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Health & Fitness

It Isn't All Fun And Games, People

It isn't always fun and games when you create art. There is a lot of business stuff that needs to get considered if you are really making a go of this. Here are some thoughts to get started.

As an Artist you're in business for yourself.

I realize that  might be an epiphany to some people. It’s easier to throw paint on a canvas, because that is fun, than to think of P&L statements, taking inventory, rechecking your personal business plan, or updating contracts.

"Wait....What???? I don't do those things...nobody ever told me that stuff in art school!!"

I hear you. They don't. You have to figure this stuff out as you go along, or how else do you know if you are actually doing better this year financially than you did last year?

Pssst.....

That would be what a P&L is all about...Profit and Loss....Where did you make money, and where did you lose it? Stuff like that is important to know especially if you are trying to actually make money doing what you love.

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Here's another....How much money do you have tied up in supplies and finished art in your studio? Do you have an excel spread sheet of finished work stating size, materials, title, date? Do you have enough insurance to cover all of it? 

The silence is deafening.

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Hmmm.....maybe a better question is, What kind of insurance do you really have? It's great to hear that you own a half a million dollars worth of your own art....But I'm here to tell you,

1)    It's only worth a half a million dollars if you sell it, and

2)    In the event of fire or theft it only is worth half a million dollars if it's insured for the replacement cost. They aren't talking VALUE, they are talking the canvas and paint.

PERIOD.

 Maybe we need to let that thought sink in a moment.

Here's a curious question, do you ask when you put your work in a gallery if they have 'gallery' insurance? Gallery insurance means they cover the VALUE of the work, not replacement cost.

Don't assume anything. Sure the place you hang your work might have some fancy lighting and someone that is a gallerist who greets people, maybe even some brass title cards are here and there, but most places and many art centers, have only replacement cost insurance... Because gallery insurance is expensive. 

SO YOU NEED TO ASK.

And since we are talking about your work... Where is your artwork....exactly??? Yeah, great to say it's at a bunch of different galleries, but the questions are:

 1)    Do you have an inventory list of your work that the gallery owner/manager has signed and dated? and has their own copy for their records....

2)    Is the work actually hanging on the floor, or is it in the back waiting as fill in inventory, or is it in the back waiting for you to pick it up?

btw...two out of those scenarios are not good

3)    When do you have to rotate work out??? If the contract reads typically, then you have a certain number of days to claim your work once it's removed from the floor. Otherwise it becomes theirs after that date, for THEM to sell and make the profit...they acquire the entire sale price. You no longer have ownership....and that is because it says so on your contract. You need a contract.

And you do have a file of contracts for each location you are showing with, right????

Dude, you are killing me. Don't panic. You're not alone. Even seasoned artists take a lot for granted...and most artists never treat what they do as a business, so their bottom line does not improve. So you are ahead of the curve if you are even thinking in that vein.

I know, I know...you create art because you love to make it. And you are Right Brained... and the office stuff is not your forte.  This might be difficult to understand, but in order to actually MAKE MONEY AS AN ARTIST, you need to be a business person.

The practical side of this is, you are in business for yourself when you are an artist. There are no art police people out there making sure that things are all above board and that everyone is playing fair, and no one is getting ripped off. You are the only one taking care of you...which is probably why most people who graduate with an art degree are no longer pursuing their life's dream... the business part is hard stuff, especially when you make it up as you go along, because it is the stuff that is not taught in art school.

 Promoting yourself, learning how to be organized, keeping records...those are all self-taught if you are an artist. How successful YOU are as an artist, depends on how successful YOU are as a business person.

Here's a short list of no brainer rules to get you started:

1) Don't put your "stuff" in a hefty bag and bring it into the gallery unless it is pouring rain outside and you are protecting the work from the elements.

Presentation is big. Making an impression, bigger. We'll discuss how to later...but keep in mind, you get one shot at a first impression. DON'T BLOW IT!

2) Keep records.

Make contracts if the gallery does not supply one and have contracts signed. Keep an inventory of what you drop off where...and leave a copy with the gallery owner...otherwise, you have no clue where your artwork is. Let me ask you this, do you know where your car is parked? Then you should also know where your art is. IT BELONGS TO YOU.

3) Figure out where you want this profession to take you.

Make a hairy, audacious goal as your ten year plan, then work yourself backwards towards today, so you can step yourself to your goal. The thing is, you need to have meetings with yourself where you do your paperwork, and you take out your business plan and see if you are on target for making that goal. If you are not on target, then you need to figure out what you need to do to make it happen, and make the correction. WHERE YOU ARE GOING IS UP TO YOU.

4) Figure out how much "stuff" you currently own.

This means taking inventory of your supplies so you can check your home owner's policy to be sure that monetary amount is covered, because if they are lost in a fire, it's going to take a lot of hard earned money to buy all of them again. If you have exceeded the monetary amount for "stuff" then pay the rider on your policy. YOU NEED TO DO THIS.

5) Figure out what is working, and what isn't.

It's important to account for what is financially busting your wallet, and you need to actually give up because it is costing you more than you are getting out of it, and what is something you need to do over and over again because it works. HARD DECISIONS.

Sometimes the thing that seems the best idea for you, is really the worst idea for you, but you don't know unless you actually take it apart and assess what the benefits vs the hardships are.

There are ways to make a living being an artist. But it's up to you to decide if you are an artist, or if you are a hobbyist. The difference.....Someone who dabbles, or someone who wants to make a positive impact on the art world.

And no one can do that for you but you...

 ~k

 For more of Karen Shelly-Genther's blog, somethingtoalwayssayaboutsomething go to: http://karenshellygenther.wordpress.com

 

 

 

 

 

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