How I Make Money as a Cozy Self-Employed Artist ✿ The BIG Q&A: Finance, Taxes, Small Biz, Confidence
TLDRIn this video, the 22-year-old self-employed artist shares her journey to financial stability and success in the art world. She discusses her monthly earnings of around $8,000 from her online shop, additional income from YouTube AdSense, Instagram reels, and brand deals, and emphasizes the importance of diversifying income streams. She also shares practical advice on managing finances, setting up a separate business bank account, and the benefits of using QuickBooks for categorizing expenses. The artist candidly talks about overcoming the fear of failure and the challenges of balancing work with school, advocating for starting as a hobby and growing organically. She also touches on her personal struggles with anxiety and the pressure of financial responsibility, offering reassurance and strategies for self-affirmation. The video concludes with a behind-the-scenes look at her vlogging setup and a peek into her creative process, encouraging viewers to have confidence in their unique path and the value of their work.
Takeaways
- 🎨 **Artistic Income**: The artist makes around $8,000 monthly from their online shop, with additional income from YouTube AdSense, Instagram reels, and brand deals.
- 💰 **Profitability**: Despite common stigmas, the artist emphasizes that it's possible to make a living as an artist with a business mindset.
- 📈 **Income Streams**: The artist has multiple income streams, including an online shop, social media revenue, and brand collaborations.
- 💼 **Financial Management**: The artist uses QuickBooks for categorizing expenses and managing business finances, which helps with tax preparation.
- 📚 **Learning Business**: The artist learned about business finance by observing other small businesses, researching online, and considering professional advice.
- 🏢 **Separate Business Account**: It's recommended to have a separate business bank account to keep personal and business finances distinct.
- 📉 **Expense Tracking**: Keeping track of expenses is crucial for self-employed individuals, especially for tax purposes.
- 🤝 **Collaborations**: Brand deals are an income source but come with a delayed payment period, so they are not a monthly guaranteed income.
- 🏡 **Living Costs**: The artist acknowledges having a lower cost of living, which contributes to the financial success of their business.
- 🎓 **Balancing Work and School**: The artist manages their workload by prioritizing tasks and maintaining a flexible schedule.
- 📹 **Vlogging Setup**: The artist uses a Canon EOS 80D with a specific lens for detailed shots and an iPhone 13 Pro for high-quality mobile filming.
Q & A
How much money does the artist make regularly from their online shop?
-The artist makes around eight thousand dollars a month from their online shop before taxes and business expenses.
What are the artist's additional income streams apart from the online shop?
-The artist earns income from YouTube AdSense, Instagram reels, and brand deals, each typically paying at least a thousand dollars.
How does the artist manage their finances and business expenses?
-The artist uses Intuit QuickBooks self-employed app to categorize expenses and has a separate business bank account to keep personal and business finances separate.
What advice does the artist give to beginners looking to start their own business?
-The artist suggests starting as a hobby with low stakes, learning from other small businesses, and considering getting a separate bank account once the business starts to grow.
How does the artist approach tax filing for their business?
-The artist uses Free Tax USA for filing federal and state tax returns and emphasizes the importance of keeping track of expenses for tax deductions.
What is the artist's background and how did it influence their decision to become self-employed?
-The artist comes from a family of artisans and had various jobs from a young age. Their passion for their work and dissatisfaction with traditional employment led them to start their own business.
How does the artist handle the pressure of being self-employed and managing finances?
-The artist has had to have conversations with their family about their worth beyond financial contributions, and they use affirmations to reassure themselves during stressful times.
What is the artist's approach to balancing work, school, and personal life?
-The artist prefers to get tasks out of their head and onto a planner or phone, setting priorities and allowing for flexibility to rearrange their schedule as needed.
What equipment does the artist use for vlogging and capturing detailed shots?
-The artist uses a Canon EOS 80D with an 18-35mm lens for detailed shots and a tripod. They also use an iPhone 13 Pro for filming in 4K and a Rode mic Pro for audio.
How did the artist discover their passion for working with clay?
-The artist comes from a family of artists and reconnected with polymer clay as a 19-year-old after previously enjoying it as a child. They appreciate its accessibility and the creativity it allows.
What are the artist's thoughts on personality types and how have they used this knowledge?
-The artist has taken a personality test and identifies as an INFJ, which they find helpful in understanding themselves better and finding more comfort in their unique personality traits.
What is the artist's advice for those considering starting a business or pursuing a creative career?
-The artist encourages confidence in oneself, trusting one's abilities, and understanding that time spent on one's craft or business is never wasted, as the fruits of labor will come in time.
Outlines
🎨 Artistic Entrepreneurship and Income Streams
The artist, a 22-year-old self-employed individual, discusses their financial stability and methods of income generation. They make around $8,000 monthly from their online shop, supplemented by YouTube AdSense and Instagram Reels earnings, as well as occasional brand deals. The artist emphasizes the importance of diversifying income streams and managing financial expectations, while also acknowledging the stigma against artists and the need for business acumen in the art world.
💼 Financial Management and Business Operations
The artist shares insights into learning financial management and business operations. They advise starting with a platform like Etsy before moving to a personal website and highlight the importance of separating personal and business finances. The artist uses QuickBooks for expense tracking and recommends hiring a CPA for those who find financial research overwhelming. They also discuss the process of filing taxes, obtaining an LLC, and the necessity of understanding local and state regulations for business operations.
🚀 Overcoming Inertia and Starting a Business
The artist talks about their journey from having various jobs to starting their own business during the pandemic. They were compelled by their passion and the desire to work on something they loved. The artist suggests starting as a hobby with low stakes and emphasizes the importance of overcoming the fear of failure and judgment. They also discuss managing anxiety and pressure, especially related to financial responsibilities, and finding a balance between work and school.
📅 Balancing Work, School, and Self-Employment
The artist describes their personal methods for managing tasks and time effectively. They use a combination of written lists and digital planning tools to organize their day-to-day activities. The artist appreciates the flexibility of self-employment, which allows them to adjust their schedule as needed. They also discuss their vlogging setup, including the equipment used for filming and capturing detailed shots.
🌟 Artistic Background and Personal Development
The artist comes from a family of artisans and has a deep-rooted love for art. They discuss their journey with polymer clay and their aspirations to explore other mediums like oil painting and ceramics. The artist also shares their personality type, an Assertive Advocate (INFJ), and how understanding this has helped them in their personal and professional life. They encourage viewers to have confidence in themselves and their craft, emphasizing that time spent on developing skills or a business is never wasted.
Mindmap
Keywords
💡Self-employed
💡AdSense
💡Brand deals
💡Online shop
💡Tax responsibilities
💡HelloFresh
💡Small business
💡Financial instability
💡Creative freedom
💡Revenue streams
Highlights
The artist is a 22-year-old self-employed individual making at least $8,000 a month.
She addresses common misconceptions about artists and their financial stability, emphasizing the entrepreneurial aspect of being an artist.
The artist has multiple streams of income including an online shop, YouTube AdSense, Instagram reels, and brand deals.
Gross sales from the online shop are around $8,000 monthly, with additional income from social media and brand deals.
The artist emphasizes the importance of diversifying income streams for financial stability.
She shares her experience with financial instability and how she manages her business finances, including saving for taxes and business expenses.
The artist discusses the costs associated with self-employment, such as subscriptions and materials, and the importance of budgeting for them.
She provides advice on setting up a separate business bank account for better financial organization.
The artist recommends using QuickBooks for categorizing expenses and managing tax deductions.
She shares her personal journey from various jobs to starting her own business during the pandemic, driven by passion.
The artist encourages starting a business as a hobby with low stakes to overcome inertia and fear of failure.
She talks about managing anxiety and pressure by reassessing personal values and self-worth, independent of financial success.
The artist describes her work-life balance, including school and business, and how she plans her day to accommodate both.
She provides a behind-the-scenes look at her vlogging setup, including the equipment and techniques she uses for detailed shots.
The artist comes from a family of artisans and shares her journey in discovering polymer clay as her medium of choice.
She discusses her personality type as an INFJ and how it influences her approach to life and business.
The artist concludes with words of encouragement, urging others to have confidence in their abilities and the value of their work.