Do you ever wonder how you will be able to create a sustainable income with your art without sacrificing an incredible amount of time doing something that does not seem to coincide with your soul’s work? Or do you wonder how to save enough when you make a large amount of income at one time and don’t know when the next opportunity will arise?
So many artists I know are faced with a daily struggle of trying to figure out how to create consistency in their lives financially. This becomes especially true when working various survival jobs. They can seemingly lead nowhere, in either the short or long term. And worrying about it so much becomes an incredible drag, especially when you can’t get it off your mind, day in and day out.
In my last live online training, Selling Your Soul: 10 How-To’s Of Masterfully Marketing Your Art, we discussed three powerful action steps to take to create a solid financial foundation for your business with your art, your way. These steps are based on the three fundamental steps any business owner takes in order to establish where they are financially. They look at how much they have when they start their business, how much they need to bring in to meet their basic needs and what they need to sell in order to get those needs met.
This is exactly what every artist needs to do in order to have the clarity and insight into how to make choices that will directly benefit their lives and the path they want to lead with their art. Every artist, whether they realize it or not, is already a business owner. But what every artist needs to understand is that your work and your personal life merge in your business in several ways, as they do when you are the owner of a business. It’s a matter of understanding how they merge and why, so you can begin to take control of your financial life like a true professional.
This is not to say that you’re not already a professional in your life and with your art. But there is a marked difference between treating your money like a professional and treating it casually. The difference is staggering in the amount of clarity you gain about how you can create sustainability and finding the resources to do so quickly and with ease. The reason for this is that money is deep-rooted into the social consciousness of every aspect of our lives. When we embrace it for what it is- a made-up, decided upon exchange of value (value being the key root of its meaning)- we can then begin to make new, inspired, powerful decisions that lead us to running our lives and our businesses from a place of confidence.
This is what I refer to as becoming a FINE Artist: Financially Independent NAKED Entrepreneur.
By naked, I mean stripping down your finances to the bare minimum to establish how much you make right now, what you need to make to cover your basic expenses for both you and your business and forming a plan that will allow you to sustain it, indefinitely.
You can’t have financial sustainability until you get naked!
Here’s the first step:
Write down exactly what you need to make for your food, shelter and bills (the bills you have to pay every month), and then what you need to make to cover your business expenses, overhead and help and/or research (this includes classes, shows, part of your home you use for studio space and materials you purchase for your art). Add these up and you have your business Financial Baseline. This is the bare minimum you need to make to cover your expenses and decided where to go from there, the move upwards within your verticals. This is the naked truth that once you have places you in a position of power over your own life and business. It is from here that you can make informed, inspired and powerful decisions that lead to running your business with your art from a place of confidence and freedom.
Now, some of you may be thinking, oh I don’t need to do this because I don’t make enough to cover my expenses so I’ll wait. Or you may be thinking that you don’t need this because you don’t have your business up and running, and aren’t sure which direction you want to take it yet. Let me assure you, the clearer you get about this now, the faster you will move yourself into a stronger financial position that can give you the freedom to move deeper into creating the work you are meant to do in the world.
90% of small businesses in the U.S. fail every year, and I’ve worked with enough of them to understand how and why this happens. The how comes from their not staying in touch with these basic financial fundamentals. Do this now, and you will be doing what the 10% of small business owners do to make their businesses thrive.
So I invite you, I ask you, I dare you to take this step now! Form your financial baseline like a true pro, and then share in the comments how you feel after seeing the truth in front of you OR use the hashtag #artistsinbusiness to share your feelings and thoughts via social media. If you do that, I have a special treat in store for you!
Thank you for sharing with such generosity. Your share may be the inspiration a person needs to generate a huge shift!
With Much Love!