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Making a business out of art

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Artists must believe it’s alright to actually make money out of their creative talent. Just like any traditional entrepreneur, you’ve got to develop a business model and allocate sufficient time to both produce your work and run the show.

Consider these tips to turn your artistic endeavours into a proper small business:

– Write a business plan. Anyone who intends to make money being self-employed must figure how they’re going to do it. That means writing a proper business plan to identify customers and competition, set prices, figure out a distribution system and anticipate revenues and cash flow. A plan isn’t just for outside investors — it’s your roadmap to success.

– Work “in” and “on” your business. Creating art takes time, but it can’t consume your entire schedule. Establish production time alongside some hours to do your banking, make sales calls, line up shows and keep your books.

– Get a business mentor. Artists like to hang around with other artists, which is great for the creative side of your life. Find a businessperson willing to mentor you to provide some left-brain balance.

– Get paid. Remember how much time and energy you put into your creations when quoting a fee or pricing an item. You must earn a profit in order to keep working as an artist, so don’t be afraid to charge decent rates.

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