Most of us artists focus on our artwork. Finding inspiration, learning how to work with new media, and find tuning our techniques are all important parts of being a successful artist in this modern day and age.
Being an amazing artist is only part of running an art business. I’m sure most of you have realized by now that there is a business side to the art industry as well. Without a basic sense of business, it’s difficult to maintain your personal finances and sometimes you can even find yourself struggling to survive. I can completely relate to this feeling.
A few years ago I felt the same exact way. I didn’t under basic accounting principles and couldn’t even balance my own checkbook. I decided that it was time to learn how to properly run my business. I attended a financial conference about basic business and it helped tremendously.
That is why I am happy to support a financial accounting workshop for artists coming this fall. The workshop will cover all types of financial topics that artists need to know in order to successfully run small or even large businesses. All basic business topics will be covered in common language, so us artists can understand it. For example, ratios like the accounts receivable turnover measures how many times we can receive money from our art customers.
I don’t want this to sound like a sales pitch, but a simple understanding of how the business world works has really helped me. I strongly encourage any and all artists looking to be more successful selling their artwork to go to this conference.
Another important concept that will be covered is the topic of the accounts payable turnover ratio calculator. This calculation will help you understand when to pay your art suppliers and other business owners by showing how many times it can be paid off during the course of a year. After you run this calculator, you should be able to see if your accounts payable are stagnant and need to be paid off sooner. Since I have been keeping track of this, I have found that my art suppliers are willing to give me better deals on my supplies because I am able to pay them off sooner. Pretty sweet, right?
As an added bonus, everyone who comes to the studio for this conference will get a workbook and basic selling strategy on how to find new art enthusiasts to sell your paintings, sculptures, and prints to.
If you are free on Friday, I highly encourage you to attend.