Managing Art Business: Tracking Income and Expenses Made Easy + Free Spreadsheet | Alina Harvi | Skillshare

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Managing Art Business: Tracking Income and Expenses Made Easy + Free Spreadsheet

teacher avatar Alina Harvi, Artist & Traveler

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

5 Lessons (14m)
    • 1. Introduction

      1:09
    • 2. Income Tracking: Reasons & Benefits

      2:22
    • 3. Expenses Tracking: Reasons & Benefits

      2:27
    • 4. Finances Tracking Spreadsheet

      7:20
    • 5. Final Words

      1:01
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About This Class

This class was created for your art business success. No more frustration and uncertainty about your expenses or income. Few simple steps will make managing your art career easier and more effective.Ā 
In this class you'll learn:

  • Why and how to keep financial records
  • Reasons and benefits of tracking income and expenses
  • How to use gathered data for art career benefits
  • How to use a spreadsheet forĀ financial records
  • How to price your artwork fairly and consistently

Keeping financial records will help you make informed decisions about your art career withĀ confidence and data you gather. You'll know the real value of your artworks, which will help you with pricing.Ā 
In this class, I will talk on the example of paintings as this field is closer to me, but it was designed for all creators!

In Project & Resources, you'll find a freeĀ finance tracking spreadsheet Iā€™ve developed. Use it for your art career benefits and also for project to this class! :)

Meet Your Teacher

Teacher Profile Image

Alina Harvi

Artist & Traveler

Teacher

 

Hi all, thank you for checking out my Skillshare page! I'm Alina, I'm a translator, manager, and self-taught artist.  My two biggest passions in life are art and traveling. One day I dream to combine those two passions of mine and never take them apart. In meanwhile, I create oil paintings, oil pastel drawings, travel sketches, and art classes. 


I love sharing my knowledge, the process of creating classes is something really inspiring for me. I want more people to discover and to love my art and my classes. For this reason, I want to share them here with you and I hope you'll love them! 

 

You can support me on Patreon, where I'm sharing the patron-only posts with an inside look at upcoming paint... See full profile

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Transcripts

1. Introduction: Hello and welcome. My name is Arena on. As an artist and traveler, I learned two things For sure. You need money to travel, and once you make money with your art with your creativity, it's crucial toe. Keep your financial records properly, but the last year I've being developing my friends Trekking Spirit Shoot. In order to manage minister their finances, I will share the spread shield in resources so you will be able tow you service to for keeping your financial records. I went to what you are creating paintings, illustrations, music videos are the content a clear picture off, how much you're earning and spending will come in handy on so many levels off your pre active practice. By the end of this class, you have basics on how to start keeping your income and expenses records how to use them for your our benefits on also how to price your art talks properly. 2. Income Tracking: Reasons & Benefits: so trekking income is the most fun part in process off keeping financial records because it's income you can drag along the income that you receive as an artist. That includes amounts, faithful artwork, prizes, awards if you will keep you what made it and field from your work to benefit more from it, I recommend you to write down s detailed information about their sold artwork as you can. Now it's very important step and the reason I once created an Excel spreadsheet and started doing it in first place. It's not too money information, you contended Teoh Excel spare change in less than one minute. But in the future, you can benefit from this information a lot. Let me show you help. So let's say you have sold 20 paintings in January. It was a good month, right? You kept track just like you, Lawrence, in this class. And now it's time for you toe by some your art supplies. But before it does. So, um, take a look at to your stretch it and do some analysis off. Spendings yourself. So if you're noticing that people tend to buy small or medium sized spendings instead of bigger ones, you can decide. Oh no, by more smaller can assess next time or great smaller watercolor paintings and sold. And two. There's a plenty off data you can actually use. Like, let's say technique. You may notice that collectors certain to buy more abstract endings instead off brought parents, for example, for people buy more landscape paintings into the floor paintings. This information is very valuable, and it can save you some money and even help you to decide in which direction to develop yourself as an artist. Salt trick and incomes can become a very powerful tool for you as well as the trick and expenses, so I will talk about it in the next lesson. 3. Expenses Tracking: Reasons & Benefits: trick and expenses. Maybe not that exciting a stricken income, but not less important. But before you do that, you should decide which type of expenses are relevant to you. It can be only art supply expenses or also studio related expanses advertising and much more expenses are more individual. There differ for every artist. For example, if you're independent working artists, you are considered to be in business, a sort entrepreneur in your country. Keeping expenses can come in handy once take season goals. In these case, you might need to trick your at supply expenses as well. A. So your so your related expenses to their Taison. And so it's up to you. But making is your whole being. You can simply trick your art if I expenses, and that's all. Aside from tax purposes, tricking expenses can help you notice that you are spending in some categories that current for the benefit of your artworks. Have you ever caught yourself on spending like all the money of the world? Just because there's a new colors from your favorite pain? Brent for new shape off palette knife? I know I have. Well, once you start drinking your expenses such kind off spending can be reduced greatly. Instead, you can aim for more essential expenses that will help your business be more profitable and to grow drinking your expenses. My old soccer and handy When it comes to deciding on price off art for I want to take an objective look on how much money you spend on creating your war. You get the cornerstone off price and making profits. So as you see, keeping track off expenses is very helpful and, in some cases, that irreplaceable to for creator to sum up. In the next lesson, I will show you that excels. Purchase time developed and you'll see how easy and simple it actually can be. 4. Finances Tracking Spreadsheet: as I have over dimension all the last year I've been developing and putting together a set of Excel spreadsheets in order to make the managing off my studio finances easier and more effective, I was surprised how greatly you can benefit from just using spreadsheets. So in thes last time I want to share with you the spread ship. You can find them in the project and resources on. In this lesson. I want to guide you through the stretch it so you can use them fully from the beginning so that start with sales income. It's actually as simple as it cooks. Once I saw my bending, I enter there all the information I find relevant. I also recommend you to modify the spreadsheets in any way you want, so it all can be as simple or as detailed as you need. You can add some new categories and feels you might want to use. Just be sure to edit the formulas in El Taco creating cells. I have added Teoh simple formulas, so it should be easy for you to copier or modify them dependent or your needs. All the Alta go great in that cells have both typed text so you can easily find and notify them if needed. These charts here can get you a quick visual representation off what's going on with your sales monthly. These and other charts you will find in these Bridgette's well function to my took me as soon as values are entered in spreadsheets. If you add or delete some fields, you might need to do some editing. In this case, you can simply ask your question in the discussions, and I would be happy to help you. Let me show you really quick how I used this stretch it. So let's say in January I have sold five spendings. I enter all the needed information, and by the end of the month I noticed that I have sold, let's say, more floor paintings on smaller covers than bigger landscape paintings. So taking this information into account, I'm deciding to create more for paintings. Next month, more paintings on smaller canvas and not big bonds. Please weigh. In February, I will be able to create more paintings that are in popular demand. So I sell more smaller for paintings and on this chart here, you can see it clearly and it will help you toe follow your progress and visualize it. Let's move next. So the expensive spread shoot. It's a bit more complex, so I have divided it into three sections. Art supplies, studio and online store expenses. Once again, you can always modify these fields as you wish. I find it easier than I divide it by month, so it's easier for me to keep track off all of the expenses every time I buy new art supplies like embers on you. Pained, I enter these date I fear on at art supply expenses stable. The soup total off art supply expenses will be automatically added. Toe this studio expenses off the corresponding month, so you don't have to do it manually. Now there's art studio expanses and online store expenses so you can edit it to You can modify these tables and see what works for you. But not so now. I'm just going at a few expenses, some random numbers, so we will see how it actually works to see how the chart is changing and how it will be automatically added in the next spread. Shit with profit. If you go to the next profits. Pridget. You'll find all the total expenses and income with automatically calculate forfeit for every month. Here. You don't have to enter any debt at yourself. It all will be entered automatically from the previous spreadsheets. This chart in here with your monthly perfect will help you to visualize and in the future to see what works for your art business and toe a dozen pork as a bonus for you. I have also and it here, a spreadsheet that always helps me with prising off my artworks. I believe it can come in handy for you, especially if you just started out as an artist or creator. And you don't know how to price your works fairly and consistently, which is very important for your business. As always, you can add fields to suit your projects or your pricing structure. Just don't forget to update for the formulas in the total cost fields. So let's take a closer looper on how I used this wretched now have in mind that all the numbers here are random, so don't concentrate on that as the look how it works. So the first thing I do is I calculate expenses for material costs the data from the previous expenses. Shit can help you with it. So, as you see, you are actually can use the state of this information you're gathering. So let's make it $50 now, cyber, cause if you just starting out, it might be easier for you to set up some. All right, so just sit down and think about your all right. That could be so let's say let's take $99 per hour. And it took you that Satan 10 hours to create the painting, so it will be $90. Now, in case you're selling your art worker online, you can add packaging and material costs, and so that's it. So now you can see the total cause, and it can really help you to set up the price. Now you just have to decide on the what profit you want to get from seventies painting 5. Final Words: So this is the final stage of these guys. I want to thank you all creatives who decided toe unless sometimes until the 36th topic. And I hope you will use this new information for your benefits off your artwork business. I hope the keeping track of your income and expenses will help you toe Bacall more successful and independent artist. So if you haven't done it yet, go to resources and grab your free special for the project off this last, I want to keep track off your income and expenses and adapt the spreadsheet to your needs according toe the end product of creating Share your spiritually important gallery. Show us the results of your hard work and share your success. Feel free to ask me whatever questions you want have I will be happy to answer. Thank you for taking this class and good luck with all your beginnings