MONEY MATTERS: The Arts

Weave a business mindset into your creative pursuits. You gotta!

A little while ago, we had a chat with Sydney-based artist
Natalie Verriest about how she forged a successful career
in the often unpredictable and freelance-driven arts sector.
We got down to the nitty gritty, and Nat was direct:
if you want an artform to be your full-time gig,
you’ll need to get serious about money.

“Most artists fail cos they don’t know how to do business. Then they get upset with themselves because they’re not good at it, even though they’ve never learnt it. The stat people like to throw round is ‘most businesses fail within two years’. And I can see why, cos people just go in blind, they think it’s enough to be passionate. Artists especially, feel SO guilty about money.”

It's time to lose the guilt, people. Money matters. We break it down with the help of Nat’s lived experiences, business-savvy mindset and articulate insights into having a realistic approach to money and the arts.

1.    Charge for your work

“The arts try to deal in favours. They’re like, ‘I’ll help you with this if you help me with that’. Ok, so we’re just going to prove that there’s not an economy around arts? Because we’re all just going to be helping each other out for free. We literally stab ourselves in the foot.”

Being able to show receipts for what you earn and when you earnt it is necessary. It feels nice to help a friend, it feels nice to receive help from a friend. WE ALL LOVE BEING NICE. But at the end of the day, banks don’t approve loans based on how nice you are.

“Why not get paid for it? Pay tax on it! You earnt that, you did it for your business...as one of my business mentors said, ‘put up your hand if you’re running a charity. Are you a registered charity? No? Ok, you’re a business.’” 

Savage. But bang on the money. If you’re often dealing in favours, why not just use each other’s business? Charge what you would a client – then stick a cheeky 10% discount on/give free shipping/add a special touch because YOU LOVE TO BE NICE. Friends supporting friends. Artists supporting artists. We love to see it. How are you going to pay your rent? Or buy your wine?

REMINDER: Pay your artist friends

If an artform is your livelihood, or that’s what you’re aiming for, it is a BUSINESS. Would you expect a business in any other field to work for you for free? No. Which brings us to point two…

2.    You are a business. Treat yourself like one.

We’re going to let Nat take the reins on this one:

“In the back of my mind I think to myself, ‘if I did do law, I’d be getting paid well’. I’m not less clever or less valuable cos I didn’t pick it. Sure, I don’t have a law degree under my belt, but there’s the same intrinsic person under that, who turns up, who’s reliable, who cares. If you know that somebody values you and you created that value over time, don’t shy away from that.

Quantify. That. Value. And work around money. I’ve read so many books about money, cos I was so blocked up about it. And I recognise that. I recognise that I was terrible with money, terrible with savings, scared of asking for pay rises. I read a whole book on asking for pay rises! Like, how long does that take!? If I said it was going to make the difference of $5000 a year, in ten years that’s $50,000. Just buy the book. If I was like, I will pay you $5000 to sit across from your boss right now and tell them that you want more money… it recalibrates everything. You’re not the first person to ask for a raise!

There’s the voice telling me it’s still the hobby that I should love, because it’s romantic and easy. So you have to undo that and be like ‘what I do is legitimate. What I do is a business. What I do is not able to be done by everybody, so I will keep trying’.”

3.    Just because it comes naturally does not mean it’s not valuable

It also doesn’t mean it’s easy.

“You’re good at it because it’s literally what you’re meant to be doing. And it drives you. That passion is what is gonna make you attractive to someone who needs what you’re doing. Your passion has value. It’s not just value to society, even though that’s huge, but also financial value. Translate that.”

People will balk when they hear what you charge per hour, per word, per shoot, per performance. Either potential clients when they see your quote, or those looking for a discount for being a repeat customer. It can be a struggle to stick to your guns, especially when you think ‘yeah, I’d love to work with you on this, so maybe I could do it for less…’. But remember, you are WORKING for them. They owe you for your time and expertise. Don’t discount that. If someone is questioning your rate of pay, especially as a freelancer, they don’t understand what it is you’re offering, or what it is they are paying for.

“You have to pay yourself in what you do. For your holiday pay, your sick pay, your public holidays, your overheads, your insurance, your website, your super AND your expenses. Which doesn’t include the time it takes to run the business.”

If you’re freelancing, you are working without the monetary perks of working in-house.

“The corporate industry didn’t just make this up because it was convenient. They did it because that’s the natural system.”

4.    There is no such thing as overnight success

Give yourself a break. I’m sure anyone described as an overnight success reads it and thinks: Fuck. Off. They’d have to. They know
how much work has gone into getting them to where they are now. As difficult as it is, changing the way you think about the creative industry is necessary. Your project isn’t the talk of the town? Thinking about going back to your comfort zone?

“Nobody expects to become a partner of a law firm in their second year. Lawyers do internships, journalists do internships.

As Tony Robbins says, ‘most people overestimate what they can achieve in one year, and underestimate what they can achieve in ten years’. And it’s so true, people think a renovation will take like three weeks cos they watched the block once.”

So again, for the people at the back, there is no such thing as overnight success.

5.    Get what you are owed

Career progression in the arts is often non-linear, and anyone out there trying to make it work would do well to remember it! Freelancing or in-house, each year you are bringing more to your role. You’ve mastered things you were previously learning. You’re more efficient. You’ve built and maintained relationships. ALL of which are currency in a workplace.

“I have no problems charging well for my film work. I know what value I bring to the film company I work for, and I know how much
I get paid compared to other people. I’m also committed to that increasing each year.”

On top of that, you may have studied, participated in training courses, assisted in tasks outside the scope of your role or taken on more responsibilities. All of which makes you worth more, the compensation should follow accordingly.

“I did a grant writing course this year, and I worked a whole year. Why should I get paid what I was getting paid last year? Like, I’m doing a master’s in law next year. You betcha I’ll get paid more come 2021 ending! Timing’s really important, but at the back of your mind you must dictate your value.” 

6.    Remember, there is more than money

Not to backstep on what we’ve said so far. But we are VERY aware that there are more important things to look for than money.
It’s literally the point of FIELDS. If you aren’t happy in your work – be that the job, the place, the culture – you are being stitched up.

LIFE’S TOO SHORT FOR THAT.

If you’re getting paid a lot, but you hate your job, you are eroding the quality of your life. Team culture, morale, comfort, stability, experience and genuine JOY and LOVE in what you’re doing are all things that need to be considered, too. Work out what these
things are worth to you. Cos they ain’t nothing. Essentially, just make sure what you’re doing is aligned with your life.

“You’ve gotta look at is holistically. But still include money, that’s how we pay rent. Know your value, increase your value over time, build a really strong foundation. If you’re not excited to do it for the money that you’re getting, or the value that you’re getting, it’s probably an indication you shouldn’t be doing that job.”

Money matters people.

Read how Nat persevered and knuckled down to create
a successful career in the arts or have a stalk of her ‘gram.

Words and edit Grace MacKenzie
Interview Haylee Poppi and Grace MacKenzie