Tag: make money doing what I love

Finding Inspiration in the Ordinary

As artrepreneurs, inspiration is crucial for our success. But where do we find it in times like these?

Impacts of the Coronavirus have taken much of the spontaneity and unknown out of our lives. We’re stuck inside with the people we know best, searching for something new in our TV screens and thoroughly read books. As artrepreneurs, inspiration is crucial for our success. But where do we find it in times like these?

I’d like to encourage all of us to take this time to find inspiration in the ordinary. As a filmmaker, there is beauty in the dynamic of a family dinner. As a painter, there is newness in seeing your home in this rare, quarantined form. As a writer, there is wonder in the many lives taking place around us behind walls of concrete. Sometimes it just takes a shift in perspective to find inspiration in this time of “ordinary” living.

Where art and entrepreneurship meet. Finding inspiration in the ordinary during the time of the Coronavirus
Photo by Elaine McClure

If you’ve never seen it, you’ve most certainly heard of the TV show that’s captivated millions–The Office. This mock-umentary style TV show has gained unimaginable praise across the internet for over a decade now. Why? The show is based in the office of a small town paper supplier, with characters who are certainly no Hollywood superstars. So why is the show so popular? It’s concept is built around the idea that there is beauty in the ordinary. Its relatability and familiarity breaks barriers between viewers and characters, creating a bond between the two that has proven to be stronger than one might expect. The Office has thrived on inspiration of the ordinary.

Right now is a perfect time to do the same in your work. Where does relatability exist in your life right now? This presents an opportunity for you to connect with your potential customers in a way that’s genuine and trustworthy. How can you bring the beauty of the ordinary into your own work?

This is also a great opportunity to evaluate how you can create a scalable portion of your business offering. For example: dinnerware. Dinnerware is a part of (almost) everyone’s life. It’s beauty lives both in its functionality and its design. As a painter, maybe you’ve only thought about selling canvas work. But what about dinnerware that’s designed with art-lovers in mind? This idea might be spurred from having to eat home-made meals for the last two weeks. Dinnerware is ordinary, but with the right perspective, it might inspire a whole new component of your artrepreneurial journey.

I’m wishing you well in this time of quiet chaos, and hope that you’ll find inspiration in the ordinary that surrounds you!

Peace, Kayla

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3 Easy Ways to Build Contacts in Your Artrepreneurial Network

Here are 3 easy ways to build contacts in your creative space, even during the time of the Coronavirus.

#1 Take advantage of free resources in your community

Free? That’s right, free! In every state there are organizations that exist for the sole purpose of stimulating the local economy through small business growth. One of these organizations is very dear to my heart: the Small Business Development Center!

Myself, Kayla Banda, providing free business counseling to an SBDC client – Photo courtesy of the Nevada SBDC

Small Business Development Centers are non-profit organizations that exist all over the country. There are 13 in Nevada alone! At the SBDC, business counselors are waiting to help you develop your business model, find funding, develop marketing strategies, assist in your research, and ultimately help you grow your creative business! All you have to do is sign up and make an appointment. Not only do counselors act as your business advisors, but they can help connect you with the rest of your local entrepreneurial community. So click here to locate an SBDC near you!

Another nationwide organization that provides business advising for free is SCORE. Their team consists of retired executives who have extensive experience in all kinds of industries. Check out this site to see if there is a SCORE counselor in your area who has the experience you need.

NOTE: Both organizations are offering virtual counseling through the time of the Coronavirus.

#2 Find out who the leaders in your industry are and connect with them on social media

Social media offers a great way to stay in the loop on all things happening in your field. Find and follow your industry members and experts to start building relationships with them and learning from the content they post. Work hard to engage with them authentically.

But first, make sure that you are providing helpful content on your social media pages so to encourage others to follow you. If you’re a painter, maybe you post content about your process or mistakes/lessons you’ve learned that could be helpful for others. Give people a reason to remember you so that when you meet them in person, they’re already familiar with you and the value you bring.

Social media is a great way to learn about in-person events that are happening, especially in your area. If one of your favorite local artists is hosting a gallery, go and support them. If an expert in your field is hosting a webinar, join! Supporting your local network is the easiest way to get support back.

#3 Go to local events in your creative space

Again, supporting your local artrepreneurial community is one of the best ways to gain trust with potential contacts in your field. When you support others, they’re more likely to support you. Try to maintain a benevolent spirit, meaning that you are there to truly support them. Keep a learning attitude–you never know what tidbit of advice might be a huge learning lesson for you in your artrepreneurial journey. One of the easiest ways to find local events is to search online for people and organizations in your field and stay up-to-date with the information they post. Often they will share information on events, meet-ups, and openings.

Connecting with potential customers, mentors, and partners is a huge part of developing your artrepreneurial network–but you must stay genuine! People are much more willing to work with others who they feel are benevolent, well-meaning, and honest. So try your best to support without a hidden agenda. Ego is not welcome here!

Remember: Building a network takes time and benefits are not always immediate. Stay with it. Becoming a recognized name in any community takes time and effort, so consider this a strategy for the long-haul.

Peace, Kayla

Challenge! Visit your social media pages right now and start searching for local members of your creative field–they can be people or organizations. Then, think about the value you can offer them through your own social media page. These two steps are the core of starting to develop your artrepreneurial network and can be done now, even in the time of COVID-19.

Calling All Artrepreneurs! Emergency Savings are Critical

During the time of Coronavirus impacts, it’s becoming more and more clear just how important emergency savings are, especially for entrepreneurs. You’ll be happy you took the time to develop a fund that can help you ride the waters!

During the time of Coronavirus impacts, it’s becoming more and more clear just how important emergency savings are, especially for entrepreneurs.

Before you quit your job and start your entrepreneurial journey, make sure you have money set aside to help cushion your transition! The goal of every business is to grow, which implies that you have to start somewhere. In the beginning (and sometimes even far into your journey), growth might be slow and unexpected events might happen. You’ll be happy you took the time to develop a fund that can help you ride the waters.

An emergency savings alleviates stress. Learn more helpful tips from Artrepreneurship - where 'art' and 'entrepreneurship' meet!
Photo by Andrea Piacquadio

Ways to develop your emergency savings:

Lower your monthly expenses and put away what you save

A good way to start is by writing down all your monthly expenses: rent, groceries, gas, utilities, laundry, eating out, drinking out with friends, etc. Then, prioritize them. Rent, groceries, utilities, and gas should be first. Once you’ve ranked your expenses, commit to removing the last one or two on your list. In this case, maybe its drinking with friends and eating out. Let’s say you usually spend about $150 a month on the two combined. CHA-CHING! You just found a new way to save $1,800 dollars this year.

NOTE: You must be honest with yourself here. How much do you really spend on eating out? Try keeping all your receipts and adding them up at the end of the month. Also, it’s important to stick with your commitment and remember why you’re doing this in the first place–to become an artrepreneur! It’ll be hard at times, but you’ll love seeing that $150 go into your savings account each month.

TIP: As soon as you get paid, put the money you would normally expect to spend into your savings account. Don’t wait until the end of the month. This way, when your friends call you up, you simply don’t have the money. Suggest a new way to hang out, like picking up a cheap bottle of wine and hanging out at home instead!

Find a way to bring in extra money every month and put away what you make

This might be a little tougher if you’re busy working on your creative business in your free-time, but there’s still a possibility it might work for you. Look for new, creative ways to earn extra money every month. Think back to when you were a kid and went to your neighbors asking to clean out their garage or mow their lawn for some cash. Maybe you start walking the dogs in your apartment complex, or maybe you start driving Uber on weekend nights, or maybe you sell your family-famous shortbreads to whoever will buy them! Whatever it is, remember one thing: all the money you make from this activity should be placed into your savings account, immediately.

What tax refund?

If you’re used to planning a trip or buying a special gift with your yearly tax refund, think again! Saving your tax refund can be one of the easiest ways to build up your emergency savings. It’s best think of your tax refund as if it simply doesn’t exist. Don’t rely on your refund to help pay your bills, instead use it as a nice deposit into your emergency savings!

Other tips:

Don’t be afraid to use your emergency fund when you NEED to. It’s there for a reason.

Don’t use your emergency fund unless you NEED to!

Think of your emergency fund as money you don’t really have. Sometimes it can be tempting to dip into your emergency fund when you see a nice $2,000 sitting in your savings account; but remember: it’s not really there, unless there is an emergency.

Keep your emergency savings in a separate account. Consider even keeping it in an account that’s hosted by another bank. That way, when you log into your online checking account, you don’t have to be tempted by it. Out of sight, out of mind.

Always move money into your emergency savings right when you get paid. It’s easy to spend money that’s just sitting there.

How much should you save?

The answer to this question will be different for everyone, but a good rule of thumb is to shoot for 6 months of living expenses before stopping your savings grind. Living expenses includes bills that you must pay every month, like rent, utilities, and groceries. Some entrepreneurs suggest that you have a full year’s worth of savings before quitting your job and taking your business full-time. But don’t be discouraged by these numbers. Even $500 can do a lot when you’re in a pinch. When it comes to emergency savings, anything is better than nothing!

Yeah, it sucks having to give up weekend drinking with your buddies and eating out at your favorite restaurants. But when you know you have money to support you in hard times, the amount of stress you can let go is incomparable. Much of the spending we do alleviates stress in the first place, so get to the root of the problem and develop an emergency fund that can help you feel confident when continuing along your artrepreneurial journey!

Peace, Kayla

P.S. Follow Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet to get more up-front and honest advice about how to make your artrepreneurial journey easier!

Growth company vs. Lifestyle company: Which is right for your art-based business?

Understanding the differences between a growth company and a lifestyle company is critical in building your art-based business, so let’s dive deeper into what each is and which is right for you.

Photo by Micheile Henderson on Unsplash

So you want to start a creative business in order to start making money by doing what you love. You want to become an artrepreneur! But what kind of company do you want to create? The topic of growth and lifestyle companies has been critical in this blog, so let’s dive deeper into what each is and which is right for you.

Growth companies vs. Lifestyle companies?

Think: Disney vs. Your favorite local business

Think about how a company like Disney differs from a locally-based, small company. Their target market is bigger, operations are geographically spread, and costs to run the company are huge. The more people who watch their movies and go to their theme parks, the more money they make. However, a common misperception about these types of growth companies is that they are always super profitable, which isn’t the case. As a smaller company, your favorite local business has less costs to cover and more direct access to the local market. Which one is more profitable depends on how much revenue each business brings in, in comparison to the amount of money they spend.

For example: A growth company might make $100 million dollars in 2019, but perhaps they spent $150 million in the same year. This growth company is not profitable. On the other hand, a lifestyle company might make $500k dollars in 2019, and only spend $50k in the same year. This lifestyle company is wildly profitable.

In deciding if you should pursue a growth company or a lifestyle company, scalability is the most important consideration. Scalability refers to how big and widespread your company can potentially grow. If you’re a painter who provides super-large, high end murals to wealthy customers, you might only have 10 clients a year. And since you are your product, meaning that its your skillful art that is being paid for, you can’t hire just anyone to complete the client’s request. Your goal here isn’t scalability, its to make more money with every client as time progresses. Maybe you start with charging $10k for a mural, then $20k, then 40k, and so on until one day you are making $500k per mural. That’s the ideal kind of growth for a lifestyle company.

A growth company, on the other hand, often includes a product of some sort that can be duplicated and reproduced as many times as the number of customers wanting it. Think about Disney again. The more times people watch one of their movies, the more money they make. Or think about authors. The more copies that are sold of one book, the more money they and their partners make. These are examples of businesses that become ultra-successful based on scalability.

For example: If you’re starting a comic book company, your growth is going to come from numbers: how many copies or subscriptions can you sell? Unless you create custom comic books as gifts for hundreds of dollars… In that case, you want to scale up your paycheck, like the muralist we just discussed–you want to pursue a lifestyle company. Not surprisingly, this creative business is meant to support you, and your lifestyle.

NOTE: It’s important to understand that lifestyle companies can become growth companies in the future. In fact, you should always be thinking about opportunities to create a scalable aspect of your business. By doing this, your business can make money that’s not directly related to your amount of working hours. Now, your company can work even while you don’t, and can potentially transform into growth company.

For example: Imagine if, in addition to high-end custom murals, the muralist decided to create mural duplicates that could be applied to walls via adhesive by the customers themselves. The muralist could create 5 designs and then try to sell as many as possible via an online store or offline retailer. The more duplicates the muralist sells, the more money they make. This would be an interesting way to add scalability to their creative business.

So why is this so important? Because it’s going to set your expectations and help you understand how to create the appropriate business model for your future creative business.

Start thinking about lifestyle and growth companies, and try to decide which would be best for you and your artrepreneurial vision!

Peace, Kayla

P.S. Follow Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet to make your artrepreneurial journey easier!

Resources To Help You Understand Your Ideal Customer

“Know thyself” is one of the most important pieces of advice for artrepreneurs who are starting to build their creative business and brand. But advice I think is just as important — “Know thy customer.”

Photo by Zane Aveton

“Know thyself” is one of the most important pieces of advice for artrepreneurs who are starting to build their creative business and brand. But advice I think is just as important — “Know thy customer.” Your customer is the heart of your business and the one who will recognize and pay for your value. So, it’s time to learn about thy customers!

Before starting your research, jot down some ideas or hypotheses you might have about who your ideal customer is. Include demographics (age, gender, location, family size, etc.) and psychographics (interests, hobbies, buying preferences, etc.). These hypotheses will help guide your research.

So where can you go to research your potential customers?

Census data

The United States Census Bureau has tons of demographic information that can be crucial for your research. Want to market to individuals who make over a certain amount of money? This data source can tell you which zip codes have the most of this type of consumers. Want to market to families? This data source can tell you about households that report having kids. There’s a lot of information here, so just take some time to browse around and make sure to copy and paste information helpful information into your own research document.

Free services from America’s SBDC

I might be a bit biased here, considering that I work for the organization, but the nationwide Small Business Development Center is such an amazing, free resource. Not only can you work with counselors on every aspects of your business, but some centers also help with research work. For example, in my office at the Nevada SBDC in Reno, we have access to databases that provide us specialized, in-depth information that could be crucial for developing your business model. We receive access to reports from hundreds of databases that provide information that would normally costs a pretty penny to obtain. There are SBDCs all around the country, so visit this page to find one near you!

Free market reports

Mintel is a highly respected data source that provides research on all kinds of markets and people. Single reports can cost up to $5,000, but Mintel offers some reports for free. Check out this page to see if they have free information that might be helpful for you. For example, Mintel is currently featuring two free reports titled GLOBAL BEAUTY AND PERSONAL CARE TRENDS and THE AUSTRALIAN CONSCIOUS CONSUMER. These titles might seem quite specific, but if you’re targeting these particular industries or markets, these reports could be a huge win for you. There are more reports and resources, so go check it out for yourself!

You can also use sites like Quora to get a better idea of trending topics and opinions of those who you think are your target market. This kind of research is less structured and takes a bit more digging, but can be helpful nonetheless.

Surveys

If you have an idea about who your target market is and want to learn more about their preferences, surveys are a good way to collect that information. Of course, you have to actually get your survey to your potential customers, so think about how you are able to reach them. SurveyMonkey is a popular service that can be used to deliver surveys, along with Google Forms (which is free!).

If your survey is going out to people you do not know the age, gender, location, etc. of, it can be helpful to collect this information as part of the survey. You want to make sure you understand the demographics of your potential target market. Other important questions to ask might be: “How do you access ____?” or “How much would you pay for ____? or even “When do you think about/buy ____?” Try using scales and multiple choice options to get more clear and concise answers. The goal of this survey should be to understand the habits and preferences of your customers. From this exercise, you want to learn how and when to reach them.

Google’s Consumer Barometer

Google provides some free resources that can help you understand your ideal customer, such as the Consumer Barometer. This tool helps you learn about how your potential target market behaves online. Understanding how your potential customers use the internet is critical for tailoring your marketing strategies and business model around their habits and preferences.

Once you feel like you have a good grasp on who your potential target markets might be, consider creating a customer profile for each type of person you want to market/sell to. An example might look like this:

Tonya: Tonya is a stay at home mom who is apart of a household that makes over $100K per year. Her average age is 38 years old. She loves fashion and is drawn to exclusive purchases. She likes to show off her purchases to friends and family. She loves her kids and even spoils them. She exercises often and engages in repeated purchases. Once she finds a brand she likes, she sticks with it. She is very active on Pinterest and Facebook, but doesn’t seem to bother with other social media platforms. She acts as the decision maker in her house when it comes to travel decisions, household products, and purchases for the kids. She likes to online shop, but often engages in weekend shopping trips with friends.

As a mural creator, Tonya might be a great target customer for you. Knowing as much as you can about her helps you to understand where to reach her and how to express your value to her in a way that will convince her to buy.

Do some research of your own and then try creating a customer profile for your potential customer type(s)!

NOTE: Some businesses might have multiple target markets. For example, as a mural creator, you might offer high-end home murals to well-off families and fun, funky murals to small businesses. Learn about each and understand how your value and marketing shifts between them.

Research might not be your favorite, but try challenging yourself to find new ways to understand your potential customers. The more you know about them, the better you’ll be able to communicate and work with them. You’ve got this!

Peace, Kayla

P.S. Follow Artrepreneurship – where ‘art’ and ‘entrepreneurship’ meet to make your artrepreneurial journey easier!