Have you ever made a mistake with your money that you knew the moment it was happening was completely wrong but you went through with it anyway? Have you had that moment where for some reason you couldn’t stop yourself, so you gave in and dealt with the consequences after?
It can feel extremely daunting when that happens, especially when you’re not sure how to stop it in the moment!
It wasn’t too long ago, as I was building my consulting business, that I started making six figures for the first time in my life. I knew I wanted to use part of what I brought in to help build my business with my art. So I decided to work with a business coach, which I knew many of my mentors in the business world did on an ongoing basis. As I started researching coaches, I spoke with one who I related to immediately. She was fun, energetic and understood where I was coming from. She made me feel safe and secure talking with her about my business, and came across exceptionally confident. She had also worked with some well-respected entrepreneurs, which made me feel confident to work with her. At the end of our call I was looking forward to working with her. Then she told me what she charged.
“It’s $34,000 for the year.”
My gut immediately told me that was too much, especially since I had just started making enough to begin to save. I told her that I didn’t think I could cover that, especially since I intended to pay only half that amount to work with a top coach for an entire year. She said she understood, but that I should take into consideration that working with her could easily double my income before the year was over, so the coaching would pay for itself. I needed to trust her, as well as my ability to “make that happen”.
I felt swayed into the trance that she was going to help me make that happen, even though I had that feeling in my stomach telling me that may not be the case. I did it anyway.
What I signed on to was a year of stress, a smoke-and-mirrors coaching agreement and regret. Working with her did not enable me to double my income, as she was interested in pushing me in directions I was not interested in pursuing just so I could make more money.
But what I also learned in this process was exactly how to make financial decisions as a business owner. This is something we are not taught as artists, and something no one ever talks about. There are ways to know exactly how much to invest in and what exactly to invest in for your business with your art when you know the basic principles of growing your business like the most successful entrepreneurs do.
The best businesses, just like the greatest artists, stay focused and clear-sighted because they know how to make financial decisions that lead them toward inevitable growth. I want you to learn the same.
I believe artists are hardwired to run the best businesses in the world. Help me prove my belief by taking action and sharing a theme that is integral to your art in the comments below, or share a visual on Instagram using #artistsinbusiness and tag me: @alexisfedorpics!
Want to know how to take your business with your art to the next level of profitability with ease?