Daniel T Goodwin Law
Our Tips for A Successful Career in The Arts
Don’t let your dad who wanted you to major in business administration tell you otherwise – In today’s economy, making a living as an artist is probably more viable than it has ever been before.
Many individuals (including your dad) are under the impression that the only way to succeed in the arts is to become a superstar. Media representations tend to present the arts as an all-or-nothing proposition, with the spotlight only given to the celebrity successes.
However, a viable career in the arts can encompass a broad range of options for those of us who aren’t necessarily nobodies, but whose lives aren’t fodder for PerezHilton.com either. The arts are not a competition, and you don’t need to be a superstar to make a living doing what you love!
Here are some key points, some legal but many non-legal, we try to relay to our artist and creative entrepreneur clients:
- Identify and Maximize Various Revenue Streams
It can’t be denied that those working in creative professions often lack traditional benefits and job security. There is nothing in this post that offers solutions towards finding a tradition 9-to-5-with-health-insurance job in the arts. Instead, those who are able to pursue multiple sources of income and become comfortable (or even thrive) with a lifestyle with no promises of a paycheck can find career sustainability.
Experimenting with a variety of moneymaking options allows artists to discover which methods are the most lucrative. Here in Colorado, we unfortunately do not have a long-established art collector scene like on the coasts. However, traditional gallery art sales and online art sales may be complemented by speaking gigs, public art commissions, publishing, teaching, commission projects, crowdfunding and grants.
In other words, we believe it is a good investment for artists just beginning to establish their careers (but also for those looking to give a boost to current careers) to participate a little in a lot. If one revenue stream (for example, gallery sales) is not doing so well, you ideally should have multiple other sources of income to fall back on. The downside is that your schedule may be very full. The potential upside after several years of pursuing all options is that you’ve found something that really works for your medium, personality, lifestyle and business model, and you have found financial security.
- Be Weird
Being “weird” could be a bad idea at a lot of jobs, but it is definitely an asset in the creative professions. To sell art or become known as an artist, it helps to grab your audiences’ attention by creating works that are distinctly different from what is already out there.
Moreover, artists who devote time beyond their actual artwork to create a unique brand around themselves will likely have more opportunities to engage in various projects and receive more invitations to work, speak, sell and teach (all towards, see above, diversifying income streams!). Individuals who succeed in branding themselves aren’t necessarily the most talented and brilliant artists out there, but they do produce more bankable work. Navigating the fine line of being your authentic self yet making an impression on those around you can be tricky, but finding that balance can yield profitable results.
- Be Professional
Passion, talent and weirdness aren’t the only qualifications for becoming a successful professional artist. A creative individual pursuing a career in the arts should also be able to successfully navigate the business side of their own enterprise.
For example, grants can be a good source of income for an artist or arts organization. There are even some arts grants where, if you’ve received it once and demonstrated you were able to meet the objectives of the grant program, you can receive the same grant several years in a row.
However, groups that award such grants want to ensure their money is going to be used appropriately. They require clear and straightforward descriptions of how the grant funds will be used, and they also need assurances that the funds will be properly accounted for once received. This kind of due diligence is legally required for most of the foundations, endowments, 501(c)(3)s, and other organizations who are in the business of making arts grants.
If you never know the balance of your bank account or choose a casual attitude towards the financial aspects of your business, this is trouble! It is critical to establish, and continually maintain, a high level of professionalism in your arts business. Certain actions that can go a long way include:
- Setting yourself up as a legal business entity with a separate business tax ID (an EIN);
- Having separate business bank accounts;
- Staying on top of deadlines and document requests from grant organizations, vendors, and other collaborators or colleagues;
- Recognizing and protecting your intellectual assets (copyrights and trademarks);
- Having a good professional services contract when you are hired for projects, shows, etc.;
- Maintaining an active and professional online presence (social media and your website); and
- Sustaining a solid network of mentors, colleagues, and professional advisors such as accountants and attorneys who are on your team as you navigate your career in the arts.