#7, Investing in Your Art Business: A Year in Review and Planning Ahead

The Artist's Guide to Business

Investing in Your Art Business: A Year in Review and Planning Ahead

Host: K

Episode Summary:

In this episode, K, a passionate dog lover and artist, shares her insights and experiences from running her art business. She begins by introducing her temporary furry guest, Fergus, and quickly transitions into the core topic of the episode: the intersection of art and business.

K emphasizes the importance of discussing financial aspects in the art world, a topic often shrouded in mystery and misconceptions. She believes that understanding and embracing the business side of art is crucial for artists to achieve creative freedom and long-term success.

Throughout the episode, K provides a detailed breakdown of her art business, focusing on the financial investments she made in 2023 and her plans for 2024. She categorizes her main product offerings into pet portraits, plain air classes, and live wedding painting commissions, sharing specific pricing to give listeners a clear context.

Key investments discussed include:

1. CRM Software (HoneyBook): Streamlines client management, especially for live wedding commissions.
2. Messaging Coach: Helped refine K's sales messaging for live wedding paintings.
3. Bookkeeper: Essential for managing finances, especially after hitting $92,000 in revenue.
4. Email Service Provider (ConvertKit): Useful for automating and segmenting customer communications.

K also talks about letting go of certain investments in 2024, such as specific marketing efforts and social media management, to focus more on her website and hiring a professional copywriter.

The episode concludes with K offering advice on assessing future investments and tailoring investment strategies based on the stage of your business. She categorizes these stages into early business (0-$25,000 revenue), mid-stage ($25,000-$50,000 revenue), and advanced stage ($50,000-$100,000 revenue), providing specific recommendations for each.

Closing Thoughts:

K encourages listeners to critically evaluate how potential investments directly contribute to making money, saving time, enhancing skills, and serving clients. She hopes her insights will help fellow artists make informed decisions about their business investments.

Contact Information:

Listeners can reach out to K on Instagram at @theartistsguidetobusiness.