How to Make Money as an Artist

Your work is important and a gift that you are called to share with the world. Having a business is a great vehicle to do this and if you find yourself wondering how to make money as an artist then you should know that it starts with getting clear on your monthly numbers. It can feel scary but trust us, it is so much worse to be in the dark than it is to know the truth about your finances. When you know your numbers you can make the right choices for you and your art work.

Follow these steps to get clear on your monthly numbers: 

1. Track your money for at least six months.

   Separate your art business from your personal finances. It’s so much easier to keep track of your money when you have separate accounts and credit cards. Now you need to keep track of everything you spend and everything you make. 

2.  Ask yourself if your spending habits align with your values and your financial goals? 

   Now that your six months are up, sit down with yourself and look back on your spending. Look at the money leaving your account, does this align with your values and financial goals?

3. Is there anything you could stop spending money on?

   It’s much easier to become profitable by spending less up front. In other words cutting unnecessary costs means having to make less sales before you can start making money.

4. Take the amount you made and minus what you spent.

   Is the number you have left enough to pay for your personal expenses and enjoy the lifestyle you want? The only way to know this is to track your personal spending as well as your business spending.

   You don’t to get trapped trying to make more, more, more money without knowing why! 

5. Gain clarity.

   By now, you should know the amount you need to make every month to pay for your business expenses, and pay yourself so that your personal expenses are covered.

   Do you have enough inventory to reach this monthly goal? In other words, how many pieces at the prices you currently charge do you need to sell per month to reach your goal?

   Bonus: If you need to track your inventory, Artwork Archive is a great inventory system for artists. If you use this link you receive a discount and THRIVE receives a small payment if you sign up. Win-win!

6. Time for a reality check.

   Make sure you think about how realistic it is for you to make and sell the work you need to every month.

   Some things to think about:

   • Do you need to add different price points to your business plan?

   • Do you need to start finding other streams of revenue like teaching workshops?

   • Should you get a part time or full time job to help reach this amount?

7. Keep going.

   Continue to keep track of what you’re spending monthly in your business and your life. Look at where you can cut costs and where you can generate revenue for the lifestyle you want to lead. Over time it is so exciting to see your money grow and to take control of where you spend your money.

8. You got this!

   Knowledge is power so get organized and take control of your finances to make your art practice and business sustainable and enjoyable!

You are not totally done yet…next step to learn more about how to make money as an artist is SALES!

Bonus:

If you enjoyed this article on money for artists then check out this post on how to be a successful artist for more tips to help you on your journey!

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All of this material comes from the Thrive Together Network Resource Library! Learn more about the library and the THRIVE Network here.