Profiting, 8th sequential realms of building a profitable creative enterprise.
Last week one of the artists who I mentor sent an update on her 2014 expenses.
She reported that she spent about $11,000 less on her business in 2014 then in the year before. Here’s how:
1. “I spent less on my website in 2014. I’m building a new website by myself, and I’m not hiring a designer like I did in 2013.”
She became more confident with technology.
This is very empowering. With fantastic tools, like Square Space and Shopify, artists can build and maintain their own ecommerce sites.
2. “I spent less on print materials, like letterhead and business cards, which I don’t even use.”
She examined unnecessary expenses.
Often artists will spend way too much money on websites and business cards before they have tested their value proposition with their target market.
I’ve seen artists waste thousands of dollars having a website built, only to have to redo them.
3. “I spent less on supplies, because I don’t use expensive canvases any more.”
She used to think that she had to buy the very best materials. And she paid for them.
When she understood her mission and how she served her target market she became a much more confident person.
When she became a more confident person, she became a more confident artist and the quality and ease of her art actually significantly improved.
When she became a more confident artist, she didn’t need to by the very “best” materials to try to prop up her confidence.
She also realized that the other problem with buying expensive canvases is that they make a painting too precious. That causes perfectionism and that kills creativity. With a regular old canvas she feels freer to toss it if the painting is not working out.
Do you think her patrons have ever asked to see the receipt for the materials she’s purchased?
4. “I don’t rent booths at art fairs anymore, so I don’t pay those fees.”
This is a big one. These fees add up quickly and there is no guarantee that they are going to pay off.
Now that she has her own creative enterprise she is not dependent upon the gatekeepers of the art exhibit and she does not have to pay their tariff.
More importantly, she is not surrounded by competition as she’s trying to sell her art. Most of her business comes by way of referral so she doesn’t need to “exhibit” her art. She is the bell of the ball. She is the “go to” for her particular niche.
That is how she saved money. How did she spend money?
She actually “invested” money on my mentorship program, soon to be discontinued, and she “invested” money on building her creative enterprise.
Billionaire, Warren Buffets wise and encouraging words ring true:
The most important investment you can make is in yourself. Very few people get anything like their potential horsepower translated into the actual horsepower of their output in life. Potential exceeds realization for many people…The best asset is your own self. You can become to an enormous degree the person you want to be.
What can you do? Look at what you are spending money on and how are you investing money.
What is the return on your investment? If you are not investing in yourself, why not?
Tell us why below.