Profit First: What I Wish I'd Learned Earlier About Owning an Art Business
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- Опубликовано: 26 авг 2024
- I started my first art business over five decades ago, and I've started several other art businesses since then - and I always made money. Or, I should say that I made enough get by, at least for a few years. But I didn't truly understand what profit meant, so the businesses were never really sustainable.
😜 Oops - I almost forgot to give a link to the book so you can actually find it. Here it is: amzn.to/45negrt (affiliate link, of course.)
I found an interesting interview with the author - you can see it here: • Profit First with Mich...
Like many of us, I believed that as long as there was some money left in my pocket after covering costs, I was running a profitable business.
One of the most crucial lessons I wish I'd learned earlier is that an art business should be treated as a separate entity, just like any other business. Blurring the lines between personal income and business revenue can lead to significant challenges - especially when a recession hits, or you see an opportunity for expansion but don't have the capital to take advantage of it.
I tell everyone artist I know that they should read this book, but I've never explained it well enough to convince anyone to read it. Hopefully, I've done a better job this time. If not, I found a video that might do a better job, and it explains some of the things that you'd also have to consider, in addition to the information in the book itself: • The Downside of “Profi...
Or, do a search on RUclips for "Profit First." Or read the book. :)
If you would like to make some of the sculptures or masks that appear behind me in the video, I have patterns for those. (Those patterns support this channel. 😊 ) You can find them at www.ultimatepa... 
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This was such good advice and I totally appreciate the book recommendation. I think a lot of artists are so focused on making something they enjoy, they never consider the business end. Every time I sold one of my pieces, I totally under priced myself, and was just so happy someone loved what I made. So, here I am, years later, working a day job because I never figured out how to make art profitable. Maybe that's about to change! Thank you!
Yes, that's exactly what I did! I saw a good video a few days ago with four different ways to price our art. I wasn't sure how to use his last idea, but the first three made a lot of sense. It's this one: ruclips.net/video/w0tJ-d2d5KI/видео.htmlsi=ej2-21Lt4AJnHAUF
@@UltimatePaperMache Thank you so much for that other video recommendation too! That was really helpful. I have literally never had the first idea about how I should price myself. I'm so grateful to you for sharing not only your talent, but also your experience with your businesses with all of us. ❤️
200% Agree. That book is worth its weight in gold and then some. This should be a compulsory topic taught in schools.
I agree! And I wonder why it isn't? If not this one, at least some basic business courses should be part of the program in every high school, in my opinion. Small businesses keep the country running, so we need more of them, in every neighborhood and town.
How interesting! Indeed. You're right. Beliefs are fundamental. Now that I see this (and I'm already grown up) I understand that my family environment also did not find it acceptable to live thinking about "profit" because it was considered an unnecessary, unpleasant competition that intrinsically led to taking advantage of other people...
This is definitely why I watch you and I wish I had someone in my life or family to run business with me. I’m in a business that’s hard work and kinda expensive to do but end results are very high quality. I just can’t do it all by myself. It’s true hard to find like minded individuals for working and doing business with.
I totally understand - it's hard to do it by yourself, but even harder to find someone to do it with you. Who else understands your business, and would put the same amount of energy and passion into it? Some people find 'team members' online, but I'm not sure how that's done safely. Good luck with everything!
Wow! This is invaluable information! I've wondered if I could go into business for myself selling my art. But I just keep feeling I don't have enough info to understand what's required. This is a great start in educating myself.
I'm glad it helped. 😊
Thank you for sharing your past experiences in business, Jonni! This advice is gold! Thank you 🙂
You're welcome. 😊
Ordering on audible now! Thank you, Jonni ❤
Hope you enjoy it! 😊
Well said❣️ It’s good to know about the book for those who want to avoid finding out the hard way. Thanks for telling it like it is for so many artists & creators. We love our art but running a business is work and our finances need to be managed realistically. Even if we don’t show a profit right away, we gain a better understanding of accountability. It was interesting when I learned that I could deduct so many things from my taxes. Little did I know once upon a time what I know now. Thanks again for keeping creators informed. 💖👍
I think it may take artists a little longer to figure this stuff out than some other small business people. We're so invested in our craft that we don't take time out to learn the business stuff. It's hard to stay in business, though, when we don't have the knowledge that we need to make it work. Thanks for your comment!
Yep. You’re most welcome. 💓
I knew a sculptor who sculpted Great Danes. She owned 2 Great Danes, and she was able to "write off" some of the expenses of the dogs as they were her "models" !
I thought that was pretty slick, lol 😆
Thank you!!!!!! I needed this
I'm glad it was helpful!
I have never found an outlet for my work. I no longer support Etsy or Ebay - the fees are outrageous
Have you thought of selling from your own website?
THANK YOU for making this video! I've heard a recommendation for Profit First from another sources and now, after watching your video, I've actually purchased it in Audible and will listen to it. I would much rather spend all my time making things than doing business things, but I also want to share what I make and be able to fund making more things. You explained the main idea very clearly and now I'm looking forward to doing some more research and putting together a viable plan.
I hope you enjoy the book. It has made a big difference for me. 😊
I found out now that I'm 64 that I should have taking courses on business and marketing back when I was trying to start my art career. No one told me about that back then. So, nothing ever worked out. I had no idea how to get started selling my art. I still don't know how now.
There are folks online who say they know how to do it, but it isn't easy. I think I'd start with the folks who explain how etsy.com works - that seems like the easiest way to get started now. This fellow seems to be legit, but I don't actually know anything about him - might be a good place to start, though: ruclips.net/video/CPNiO5WjyuY/видео.htmlsi=ccB2YQwNnKfYKM85
Thank you so much for making this video. I always tend to underprice whatever I make or sell, and it's something I'm trying to fix. I needed to hear this advice.
Glad it was helpful! 😊
In regards to your 1 year follow up on outdoor paper mache you showed a lizard with white spots, the white spots are efflorescence which is a result of painting before fully cured and also caused by not sealing the cement properly, to know more research the term efflorescence of concrete
Thanks - I'll let the artist know. 😊
Thank you so much. I am in the planning stages now and I would have never ever thought of this. You are now successful at talking one person into the book. You saved me a whole lot of headache. Thank you thank you.....goodness, I can't even get over the one part. That "I don't want to make the same thing over and over". I have severe ADHD. I CAN'T do the same thing over and over. I'm 60 and now I understand why I virtually never do anything creative a 2nd time. I'll paint and then pick it up again years later. I'll sculpt, build anything but typically once and usually unfinished because whats the point if I don't sell it hang it or give it away. I'm getting there with the help of folks like you.
peace
I read in a book years ago, but can't remember which one, that many art students leave school, and then never make another thing because they don't know where it would be displayed. My website took care of that problem for me. Now I can make as many sculptures as I want, and they all 'live' on my website. Some of them still live in my house, too, but I'm running out of room. If I could paint, I'd sell prints on etsy.com. Have you considered doing that?
I just learned what profit is! Wow, when you’re talking about an art business, it really is easy to to look at profit the wrong way!
So I'm not the only one? 😊
I run my business as per this books method. Its a game changer.
Super helpful video, thank you!
Glad it was helpful! 😊
Thank you Jonni!
Great video and channel, when people say "Oh, I already know all that" I'm always reminded of this quote, (not sure who came up with it): "Enemy of learning is knowing"
Subscribed.
So true - and I fall into that trap myself all the time. 😊
@@UltimatePaperMache oh, I forgot to additionally thank you for the book recommendation - ordered it, got it and currently reading it.
Thank you and have a great weekend.
I love Profit First!! It was a very eye opening day when i came across Mike's books, as i had been treating my art business much like you had been. So helpful. Watching him or hearing him speak about the topic is a treat as well, he is so enthusiastic and positive. Glad you discovered him!
Me too - it really was a game changer for me. 😊
Thank you for your videos. Lots of ideas running inside my head.
Thank you so much for sharing this! I'm not ready to make my art my business yet, but a few years ago my husband and I had started a business and he read Profit First and then I read it and it is such a great way to see how to make a business be a success instead of you working yourself to death trying to make a profit. I hope creatives listen to your advice and read that book if they want to sell their art as a business. :)
Thanks - I'm glad it helped you and your husband with your own business! 😊
I love your videos, and your newsletters. I get them in my email. I think you are a really great artist and teacher.
Thanks - I'm so glad you enjoy the newsletter! 😊
Thank you so much sweety, this was a very eye opening video for me. I will read the book, and I'm now thinking of taking some classes on business this spring. Thanks again.
Wonderful! I'm glad it was helpful. 😊
Great recommendation!!
Thanks! 😊
Thank you for turning me unto this book. It's a really good wake-up call for me and my business.
You're so welcome! 😊
Great topic. I only understood profit during Fashion, my teacher explained it to us. One of the most important thing is your pricing. I always read business books, It very important. I just read Shut up and listen, and I'm just listening to A Brain for Business. Thank you I will read.. listen to this book.
Thanks for sharing! 😊
We are always learning, right? Great video and information. Thanks for sharing.
I'm glad you liked it - thanks.
Thanks for this!
My pleasure! 😊
You know your DIY video about paper mache clay showed up on my feed, and the very first thing that crossed my mind is .
"..oh no!! I really hope that she gets her recipe patented before someone steals her recipe and sells it for themselves!!"
(ahem China/amazon)
I'm not sure you could patent the recipe, and I wouldn't want to. I know a recipe can't be copyrighted, and that's fine with me. Many other creators have shared the recipe, and many variations, with their viewers, and it helps more people learn how to make it. I do make people pay me when they buy one of my books, though. 😊
Great advice! Thanks for sharing.❤Only figured that one for myself this year. Was sooo focused on the art, that I neglected the business side of it and... did not succeed in earning an income as an artist. Still trying to wrap my mind around this concept, it's a learning process. Thank you so much for your advice and the book recommendation. ❤
I think artists have a hard time with business because it really takes two different kinds of brain - the artsy brain and the analytical brain that enjoys stuff like budgets and math. I've known several artists who have become very successful because they do the art and their spouse does the marketing and other business stuff. But most of us just have to figure it out on our own, and it isn't easy!
@@UltimatePaperMache Totally agree with you. Started educating myself on the subject since I saw your video. Very eye opening! It gives me hope. Thank You so very much 🩷
Thanks for this video! Have the book an and reading it now. ❤
Glad it was helpful! 😊
Also this makes me think of what happened to the lady that invented the cabbage patch doll. Having her design stolen from that guy,.And him knowing how to go about marketing them and having them made etc. Interesting story. I would be like her though. I could never do what he did to make a go of it. But, she did get the money she was happy with from suing him for stealing her idea later on.
I didn't know about that! What an interesting story. Is there a book about it?
@@UltimatePaperMache I saw that on the History Channel. On a program called "Toys that Built America". Most of their programs like that are called "Food that Built America". More brands of foods to make programs about than toys. But one episode was about the Cabbage Patch Doll.
@@UltimatePaperMache You got me interested in watching that episode of "Toys that Built America" again. So I went onto my Xfinity and watched it again. That was some crazy story. But, I'm glad she was satisfied and got some money and credit for her creation.
@@julienielsen3746 thanks - I'll check it out. 😊
Great advice! Thank you.
You are so welcome! 😊
Great advice! I have a master’s degree in art and no one ever told me that! 😮🤷♀️
I wonder why it isn't included in every art program? Don't they expect their graduates to sell their work after they leave school? Strange... 😜
Thank you, Jonni! Did you say that you’re going to share a link to videos the author made?
I tried to find one quickly, but the ones I landed on were too academic (and slightly boring). I'll try to find a better one, and add it to the description. The one by Tara Wagner is well worth watching - she explains the book really well, both the good and bad points: ruclips.net/video/VB84FqReKgU/видео.htmlsi=BxfnMDZ8SG0g3kpV
I just found a good interview with him - ruclips.net/video/cHhcpT6qZA8/видео.htmlsi=R_PO3WawICPNiM5F
Excellent points, and clearly explained. Thank you.
Glad you enjoyed it! 😊
👍 Superb info.
Thanks!
Glad it was helpful! 😊
Thank you for sharing.
😊
I remember the hush hush about money and some other things too. Made it hard to learn anything from others. I have no idea what the deal was! 😁
I've been hearing from other people that it's a fairly common problem - I had no idea. I thought it was just my weird family. 😊
@@UltimatePaperMache Many weird families! One of my brothers seems to talk about nothing but money! Must be some kind of over compensation!
I love..."don't talk about the money!"❤️
That's the way it was - and I never thought to ask why. I guess they trained me well. 😊
@@UltimatePaperMache it was even harder to get anyone to talk about health issues - history just disappeared 😔
@jbrown9431 Yes, my family as well. My older brother was diagnosed with glaucoma and was treated for years. Then my older sister was diagnosed (milder case). Spoke with my mother, well apparently she had it for YEARS & didn't think to let us know !?
I was a bit miffed about that. I take very good care of my eyes now.
@@m.maclellan7147 Families can be so weird. Some of my relatives keep 'secrets' for no reason whatsoever - it just seems to come naturally to them. All people are weird in some way, I guess - and we just happen to be related to some of them. 😋
Boa tarde muito bom o seu trabalho um abraço pra você ❤
😊
Such is the fate of almost all artists. They focus on their art and not on the money. ♥
So true - you almost need two different brains, one for the business, and one for the art. Maybe that's true for a lot of different kinds of businesses, though. The person who gets a business going isn't always the best one to keep it running.
You’re so cool Jonni 😊
Awe - thanks. 😊
Thank You
You're welcome. 😊
❤mis SALUDOS DESDE ARGENTINA
AMO TODO TUS OBRAS HERMOSOS CADA UNO UN ABRAZO Y VEO CADA VIDEO PARA REALIZARLO EL ANIMAL QUE ME GUSTA ES EL ELEFANTE SALUDOS
Thank you so much! 😊
I like your hair !!
That was my first thought when I opened the video! 😁👏🏻
@@PonderousProse I know, right? It looks so cute on her.. !!
😊
You mentionned the IRS, is the book specific to the american system or is it also relevant for non-americans?
The system would work for anyone, I'm sure. It's a way of organizing a business' money, and almost all businesses have basically the same need for keeping track of the money coming in and going out.
This will work anywhere.
YEP! Spot on!
😊
❤
link to the book please? Profit First
amzn.to/3S8OfZF (affiliate link, to make it short)
That's terrible that they steal it every few months. Thank you
😊
Hope you monitized your youtube also.
There are ads on some of them, but I don't think anyone should think they going to make a living from those ads if they're in a small niche like paper mache. I do get some spending money every month, but it's not much. The business really depends on the pattern and book sales.
😊
It's exactly ehat i need! ✨🙏