12 Financial Practices Every Artist Needs

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Art makes this world colorful, a world worth living. No matter what your art medium is, you should always know the art of business. Financial stability is one of the most crucial things in the lives of artists. An artist should always be free of anything that holds them back. Only then can they achieve what they imagine. A little financial management can do wonders.

With some simple yet effective financial practices, you can be financially stable for decades to come. An artist needs to understand the strategic trends of the market as much as someone else. If the foundation of your new business is strong, your business will keep growing at the rate you set.

1. Think Twice Before You Spend

Being an artist, you have to be careful about your expenses. The expenses should always be on the lower side. When you start an art business, the first few sales might boost you up. The trick is to save from the start.

Keep your needs and wants separate. Try to have a surplus before you decide to spend big. It is better to have records of the expenses. You would also need to record your earnings. Keep a balance between both. Saving money as an artist is a key skill you must learn to succeed.

2. Always Keep Track

You need to set goals before you achieve them. Your goals are why you save your money. From the first day, keep track of your progress and your goals. When you set the bar higher, you get much better results. Your goals should be achievable and balanced, don’t be too hard on yourself! Motivation is also a factor in being financially stable.

3. Side Business

One of the most important financial practices an artist needs to adopt is another source of income. Aim for a low but steady income, one that keeps you well-compensated but also lets you focus on your art. Always have multiple money solutions! Getting a day job keeps you in shape and polishes your skills too.

4. Sell Your Art in Online Art Galleries

Harness the power of the internet to take your career to the next level. Join an online art gallery to sell your artwork to art enthusiasts around the world. You instantly boost your reach and increase the chances of your art getting sold. Not just that, you get a pretty good price for your art if you choose to sell on there. You might even reach the top in an online art gallery.

5. Minimize Your Debts

Having no debt on your shoulders is a focal point of being stable. Always try to keep a minimum amount of debt on you. From every sale you make, think about your debts too. Fewer debts mean you can prolong your art business for a long time. These payments might look big but, you would be doing yourself a huge favor. In the future, you’ll have one less thing to worry about as your art gets bigger. This is one of those financial practices that will be worth it in the long run.

6. Self-Care Is an Investment

Artists should have a very appealing outlook. People get inspired by them every day. If you are looking for an investment, look in the mirror. The way you present yourself to the world says a lot about your art too. Get a haircut, go for a beard trim, and try self-grooming.

Artists are considered role models in most societies. People look up to them and want to be more like them. Always bring your A-game! 

7. Audience Analysis

Analyzing your audience and their needs are one of the best fundamental practices. You get an idea about what your audience wants. An artist should always know about the people who surround their art. From a business point of view, it is equally important.

Group your audience into different categories as it will benefit your sales too. By analyzing your audience, you can prioritize your art according to your needs. It will also make you feel more connected to the people who like your art. 

8. Have Different Financial Strategies

Never wait to have different financial systems in your life. You should be in control of your situation at all times. You are your boss! Have strategies for the present and the future too. It is better to think of a plan that is neither too long nor too short. Being an artist doesn’t mean you can’t learn about finance. It is favored not to wait till it’s too late! Start today.

9. Be Confident!

Always ask for the right price for your art. When you put all your talent into your art, it’s your right to take an amount that you see fit. Always remember to be a little balanced about your pricing strategies. Never make overpriced art if your consumers are not of that level. You have to make these decisions for yourself, as you are your boss. Remember to price your art the right way.

10. Always Try to Invest Somewhere

If you have access to money, invest it somewhere. Investing your savings is better than spending them on unnecessary things. Not only does investing multiply your money, but it also keeps your money safe. Always try to start with little investment. Ease your way up to bigger ones.

11. Update Your Workspace

Your workspace is your happy place. Keep adding things and upgrading things to keep it interesting. When you’re working, your productivity will increase. Always try to keep things as simple and as neat as possible. Not only does it save you from expenses, but it also keeps things around you clean. Design your art studio for productivity and happy vibes!

12. Your Bank

Picking a bank is one of the crucial steps in managing your finances. Pick a bank you are comfortable in and, there is no need to have a well-known one. Keep things simple and keep your savings safe in the bank. Make a strict policy of no withdrawal if you want to increase your savings. You should be aware of your transactions at all times.

Financial Practices for Artists – Conclusion

It is easy for an artist nowadays to stay financially stable. These financial practices might look very simple, but put to the correct use, they can prove to be a game-changer for you.

Artists need to have a proper strategic approach to their business. A good strategy can benefit your future earnings as well. Having financial independence is easy but maintaining that status is the hard part.

Artists are always looking for ways that can boost their art business and provide them with a strong foothold. These financial practices will not only help your art but will also help you as an artist. Get them right, and you can focus on your art rather than worry about finances. 

Zainab Waseem
Zainab Waseem

Zainab Waseem is a writer & content creator. Specializing in the realms of art, business, & technology, she has written for various publications over her career. Zainab has a particular affinity with politics, economics, and art and adds value to the Art section at Writer’s Order.