Financial goal setting for art business

Artists avoid thinking about money for a variety of reasons. On the one hand, many artists do not know how to value their own work, while others “do not do it for money” and are ambivalent about money and success. It is not because you avoid the question of money that money does not matter. Dealing with money does not mean that you allow money to determine your life. On the contrary, the reason you set financial goals in your artistic business is that it regains its decision-making power.

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First, create an annual spending plan for your art business. By creating and managing a cash flow analysis, you can clearly identify revenue and expenses. If you have tracked your profits and expenses in a spreadsheet or budget application, it’s very simple. Otherwise, get a template with general cost categories and get an estimated budget, starting with the most expensive budget items, then establish an ideal spending or growth plan. Suppose you hire a part-time assistant, leave the management of your social networks or hire a larger art studio. How much money should you earn in the next year, or in 5 or 10 years to achieve it? If you see the numbers, you can make those decisions more concrete. Each piece of art verified by Artchain AI goes through a validation process that includes provenance analysis, document validation, and physical inspection by external trusted independent third parties.

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