finance

Jen McCaw bouder opal ring | on Art Biz Success

The Art Biz ep. 96: Ensuring a Profitable Art Business

Are you seeking a profitable art business?

This is the Art BIZ Podcast on the blog at Art BIZ Success. I assume that, if you’re listening, you are interested in an art business, not just an art hobby.

There’s nothing at all wrong with art hobbies. I highly recommend them. But it’s a whole new ballgame when you turn your art into a business. When you begin asking for money in exchange for your talent.

I want to talk about being a profitable artist. What it takes to not just make and sell art, but to also make money. To ensure that you have a positive net income in your art business. Stick with me.

I’ve talked with many artists who try to make a little money here and there, and then find they no longer enjoy making art after trying to sell it. The pressure to make money in a business is real.

Businesses, by definition, seek profit. Breaking even with the numbers can only work for so long. If you’re claiming deductions on a business here in the U.S., the IRS is going to come after you if you continue to operate at a loss. See the “hobby loss” rule for the details and talk with your accountant. Look for similar rules if you are outside our borders.

As I said, this episode isn’t for hobbyists. It’s for you if you are ready to step up and be the boss of your art business. To be the CEO.

The CEO (Chief Executive Officer) is the person at the top of a company’s hierarchy. The buck ultimately stops with the CEO.

You must BE the CEO of your art business. Because, like it or not, that’s exactly what you are.

Let’s break down what that means.

The Art Biz ep. 96: Ensuring a Profitable Art Business Read

The Art Biz ep. 74: Creating a Monthly Report for Your Art Business

We’re obsessed with how many likes we get on social media posts or how many views our videos received.

We are consumed by “getting” more followers and subscribers.

But do numbers equal success?

No, of course not. But they are an easy way to measure what is working well and what might need a little tweaking.

This month in the Art Biz Success community, we’re looking into measuring success.

What do you measure?
How do you measure?
Do the numbers tell a story?

Most importantly, you have to know what success means to you before you can discern any insights in the measuring step. Numbers will never be helpful until there is meaning behind them.

I’ve said before that I believe success is measured by the progress you make, not by comparing yourself to others. Check out The Art Biz Podcast episodes #32 (Success Is Complicated) and #71 (Goals for Artists) for more about that.

This new episode gives you a framework.

The Art Biz ep. 74: Creating a Monthly Report for Your Art Business Read

Karen Lynn Link painting

How Much Will That Juried Art Show Cost You?

Those in charge of juried art shows have made it stupid easy for you to enter.

Step 1: Upload images.

Step 2: Complete form.

Step 3: Enter credit card and click the submit button.

The wise artist will pause before that last step and ask these questions.

  • Does this show contribute to my goals?
  • What do I want to accomplish by being in this exhibition?
  • Aside from the nominal entry fee, what are the other costs that are involved if my work is selected?

There are many other things to consider, but these are at the top of the list. And it’s the final bullet point that I want to address.

The Costs of a Juried Art Show

You won’t know if a show is worth your financial investment until you do the math.

Back in 2012, an artist sent me an email about a  painting she was sending to a juried art exhibition that would sell for $1200.

She outlined the fees involved as follows,

How Much Will That Juried Art Show Cost You? Read

The Art Biz ep. 19: The Investing Artist: Art, Real Estate, and Legacy with Mary Erickson

I met Mary Erickson in person for the first time at the 2016 Plein Air South in Apalachicola, Florida. We bonded over cocktails and oysters. (Mary is the only person who has ever convinced me to eat oysters.)

I was immediately impressed with Mary’s business savvy, as I know you will be. Her art sales have paid for her lifestyle, which is comfortable and adventurous, but far from extravagant. She is a discerning investor and wise with her finances.

Mary says she paints so that she can buy real estate so that she can collect art–paintings by other artists. You’ll hear all about it in the latest episode of the Art Biz Podcast. You’ll also hear about:

  • How she started selling and why she believes being involved in your community is key to an artist’s success.
  • How she keeps up with the 8 different galleries that represent her.
  • Mary’s legacy project: High Ridge Gardens, a bird sanctuary and artist retreat on her property, which she will leave with a funded endowment.

And you’ll learn the one finance book Mary recommends you read (if you only read one).

I hope you’re inspired by this conversation with Mary Erickson. Click on continue reading to listen in.

The Art Biz ep. 19: The Investing Artist: Art, Real Estate, and Legacy with Mary Erickson Read

Alicia R Peterson Painting

3 Simple Actions To Avoid The Tax Time Crazies

Even if you work with a bookkeeper and accountant, as I do, there’s still much work to be done this time of year.

Every year I learn something new at tax time that I wish I had known in advance – insights that would have made the filing process much easier.

These three actions are a compilation of what I’ve learned from my experiences and those of my clients, which should eliminate some of the crazies around tax time.

1. Take charge of your business finances.

Don’t rely on a spouse to take care of your business finances. You, as CEO and CFO of your art career, need to know how to manage the money. You must take 100% responsibility for your future.

As sad as it is, I’ve heard many stories about people being duped out of their life savings by spouses who made poor financial decisions. These weren’t features in the paper or characters in a television exposé. These were artists and clients.

At the same time,

3 Simple Actions To Avoid The Tax Time Crazies Read

Maggie Ruley’s Key West studio. Used with permission.

What Your Art Business Will Cost You

When you own your own business, it’s important to look at expenses as well as income in order to remain profitable. I looked into various (not all – not even education or supplies and materials!) expenses for artists and thought it might be interesting to share the results. Feel free to add to our completely

What Your Art Business Will Cost You Read

Scroll to Top

Are you presenting yourself in the most professional manner online?

Get The Artist’s
Online Presence Audit

48 places to check to make sure you are ready when someone runs into you online. Free with optin.

*You will also receive updates about new podcasts, blog posts, and programs. You can opt out at any time.

Privacy + Terms