Getting your hands into clay is an incredible creative outlet, but being a professional potter goes beyond the artistry. Today, let’s talk about the money side. Yep, when you’re trying to turn your passion into a profession, it’s not just about creativity—it’s about creating a business that provides your paycheck.
In this guide, let’s explore how the money that you generate from selling your art isn’t just about creating—it’s what fuels your craft’s growth and supports your life. Recognizing this connection between your money and your art is the key to achieving financial stability as a professional artist.
Balancing Act: Business Income and Personal Finances
1. Understanding Your Personal Needs
Start your journey toward financial success by understanding your personal finances. Make a list of your monthly expenses, covering everything from housing and utilities to entertainment and debt payments.
Action Step: Use a spreadsheet or piece of paper to review your expenses for the last three months, finding the average monthly amount for each category. You can import your bank transactions into an online tool or app to make this easier.
2. The Business Side of Things
If you have a business bank account, review and categorize your business income and expenses for the last 6-12 months. If you don’t have a business account, do your best to estimate. The goal is to understand your average monthly income and business costs.
Action Step: Use the same process as in the previous step, but with a business perspective. Explore using free accounting software or online tools for small businesses to streamline this process.
3. Budgeting Basics
Now, let’s do some basic math. Don’t panic! As an artist, numbers might not be your favorite, but as a business owner, it’s crucial to look at them regularly. Consider these questions:
Question One
What is the average monthly profit your business is generating?
Your profit is the total of your average business expenses subtracted from your average business income.
Question Two
Is the average monthly profit from your pottery business enough to cover your average monthly personal expenses?
If you answered “Yes” to Question Two: Fantastic! You’re on your way to a profitable pottery business and sustainable lifestyle.
If you answered “No“: That’s okay! It just means you need to keep an eye on these numbers. You may need to consider a secondary source of income (like a part-time job) and you will need to be creative with increasing your business income and reducing expenses wherever possible.
Balancing the Budget: A Craft of its Own
1. Increasing Your Pottery Income
Revisit the information about your business income. Consider your most popular items and how you can boost sales of your artwork. If it aligns with your career goals, explore other revenue streams like monetizing content creation, teaching classes, online workshops, and the creation of digital products to share your knowledge with other artists.
Action Step: Make a plan to increase your business income by a certain percentage or specific dollar amount. Review your progress towards that goal each month.
2. Smart Studio Management
Let’s talk about saving money in your studio space. Buy your supplies in bulk, purchase necessary items during promotions or sales, and find other ways to spend less without compromising the quality of your art.
Action Step: Ask your pottery community for tips on getting supplies on a budget. You might discover some great tricks!
3. Frugal Living
Trimming unnecessary personal expenses doesn’t mean sacrificing your quality of life. Assess your personal spending habits and find areas to cut back, like exploring budget-friendly meal plans, canceling subscriptions, and choosing less expensive transportation options.
Action Step: Tweak one thing in your personal budget each month. Make it a game to see how much you can save without giving up what you value most.
4. Spend on Supplies Wisely
Before splurging on shiny new things for the studio, ask yourself: Will this help improve the quality of my art, make my process more efficient, or just drain my wallet? Be picky about where you invest your money for the best results.
Action Step: Sleep on big purchases. If it still feels like a good idea in a week, go for it. If not, save your pottery money for something even better.
The Importance of Future Planning
1. Emergency Funds
We all know that life can be messy (just like clay). Set aside some money each month for the unexpected, like health issues, emergencies, or slow sales periods. Think of this money as your superhero fund for tough times.
Easy Start: Save a bit each month in a high-interest savings account. Sell unnecessary personal items online or in garage sales to give your superhero fund an initial boost.
2. Retirement Nest Egg
Even artists need to think about retiring. Set aside some pottery money for later, so when you decide to take a break (or reduce your studio time), you’ll have the financial security there to do so.
Easy Start: Chat with a money-savvy friend or financial advisor to plan your retirement. Explore retirement account options that fit your income and goals. Read some books aimed at investments for beginners to learn how to reduce your risks and avoid unnecessary fees.
3. Savings for Artistic Growth
Level up your pottery game by saving extra money for educational workshops, special tools, and travel opportunities. Invest in your art practice to keep it fresh and exciting.
Easy Start: Create a business savings account for your pottery dreams. Set aside a bit of money from each sale for “future you.”
Wrapping Things Up
Being a professional potter involves mastering both clay and financial wellness. Craft a business and personal budget that fits your dreams and helps build a strong foundation for the future. Your art isn’t just your passion; it’s your ticket to a life that’s both creative and financially awesome.
Embrace the balance, navigate the challenges, and sculpt a future where your artistic endeavors and financial well-being exist together in harmony.
Recommended Reading and Resources (not affiliate links):
Profit First by Mike Michalowicz
Get the Hell Out of Debt by Erin Skye Kelly
I Will Teach You to Be Rich by Ramit Sethi
Get Good with Money by Tiffany the Budgetnista Aliche
