Table of Contents
Foreword: The Profitable Artist, Revised vii
Introduction: The Profitable Artist ix
Section I Planning and Strategy 1
Section I Introduction 3
Chapter 1 Strategic Planning for Artists 5
A Mission Statement and Vision Statement 5
An Environmental Scan and SWOT Analysis 9
Setting Goals: SMART 16
Take Charge of Your Future: Plan 20
Chapter 2 The Business Model Canvas and Lean Methodology 21
The Business Model Canvas 24
The Lean Startup and Customer Discovery 30
Why Is This Important for Artists? 35
Section II Legal Issues for Artists 39
Section II Introduction 41
Chapter 3 Intellectual Property 43
Intellectual Property 45
Copyright 46
Trademark and Service Mark 60
Patent 62
Trade Secrets 63
Conclusion 63
Chapter 4 Contracts 64
Statute of Frauds 64
Competency, Consent, and Legality 65
Offer and Acceptance 65
Common Clauses in Contracts 66
Conclusion 70
Chapter 5 Business Entities 72
Introduction 72
Liability 73
Tax Considerations 74
Formation and Start-Up Costs 75
Ongoing Responsibilities 75
Sole Proprietorships 76
Partnerships 78
Corporations 83
Limited Liability Companies 86
Social Enterprises: Benefit Corporations and Low-Profit Limited Liability Companies 88
Not-for-Profit Corporations 90
Conclusion 93
Section III Managing Finance 95
Section III Introduction 97
Meet Sofia Garcia 98
Chapter 6 Budgets 101
Who Needs a Budget? 101
What Kinds of Budgets Are Needed? 102
When Are Budgets Appropriate? 102
How Do You Create a Budget? 105
Why Are Budgets Important for Artists? 106
Chapter 7 Financial Terminology 109
Income Statement 110
Balance Sheet 119
Taxes 123
Conclusion 127
Chapter 8 Personal Finance and Savings 128
Savings Vehicles: Savings and Checking Accounts 128
Retirement Vehicles: IRA, Roth IRA, SEP-TRA, Individual (Solo), and Corporate Plans 130
Planning for Now and Later: Compound Interest and Time Value of Money 133
X-Ray 135
Chapter 9 Managing Your Money for the Future 142
Investing Basics and Principles 143
Building a Team 148
The Link Between Your Art and Your Life 150
Take Charge of Your Financial Present and Future 151
Chapter 10 Emergency Preparedness 152
Location 153
Record Keeping 154
Insurance 155
Emergency Grants 155
Section IV Marketing 157
Section IV Introduction 159
Chapter 11 Marketing Principles and Strategies 161
Understanding Your Work and Your Place in the Market 161
Understanding Your Audience 163
Establishing Short- and Long-Term Goals 167
Branding 172
Chapter 12 Marketing Tools and Resources 176
Marketing Strategy Breakdown: Tools 176
Creating a Marketing Budget 198
Chapter 13 Pricing Your Art 201
Pricing for Visual Artists 202
Pricing for Performing Artists 205
Pricing for Literary Artists 208
Section V Fundraising 211
Section V Introduction 213
Chapter 14 The Fundraising Landscape and Terminology 215
Some Further Definitions 217
Chapter 15 Individual Giving, Crowdfunding, and Corporate Sponsorship 224
A Note on Networks 225
Engaging Your Network for Individual Giving 228
Crowdfunding 231
Events 235
Corporate Support 237
Chapter 16 Grant Research and Writing 240
Prospecting 240
Applying 244
Reporting 253
Moving Forward (If You Are Rejected) 254
Some Additional Tips 255
Key Takeaways for Grant Applications 256
Conclusion: Pulling It All Together 258
The Power of Collaboration 260
Openness to Creative Opportunities 263
Perseverance 264
Acknowledgments 266
Index 268
