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 unscientific list in a comment on the Art Biz Blog.
Maggie Ruley’s Key West studio. Used with permission.
These numbers are based on responses I received through Twitter and Facebook. (sf = square feet)
Central Virginia (476sf): $355/month Key West, FL (750sf – 3 rooms): $1600 for studio + store front
Ravenswood, Chicago, IL (600+ sf): $540/month Downtown Chicago, IL (sf n/a): $485/month Gages Lake, IL (1200sf): $500/month with utilities
Albuquerque, NM (175sf): $200/mo in nonprofit art center, includes utilities, not air-conditioned
An anonymous artist sent me an email with these stats. The painting she is sending to a juried art exhibition sells for $1200. Other fees involved – which don’t include material, labor, or office time – are:
If you haven’t done so already, it’s time to update your files to 2013. I thought I’d share how I organize my finances electronically to avoid finding more space for paper files. Here’s how my Finances e-file looked a couple of days ago.
Decide now that you will make more money in 2013. You with me so far? Okay, so how are you going to do it? Let’s think through this. It’s never a bad idea to make more money, but your idea has more of a chance to become reality if you create a plan.
Change helps us innovate and become better leaders. I understand that change can be debilitating for many people. If you are open to change, there are two criteria I advise you to use when deciding whether change is necessary.
Yesterday I encouraged you to track your business growth. Presumably, you’ve been doing some of this already. Deep Thought Thursday: What has surprised you in your tracking?
You are the CEO of your art business. The CEO is the person at the top of a company’s hierarchy. The buck stops, ultimately, with the CEO. Start acting like the CEO of your art business with these 5 tips.
Even if your sales are good, have you taken time to evaluate your expenses? You may be surprised to learn that venues where you have decent sales don’t necessarily increase your income.
Guest blogger Luna Jaffe offers insight into why you don’t need Write-Offs but instead need Right Ons and money-savvy benefits in her fourth Money-Savvy Artist Tip: Beware of the “It’s a Write-Off” Excuse.