The Profitable Artist: A Handbook for All Artists in the Performing, Literary, and Visual Arts (Second Edition) PDF
Preview The Profitable Artist: A Handbook for All Artists in the Performing, Literary, and Visual Arts (Second Edition)
Copyright © 2018 by New York Foundation for the Arts All rights reserved. Copyright under Berne Copyright Convention, Universal Copyright Convention, and Pan American Copyright Convention. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form, or by any means, electronic, mechanical, photocopying, recording or otherwise, without the express written consent of the publisher, except in the case of brief excerpts in critical reviews or articles. All inquiries should be addressed to Allworth Press, 307 West 36th Street, 11th Floor, New York, NY 10018. Allworth Press books may be purchased in bulk at special discounts for sales promotion, corporate gifts, fund-raising, or educational purposes. Special editions can also be created to specifications. For details, contact the Special Sales Department, Allworth Press, 307 West 36th Street, 11th Floor, New York, NY 10018 or [email protected]. 22 21 20 19 18 5 4 3 2 1 Published by Allworth Press, an imprint of Skyhorse Publishing, Inc. 307 West 36th Street, 11th Floor, New York, NY 10018. Allworth Press® is a registered trademark of Skyhorse Publishing, Inc.®, a Delaware corporation. www.allworth.com Copublished with the New York Foundation for the Arts Cover design by Mary Belibasakis Library of Congress Cataloging-in-Publication Data Names: New York Foundation for the Arts. Title: The profitable artist: a handbook for all artists in the performing, literary, and visual arts / New York Foundation for the Arts. Description: Second edition. | New York, New York: Allworth Press, An imprint of Skyhorse Publishing, Inc., 2018. | Includes bibliographical references and index. Identifiers: LCCN 2018019442 (print) | LCCN 2018020282 (ebook) | ISBN 9781621536451 (eBook) | ISBN 9781621536420 (pbk.: alk. paper) Subjects: LCSH: Art—Economic aspects. | Art—Marketing. Classification: LCC N8600 (ebook) | LCC N8600 .P75 2018 (print) | DDC 706.8— dc23 LC record available at https://lccn.loc.gov/2018019442 Print ISBN: 978-1-62153-642-0 eBook ISBN: 978-1-62153-645-1 Printed in the United States of America Contents Foreword: The Profitable Artist, Revised Introduction: The Profitable Artist SECTION I: PLANNING AND STRATEGY Section I Introduction Chapter 1: Strategic Planning for Artists A Mission Statement and Vision Statement An Environmental Scan and SWOT Analysis Setting Goals: SMART Take Charge of Your Future: Plan Chapter 2: The Business Model Canvas and Lean Methodology The Business Model Canvas The Lean Startup and Customer Discovery Why Is This Important for Artists? SECTION II: LEGAL ISSUES FOR ARTISTS Section II Introduction Chapter 3: Intellectual Property Intellectual Property Copyright Trademark and Service Mark Patent Trade Secrets Conclusion Chapter 4: Contracts Statute of Frauds Competency, Consent, and Legality Offer and Acceptance Common Clauses in Contracts Conclusion Chapter 5: Business Entities Introduction Liability Tax Considerations Formation and Start-Up Costs Ongoing Responsibilities Sole Proprietorships Partnerships Corporations Limited Liability Companies Social Enterprises: Benefit Corporations and Low-Profit Limited Liability Companies Not-for-Profit Corporations Conclusion SECTION III: MANAGING FINANCE Section III Introduction Meet Sofia Garcia Chapter 6: Budgets Who Needs a Budget? What Kinds of Budgets Are Needed? When Are Budgets Appropriate? How Do You Create a Budget? Why Are Budgets Important for Artists? Chapter 7: Financial Terminology Income Statement Balance Sheet Taxes Conclusion Chapter 8: Personal Finance and Savings Savings Vehicles: Savings and Checking Accounts Retirement Vehicles: IRA, Roth IRA, SEP-IRA, Individual (Solo), and Corporate Plans Planning for Now and Later: Compound Interest and Time Value of Money X-Ray Chapter 9: Managing Your Money for the Future Investing Basics and Principles Building a Team The Link Between Your Art and Your Life Take Charge of Your Financial Present and Future Chapter 10: Emergency Preparedness Location Record Keeping Insurance Emergency Grants SECTION IV: MARKETING Section IV Introduction Chapter 11: Marketing Principles and Strategies Understanding Your Work and Your Place in the Market Understanding Your Audience Establishing Short- and Long-Term Goals Branding Chapter 12: Marketing Tools and Resources Marketing Strategy Breakdown: Tools Creating a Marketing Budget Chapter 13: Pricing Your Art Pricing for Visual Artists Pricing for Performing Artists Pricing for Literary Artists SECTION V: FUNDRAISING Section V Introduction Chapter 14: The Fundraising Landscape and Terminology Some Further Definitions Chapter 15: Individual Giving, Crowdfunding, and Corporate Sponsorship A Note on Networks Engaging Your Network for Individual Giving Crowdfunding Events Corporate Support Chapter 16: Grant Research and Writing Prospecting Applying Reporting Moving Forward (If You Are Rejected) Some Additional Tips Key Takeaways for Grant Applications CONCLUSION: PULLING IT ALL TOGETHER The Power of Collaboration Openness to Creative Opportunities Perseverance Acknowledgments Index FOREWORD The Profitable Artist, Revised When our book was first issued in 2011, we did so at the request of our publisher, who had learned about our entrepreneurial training courses in New York City, and thought that our way of approaching the career of an artist might also be of value to creative individuals residing elsewhere. Little did we know then how one book would end connecting us to places all over the country and in different parts of the world. This book is now used as part of core curriculum reading in many universities and colleges throughout the United States, and we have been invited to many outstanding academic institutions to conduct training workshops based on the book. Our experiences in bringing the lessons of this book via in-person workshops to such places as the Maryland Institute College of Art, Massachusetts College of Art & Design, Rutgers University, Greater Pittsburgh Arts Council, Rhode Island School of Design, and American University, among others, has provided us with an opportunity to gain greater insight, deeper understandings, and wider knowledge on just what it takes for any artist in any discipline to succeed in today’s marketplace. Moreover, because the book also brought us to the attention of other countries where artists are looking for international exchanges and presentation opportunities, our reach extended to such places as the China Federation of Literary & Art Circles, Centre for Creative Practices in London, Costa-Rica-North American Cultural Center, Arts Council England, Universidad Francisco Marroquín, and Instituto Guatemalteco
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