Money Survival Tips for Creatives Session (May 16th) Recap
We had such a great time connecting with and learning from the talented creatives in our community! If you weren’t able to attend, here are some of the highlights from the session.
Key Takeaways From The Conversation:
Surround yourself with a supportive community of allies who can encourage you, give you honest feedback, provide mentorship and help you find the resources that you need.
Talk about money with your trusted community. Open dialogue is the best way to break down generational barriers and to benefit from the experiences and wisdom of others.
Start saving and investing now—even if it’s just a little at a time. Eventually it will add up! You will need these funds at some point as a safety net, as a nest egg or to level up your business.
“Even just $25 a month is a great first step!”
—Pablo Guzman
Schedule time for learning. Make it part of your creative habit or practice. Treat it like a class—make an appointment to read books about business, to watch Youtube videos, to learn a new skill or to experiment with a new technique.
“Read lots of books about business! You don’t need a business degree to be successful.”
—Johanna Mueller
Compete based on value and customer service over cost. Let Walmart sell the cheapest products while you provide quality, expertise and care.
Price your products so that you have a sustainable profit margin. Be sure to account for materials, labor, wholesale pricing or consignment percentages. Also, consider the perceived value of your product—you don’t want to devalue your work by charging too little. Finally don’t be afraid to experiment and adjust based on how your product sells. Want more great tips about pricing?
Sign up for Johanna Mueller’s Pricing Your Work Class happening 5:30-7pm, June 20th, 2024 at Wonderhand Studios.
Click to Download the PDF Version of this Document.
Prioritize record keeping to avoid headaches and fees down the road. Consider…
Opening a dedicated bank account for your business to make it easy to track earnings and expenses.
Setting up an LLC to provide personal protections.
Paying quarterly tax estimates so that you don’t owe more than you saved at the end of the year.
Using a POS (point of sale) platform like Square or Shopify to help with record keeping.
Recommended Reading:
We hope to see you at our remaining sessions:
July 18th: SELLING YOURSELF
Learn about the business side of art & creative workSeptember 19th: FINDING YOUR CREATIVE COMMUNITY
Connecting to networks that can help you thrive in the creative lane