Is your website optimized? Read Basic SEO for Artists to get you started. Prioritize these goals around what will ultimately serve you best, personally and professionally. These might match up directly to your income goals or they might be geared toward allowing you to feel more supported in your practice. Perhaps you aren’t earning money from your art business: what about your salary from your day job or the products and services you do sell? Where are you due for a raise? Pick out a few main goals or projects, for each quarter of the year that you believe will expand your practice or business. Do some market research–are the prices you are charging for your artwork comparable to other artists with whom you show? Identify income sources, be they from existing revenue streams or potential new ones. How much money would you need to make in the next year or 5 or 10 years to be able to do that? Seeing the numbers can help make these choices concrete.
Say you were to hire a part-time assistant, turn over your social media management, or rent a bigger art studio. Next, establish an ideal spending or growth plan. If not, find a template online with common expense categories and come up with an estimated budget, starting with more expensive budget items. If you’ve been keeping track of your income and expenses in a spreadsheet or in a budgeting app like Mint or YNAB then this will be a cinch. Creating and maintaining a cash flow analysis will help you clearly identify income and expenses. On the contrary: the reason to set financial goals in your art business is to take back your power of making decisions.įirst, establish an annual spending plan for your art business. Dealing with money also doesn’t mean allowing money to dictate your life. Just because you avoid the subject of money, however, doesn’t mean that money is unimportant.
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For one, many artists have no idea how to place a value on their own work, whereas others “don’t do it for the money” and have an ambivalent attitude towards money and success. Set Financial Goals in Your Art Business Artists avoid thinking about money for any number of reasons. Here are five ways to reclaim your power when it comes to art business and finance. Re-establishing an internal locus of control when it comes to finances can put you back in the driver’s seat. Breaking Through Financial Barriers to Expand Your Art Business Do I believe that the more money I have, the less there is for others?įeeling that you do not deserve success is a major obstacle to growing your business, so if you’ve answered yes to any of these questions, you may want to explore further.Do I believe that having money makes me a selfish or greedy person?.Am I hesitant to spend money or, do I spend it the moment I get it?.Am I used to being in debt or living from paycheck to paycheck?.A quick Google search for “money blocks” will yield a host of questions, but here are a few to get you started: If you find yourself stuck at the same income level year after year, you might consider taking an inventory of your money beliefs. Your financial setpoint is-a number or amount of money that motivates you to work and beyond which you don’t think is realistic.īecoming aware of your attitudes, opinions, and assumptions about money is key to changing your approach to financial goals. What if your current financial status was based not so much on how much or how hard you work, but due to subconscious programming? Whether you realize it or not, you have a financial prosperity setpoint. Do you have debt or cash-flow problems?.Are changing market conditions or technologies threatening your income or the way you work?.What obstacles do you face on an ongoing or continual basis?.Think about what your ideal opportunity is?.
Did I pass on opportunities that are still available?.Check for new opportunities in the market or what new markets are becoming available?.What are successful artists doing that you aren’t doing?.Which factors lose you time, sales, or peace of mind?.Are there aspects of your art business could you improve?.What is your competitive edge? Do you do anything differently or better than everyone else?.Are there unique or low-cost resources can you draw upon?.