Artrepreneur Success Rule #6/10
Rule #6: School Yourself in Business
When most artists aren’t as successful as they hoped, they blame their art. If only they could paint as well as their peers, they could do what they love full-time. I feel bad when I hear people talk like this, because it’s misguided. Most artists who think like this are focusing on all the wrong things. This way of thinking leads to jealousy and self-loathing. It’s a vicious cycle to nowhere.
The reason most artists fail isn’t because their art stinks. It’s because they can’t get a handle on the business side of selling art. Us creatives usually aren’t wired to be business savvy. And that’s okay because (luckily) these skills can be self-taught. From managing money, to marketing, to content creation, to web design, we have all the resources we need at our fingertips. We can find videos, articles, and classes in just about everything online. The reason most artists don’t brush up on these skills is because they don’t think they will make a difference.
They will make ALL THE DIFFERENCE. Often, this is the only difference between a financially successful artist and someone who can’t make any money from their art. Think of how many not-so-talented artists do really well. It’s not about talent. It’s about selling. I once read that if you want to succeed as a full-time artist, you should only spend 50% of your time making your art. The remaining 50% of your time should be spend selling it. Reading this is what I credit much of my success as an artist with.
When I say “selling,” it’s everything having to do with running your business, minus making the art itself.
First, I’d recommend is getting skilled at managing your money as a self-employed artist. File for an LLC, if you haven’t already. Then, open a business checking and savings account. Purchase a Quickbooks subscription, and track your expenses so you can write off as much as you can when you file for taxes. Write-offs can include your workspace utilities, software, conferences, art supplies, classes and transportation. You should be writing off as many things as you legally can, which is why it’s important to hire an accountant that you trust. Writing off more expenses means you take home more money. It is a game changer for optimizing your revenue.
Next, get a handle on content creation. This is how we market our work in today’s landscape. Photography and video creation are everything. And you should have a killer website you can link to your content, which is why I pay for a Squarespace subscription. Fortunately, us artists have a natural talent for photography and video, we may just be lacking the technical skills or equipment needed.
This rule is all about investing money in the education and tools that will help you sell your work. Ideally, you can pour money you are making from your art back into these investments and write them off on your taxes.
Stay tuned for rule #7!