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For many artists, income can be unpredictable, particularly when you spend a significant amount of your time creating. Developing a passive income stream or finding a side gig can help generate revenue while allowing you much-needed time to devote to your craft. Art House, Inc. can provide inspirational insights into how to effectively promote your work by providing access to a host of resources.
Focused Artistic Time
While it’s not always possible to summon the creative muse on demand, according to Kettle Fire, if you’re an artist with time management skills, setting aside certain times and days to focus strictly on your work can be beneficial. You’ll be able to devote your full attention to your artistry without having your mind wander to things like household chores or money issues. This can be even more helpful if you have a commission you’re working to complete or a show to prepare for. Setting time parameters might be a little tricky at first, but once you get into the habit, it will become second nature.
Find the Right Side Gig
When people think about side hustles, some of the more well-known gigs come to mind, like food delivery and rideshare services. According to Parade magazine, you may actually be able to draw on your artistic training while making some money on the side in a mainstream setting. For example, if you paint portraits, doing caricatures at festivals or private parties can generate an income. If you’re more of a crafter, working as an instructor at a community center or hobby shop can bring in some extra cash. This approach allows you to use your skill sets in a slightly different venue to make money.
Generate a Passive Income
Depending on your financial circumstances, you might be able to set yourself up with a passive income stream. For example, consider buying a property to use as a studio and rent out space to other tenants. You might also be able to duplicate your art in some form — for example, making prints from originals or selling photography in an online venue. Using these approaches, you can create something once, yet sell it multiple times. Harness your creative energies to think of ways you can shore up finances while still having time to devote to your artwork.
Become a Small Business Owner
If you’re selling your art or generating a passive income through a commerce venture, you’ll want to formally establish yourself as a small business owner. Registering your business, as well as securing a business license and an employer identification number (EIN) are all first steps. An EIN is how the U.S. Internal Revenue Service tracks payroll taxes, and if you have staffers — even part-time — an EIN makes it easier to file. You’ll also want to establish a business bank account, set up good record-keeping processes, and develop a business and marketing plan to help guide your business.
Don’t Stress Out
Stress and anxiety can stifle creativity, so strive to keep an even mental and emotional keel so your art doesn’t suffer. When money is tight, create and stick to a budget, cut back on expenses, and share supplies with other artists in a co-op fashion. Take time to meditate, view the work of others that you find inspiring, and recommit yourself to being not only an artist but a skilled business professional.
Artists are often free-spirited individuals who would much rather create than work a regular 9-to-5 job. Being smart with your finances and supplementing your income through side hustles can all help keep you afloat as you continue to build your reputation as an artist, and attract a following.
If you’re in the Cleveland, OH area, visit Art House online and find events, promotional opportunities, and resources for artists. To learn more, reach out by phone or email.
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