Have you ever wondered why some artists are financially more successful than others? Chances are they know that taking care of business requires an awareness and effort beyond the walls of their art studios. They don’t ask what’s easy; instead, they search for what’s better. Here are 5 powerful principles used by financially successful artists.
Please note: A similar article I wrote appears in the February-March 2018 issue of Professional Artist magazine.
A financial goal that triggers a high level of excitement
will propel us forward now as well as carry us over the long haul.
1. They Choose Highly Motivational Financial Goals
Financial experts know that simply aiming for a dollar amount as a goal does not provide enough incentive to inspire us. What motivates us to succeed is a strong emotional connection associated with the goal. The financial goal must be so personally powerful that it fuels us every day to wake up and work toward achieving it. Examples of short term and long term financial goals might be: to earn money to pay for a weekend workshop retreat with a famous artist; to save what we need to quit a dreaded job and become a full-time artist; or an intense desire to raise funds to build a dream art studio. A financial goal that triggers a high level of excitement will propel us forward now as well as carry us over the long haul.
2. They Anticipate Changes and Act Accordingly
Smart artists are proactive instead of being reactive. They realize changes in the economy are occurring faster than ever, often bringing shocking twists and turns. Whether you are consciously aware of them or not, they may directly impact you. For example, many midsize galleries have recently shuttered throughout the U.S. in favor of using alternative spaces. The boom in the healthcare art market has opened new possibilities in that area and artists have been reaping the benefits. When Facebook changed its algorhythms and had a negative impact on users, artists searched for social media alternatives. Smart artists stay alert and rely on astute forecasters to keep them abreast of such transitions, new art marketing strategies and more. They take advantage of changes to make wise decisions and avoid the pitfalls of unforeseen occurrences.
3. They Know How to Attract and Satisfy Their Loyal Fans
It’s not enough just to make art sales. Financially successful artists know they need to attract, cultivate and satisfy loyal, raving diehard fans. They find ways to deliver more value to their buyers. They know how to attract people that fit their customer profile and keep them in a state of admiration through social media, email newsletters, and mailings. They create new, engaging and innovative works of art that continue to increase in skill and magnitude. They participate in newsworthy art projects and events and share those experiences with their client base. They continuously raise their followers’ curiosity, encouraging them to spread news about them and their art to their friends, associates, and members of their community.
Financially successful artists ask themselves every day,
“What step can I take today to increase my income?”
4. They Are Responsible Guardians of Their Finances
Artists who set aside a few hours one day a month to focus on their financial positions are in control of their careers. They utilize new selling techniques to expand their income streams. They find ways to cut costs without sacrificing quality. They prepare for their financial future and adjust their marketing efforts when needed. They maintain orderly bookkeeping records or hire an accountant. They not only have a one-year plan, but because they know changes occur, they review it often and tweak it when necessary. They know that simple and small changes made in intervals can result in higher profits. Financially successful artists ask themselves every day, “What step can I take today to increase my income?”
5. They Know that Marketing Really Matters
We know that the most talented artists are not necessarily the most financially successful ones. As important as it is to focus on creating art of the highest standards, it’s also imperative to use proven marketing and promotion strategies. Based on what marketing experts say, it may take the average potential art buyer more than a dozen times to see your art before they become seriously interested. Successful artists increase their marketing activities and education by reading art business magazines, art marketing books, attending workshops, podcasts, and watching Youtube videos. Then, they apply what best suits their objectives.
Start Now by Improving Your Financial Success
Please consider applying these principles. Establish a compelling financial goal that will sustain you. Cultivate a fan base. Be flexible, stay ahead of the curve, stay informed, and integrate art marketing tools. Take care of money matters and build a lucrative profit-driven art business that you’ll love and enjoy for many years.
You may also want to read these related articles
How I Helped An Artist Create A Prosperity Plan
How to Create Your Art Business Plan
If you want some personalized guidance, check out my consulting services.