully in terms of a range. For example, if you're going to open up a shoe shop, what kind of shoes are you going to handle? "I have never had a desire to be all things to all people; I have a unique vision and that's what I present," Stein says.

7. Know your client base and your community.

8. Location is terrifically important. Certain businesses require a high-traffic situation and others do not.

9. You have to be prepared to constantly learn. "I read a lot; I look a lot. I do a lot of traveling, so I'm always in museums or galleries."

10. Set up a good network of people you like to work with. Stein networks with other dealers. She shows some of their artists, and they show some of hers.

11. Make sure things are in writing, and get a lawyer on your team.

12. Don't assume that it's easy. Don't think, "I get a couple of artists and I hang things on the wall and I'm a gallery." In fact, Stein says, "It's an awful lot of work, all the time."