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Unfortunately, most starting or “indie” artists try to make a push with only their art, and the business part can be a crushing blow, causing them to feel burned out.
If I was working for someone else and they started underpaying me, I would quit.
Set yourself up so you love your business, and pay yourself a fair wage so you won’t want to quit.
To be successful in business, any business, you need to be business savvy.
If you want to be a working artist, you need to be as smart as any business person in a meeting, or at least smart enough to hire the smartest person in the room.
Just because your company is profitable does not mean it can support you; if you want to be supported by your art, make sure your salary and life is figured into the business plan.
As my own CEO, I am guilty of underpaying myself a lot.Also, don’t forget when you make your expense sheets, it needs to be for everything, not just your business costs, but your life.If this is going to be your job, you need to pay for life as well.Others, especially road musicians and comics, start to take what they can get for a multiple item sale after a show.This is where knowing the limits from your business plan, which was well-researched, will help you to live under normal business conditions, and hence be able to sustain your art as a living. To sell a CD after a show for is normal, while asking for makes it much less probable for point-of-purchase sales as your audience walks out the door.Factor in your day-to-day living expenses and savings so you know how much it will cost to be profitable from your business.Most indie artists look at what it will take to make their business work (or to just make a living as an artist), but in a normal job situation, you look at the paycheck.Start by writing down a mission statement that will remind you about the passion you want to share, and help others to align to your cause.Having a business plan in place will also help you to focus on your day-to-day operations and what you need to do to make money living that passion, and sustaining it.Be able to calculate your expenses, know how much to sell to cover your costs, and make sure your mark-up is normal.Many artists follow the average value when selling a product, while some are delusional about the product’s value.