• Home
  • About Renee
  • Writing Services for Artists
  • Articles
  • Interviews
  • Resources for Artists

RENEE PHILLIPS - MENTOR FOR ARTISTS

Helping Artists Achieve Their Fullest Potential

Ask Renee to Write About Your Art

You are here: Home / Articles / How to Increase Your Profits As An Artist

How to Increase Your Profits As An Artist

By Renee Phillips 3 Comments

Every art business choice you make is either earning you money or costing you money. If you’re like me  you want to be financially self-sufficient in a creative art career you love. To help you make better choices and increase your profits as an Artist, I offer these 10 essential strategies that have worked for me. Although the topic of dealing with money may be a bit boring for you I suggest you view reading this article as your path to financial freedom.

Photo of money. Photo credit: Giorgio Trovato on Unsplash
Take care of your money. Take time to create financial goals. Photo credit: Giorgio Trovato on Unsplash

1. Create Financial Goals

After you’ve put effort into developing your creative and career goals, if you never want to “work” another day in your life it’s best to design crystal clear financial goals.

I’ve also learned that fears about financial security increase stress and decrease creativity. When we achieve financial clarity and certainty we gain more time to be creative and achieve our highest potential in all areas of our lives.

So, remove the distractions from your life. I suggest you ask questions such as: How much do I want to earn in order to establish myself as a full-time artist? What amount of money and kind of lifestyle would make me feel happy and secure this year? Revisit your goals every six months and alter as needed.

Also read: How I Helped An Artist Create A Prosperity Plan.

2. Set Up A Financial System

It is essential to keep copious records of your expenses and income as well as time spent in creating your art work, art marketing, and other business related activities.

Tracking expenses and income is no longer a tedious process with the help of many financial tools to choose from. There are many easy to use money management systems and apps such as Quicken, Spendee, Pocket Expense or Mint.

3. Track Your Cash Flow

Most creative business people fail because they ignore their cash flow. You may wonder, what is cash flow? If you look at your projected income or revenue, then compare it with all the expenditures you need to keep the business running, the difference is your cash flow.

To forecast your future cash flow, take a look at your financial history. Review your records of sales for up to the last three to five years. You’ll discover which months you had the highest cash flow, and which months you had the lowest cash flow. Now, do the same for your expenses. Compare the two. After examining your cash flow over a period of time, you will notice definite financial patterns. You’ll be able to predict the future and adjust your promotional plans accordingly.

4. Create an Art Business Plan

Without an Art Business Plan you are planning to fail and will not attract the profit you desire. The Art Business Plan consists of four parts: business statement; production plan; financial plan and marketing plan.

For more advice on how to set yours up read my article How to Create Your Art Business Plan.

5. Be Realistic About Your Time and Labor

One of the biggest mistakes you may be making as an artist is not paying close attention to your own labor costs. You may say that creating art is “a labor of love”, an attitude that may be as detrimental as referring to ourselves as “poor starving artists”.

Time is money. It is better to be realistic and observe how much time you allocate towards producing each work of art. I recommend you keep a time log and refer to it frequently to see how you may be able to reduce time and improve your profit margin while maintaining the same artistic standards.

You may want to read 10 Time Saving Tips for Busy Artists.

6. Decrease Your Expenses

One easy way to raise profits is to trim unnecessary expenses that are draining your finances. There are many ways to reduce costs if you are willing and eager to change bad habits and to seek new alternatives.

As a business person you will have fixed costs (rent, mortgage, utilities, etc.) and variable costs (supplies, travel, exhibition expenses, etc.). Fixed costs are generally not negotiable however; I recently reduced my internet/cable service fees significantly by informing my carrier about one of their competitor’s special offer.

Save money by applying the rule of strength in numbers. Join forces with a group of artists who use the same materials and services and combine orders to receive quantity discounts or pool resources to share studio space or purchase expensive equipment that you can all use on a time share basis.

7. Spend Your Hard Earned Money Wisely

Choose to buy merchandise and hire people that offer value, not because they are the “free” or low cost. Inferior products (such as cheap art supplies) and inexperienced service providers (such as unreliable website designers) will cost money in the long haul.

Choose sensible ways to invest your money such as: educational books, courses and workshops that provide expert financial advice; technical equipment and software programs that improve your learning and save time; and mentors and advisors that can help you achieve your financial goals.

8. Be Smart About Selling Your Art

Offer your buyers at least three different categories of art and respective prices: low (editions or small works); medium; and high.

When you create a diversified art marketing sales plan like this you will reach more groups of potential buyers. In addition you will satisfy your existing buyers and their different art buying needs.

Avoid using negative sales tactics such as promoting sales and discounts on a frequent basis. You’ll be attracting bargain hunters not value-seeking, educated art buyers.

Read Stop Attracting Bargain Hunters to Your Art.

9. Focus on Retail Sales

Most artists think they will earn more money by selling through galleries. The truth is selling in a gallery has its rewards however; it is better to wait until you have a strong track record of retail sales before selling your art at wholesale prices. Otherwise you may suffer a huge loss of profit after the gallery takes its commission and sacrifice your retail inventory.

10. Raise Your Prices

When you’ve established a proven track record of sales and the demand for your work is consistently high for at least a year it’s time to raise your prices. Experts say when you’re selling at least half of everything you produce within a six-month time period you can increase prices 10-25% each year.

You may want to read How to Price Your Art.

Bonus Tip

Expand your potential profit by first expanding your mental attitude about possibilities. There are many different areas in which to sell your art including working with corporate art consultants, galleries, the healthcare industry, interior designers and more. These individuals and companies will help you reach more potential buyers than you can alone.

More Recommended Articles I’ve Written
Ways for Artists to Make More Money
5 Powerful Principles Used by Financially Successful Artists
How I Helped An Artist Create A Prosperity Plan
How to Create An Art Patron Plan


 

Filed Under: Articles, Featured Articles Tagged With: art career success, art marketing advice, financial freedom, increase your profits, profitable art career

Find out about Renee’s Writing Services for Artists

About Renee Phillips

Renée Phillips is a mentor and advocate for artists helping them achieve their fullest potential. She provides career advice, writing services, and promotion for artists from beginners to advanced. She organizes online exhibitions as Director/Curator of Manhattan Arts International www.ManhattanArts.com and Founder of The Healing Power of ART & ARTISTS www.healing-power-of-art.org. As an arts' advocate she has served on the advisory boards of several non-profit arts organizations. She lives in New York, NY.

Comments

  1. Susan Ashley says

    06/18 at 9:05 am

    Thank you, Renee. I regard your words as important when you share for artists ways to sell art.

    Reply
    • Renee Phillips says

      06/18 at 9:50 am

      Thank you Susan. Your kind words mean a lot to me. Wishing you many sales and profits!

      Reply
  2. Kenneth Lewis Sr says

    09/07 at 8:07 am

    Thanks for sharing this information.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Welcome!

My purpose is to help artists achieve their fullest potential. On this website I share decades of knowledge and experience as an art writer and artist career coach.

I am also the Director of Manhattan Arts International and The Healing Power of ART & ARTISTS where I maintain online galleries and curate exhibitions.

You'll find those links below.

MANHATTAN ARTS INTERNATIONAL

Manhattan Arts International website

As the Founder, Director and Curator of Manhattan Arts International I maintain online galleries and curate exhibitions.

Healing Power of ART & ARTISTS Gallery

The Healing Power of ART & ARTISTS website resources

I am the Founder, Director and Curator of The Healing Power of ART & ARTISTS.

The website features an online gallery, exhibitions, and hundreds of articles and art reviews.

The mission is based on the belief that artists have the power to bring positive change to individuals, society and the environment.

Follow Me on Social Media

  • Facebook
  • Instagram
  • LinkedIn
  • YouTube

Ask Me to Write an Art Review

Praise for Art Reviews by Renee Phillips

Find out about how to apply to have me write an Art Review for you that you can use for your promotion and marketing purposes.

The art review will be published on The Healing Power of ART & ARTISTS website. It will be promoted widely in social media.

Simply tap or click on the photo above to learn all about it.

More Suggested Reading

Scams Aimed at Artists

Artists Beware of Sammers on The Rise! If you are promoting yourself as an artist, have an email address … [Read More...]

Beware of Vanity Galleries

It is A Pay to Play Game In Which Artists Have Much to Lose This article offers advice that is useful when … [Read More...]

The Truth About Fine Art Agents

Let's Dispel Some Myths and Make Way for New Options Every week at least one artist will ask me how and … [Read More...]

Are Your Art Materials Making You Sick?

As an artist it's wonderful to imagine the treasure trove of art materials to choose from to create your … [Read More...]

Where to Find Art Buyers and Meet Collectors

Where and how to find art buyers requires a combination of knowledge, strategy and persistence. However, there … [Read More...]

A Positive Future for Maturing Artists

Steps to Take to Restore Optimism and Bring Peace of Mind The artists I have coached over the years come from … [Read More...]

How to Avoid Getting Rejected in Art Competitions & Mistakes Artists Make

Has your art ever been rejected in a juried art competition? Were you confused because after seeing the … [Read More...]

What Really Is Self-Taught Art and What Does It Mean to Be A Self-Taught Artist?

Definitions, Historical Facts and Artists in This Genre As I'm sure you know by now I write a lot of art … [Read More...]

22 Questions for Artists to Ask Galleries

Exhibiting in a gallery requires an investment of your time and energy on your part. So, before you ask any … [Read More...]

Do You Think Titles of Art Matter?

This Question Has Attracted Many Different Replies Shakespeare quipped "A rose by any other name would smell … [Read More...]

Organizations That Advance The Status of Women Artists

Organizations that serve and advance the status of women artists are essential and cherished resources. They … [Read More...]

How to Approach New York Art Galleries and Any Desired Gallery

Most artists from around the world want to be exhibited in New York Art Galleries. However, many of you are … [Read More...]

Sell Your Art To Interior Designers and Corporate Art Consultants

Professional Organizations and More Resources with Thousands of Leads You can expand your art sales by … [Read More...]

10 Best Selling Tips For Artists

If you visit the hundreds of articles I've written for you on this website you'll probably find thousands of … [Read More...]

Art and Artist’s Statements – Quotes by Famous Artists

If you're like most artists I know, the task of writing your Artist's Statement feels like torture. You may … [Read More...]

The Basics of Public Relations For Artists

An artist recently asked me "Why is it that some artists' careers rise to stardom while other artists, who are … [Read More...]

What to Do When You Receive Publicity As An Artist – 15 Steps to Take

15 Important Steps to Take Immediately After Learning You Are in an Article, Received an Award, Were Selected … [Read More...]

Selling Your Art to Corporations

Imagine your art on permanent display in a lobby or conference room of a corporation. Getting your art into … [Read More...]

Topic Ideas For Your Art Blog Posts

Whenever an artist client asks me how they can drive more traffic to their website (after they have created a … [Read More...]

My Love-Hate Relationship As A Juror / Curator

This is a true confession to you about my love-hate relationship as a juror / curator. During my art career I … [Read More...]

Our Privacy Policy

Click here to read our Privacy Policy.

Writing Services for Artists

My specialty is writing "Praise Quotes" -- Art Statements for artists to use for promotion and longer Art Reviews which I publish and provide promotional services. I alsowrite Artist's Biographies. Many artists struggle when they have to write about their career and their art. Artists use my writing on their websites, social media profiles, … More...

Copyright © 2014 -2025
Renee Phillips
Manhattan Arts International
200 East 72 Street, New York, NY 10021
renee@manhattanarts.com

Copyright © 2025 · Magazine Pro Theme On Genesis Framework · WordPress · Log in