Financial Stability for Creative Professionals

As with most creative professionals, your work is your passion. There’s always a ton of work to be done – jobs large and small. But getting paid for your work – now that’s another story. You either already know that it can be difficult to make a living from your art, or you’re bright eyed and bushy tailed. Pro-tip: Take cash over a promise. Many creative professionals face financial instability due to irregular income, gig-based work, or difficulty in monetising their skill set. Finding ways to achieve financial stability while pursuing creative passions is a common struggle.

Here are a few tips for achieving financial stability as a creative professional:

  • Build a strong portfolio. Your portfolio is your calling card. It’s what potential clients will see when they’re deciding whether or not to hire you. Make sure your portfolio is up-to-date, well-curated, and showcases your best work
  • Network with other creative professionals. Networking is a great way to find new clients and opportunities. Get involved in your local creative community and attend industry events.
  • Be prepared to hustle. As a creative professional, you’ll need to be prepared to hustle. This means being willing to put in the long hours and do whatever it takes to get your work seen. When you’ve finished hustling for the day, hustle some more.
  • Be business-savvy. In order to achieve financial stability, you need to be business-savvy. This means understanding your finances, setting rates, and negotiating contracts.
  • Don’t be afraid to ask for help. If you’re struggling to make ends meet, don’t be afraid to ask for help from friends, family, or financial advisors. Get yourself a good accountant. Ask them do they work with businesses your size. Get a quote for doing your work. Pay them. Their job is to do your numbers, your job is to do your passion. If your passion is number stop reading this and go do your accounting thing.

Achieving financial stability as a creative professional is not easy, but it is possible. By following these tips, you can increase your chances of success. Do you know how much you need to earn to live on? How much extra will you need to add to account for inflation?

Here are some additional tips for achieving financial stability as a creative professional:

  • Set financial goals. What do you want to achieve financially? Once you know your goals, you can start to develop a plan to reach them.
  • Create a budget. Tracking your income and expenses will help you to see where your money is going and where you can cut back.
  • Invest in your future. Set aside money for retirement, emergencies, and other long-term goals. It’s also critical to invest in professional development – learning new software, and, shameless plug: creativity coaching.
  • Don’t be afraid to take risks. Sometimes, you need to take risks in order to achieve your goals. But make sure you’ve the calculated risks and that means checking your budget and bank balance, and that you’re prepared for the possibility of failure – both financial and emotional.
  • Get a side gig. Maybe you have to sell paint in a hardware store to be an artist. Work a bar, mow a lawn, walk a dog, teach something to someone, whatever it takes. There’s no shame in having a full time side gig. Keep it in proportion. You’re a creative first, your side gig that preserves your lifestyle is just that. A side gig. You can manage it – it’s part of your hustle.

By following these tips, you can increase your chances of achieving financial stability as a creative professional. Get yourself a cutting off the money tree, grow it in your backyard.

Photo by micheile henderson on Unsplash

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