Part III: Improving your financial outlook
You’ve run the numbers, and hopefully removed any lingering fog around your money. Now it’s time to decide if you’re making enough of it. If you think your bank account could use a boost, set aside a few hours to ask yourself some serious questions.
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- Are you diversified enough? Don’t rely on only a handful of customers. Try to expand your network and community of buyers, sellers, and institutions with which you work.
- Are you charging enough for your work? Keep up to date on art prices and freelance fees. Are your prices in line with your peers? Are you able to readily and confidently defend your prices? And are you willing to turn down a prospect if it doesn’t pay you what you feel you’re worth?
- Are you maximizing opportunities to barter? There is more than one way to get what you need. Make a list of potential opportunities where you can barter your time or product in exchange for materials or services.
- What percentage of your income is being spent on overhead? If your business expenses aren’t helping your bottom line, it’s time to reevaluate.
- Contra’s can be the best form of exchange when what would not be thinkable is suddenly within your realm. I’m a big supporter of contras – (essentially bartering) and have been since I first left art school. Sometimes friends or business people just don’t want to part with cash, however if asked are more than happy to exchange for items. I’ve exchanged art for many things from furniture to a vehicle.
