Illoguild Talks Money
SSSssshhhhhhhh . . .
Growing up, money was a hushed topic in my home. With six kids, there never seemed to be enough money to go around. But when I was 15, I landed my first job at Evergreen Park Mall, one of the largest malls in the country back in the 1970’s. We all made the minimum wage but my friends and I thought we were rich!
I started saving for college and opted for a business major, taking night classes while working during the day to earn my MBA. I needed to pay rent and bills living in downtown Chicago during the 1980’s and I was grateful my company helped with tuition with the business classes even though they didn’t cover any art classes!
Fast forward — I got married, had two kids and saved for their college education. Upon retiring from business, the prospect of diving into art, particularly writing and illustrating children’s book became a reality.
Entering the art industry as a newbie, I enrolled in some classes and joined two critique groups. Full disclosure: there have been losses, and expenses have yet to be recouped. Finding a good agent is recommended, but it takes time. It can take another year after finding an agent that your work is out on submission and publication can be further delayed in the pipeline.
Hence, I’ve decided to self publish a children’s book. In the past, I explored self-publishing through a hybrid model and collaborated with Friesen Press which aided in illustrations and initial marketing. These avenues aren’t for everyone but self publishing can offer benefits. The road to publication is much quicker than the traditional model and the artists have more control over some of the major decisions.
As an independent publisher, here’s a few of the decisions to prepare for:
ILLUSTRATIONS: Determine whether you’ll illustrate your children’s book or hire an illustrator, designer or cover artist.
CONTRACTS: Negotiate fees, establish contracts outlining payment schedules, due dates, revisions allowances, scope of the work, and termination clauses. Consider having an attorney, colleague or member of your critique group review your contract.
BUSINESS SET UP: It’s important to set up your business and register within your state and apply for a business license to operate. You’ll want to open a separate checking account to track income and expenses. You may need to purchase an accounting software or hire an accountant or attorney to review your set up, financial statements and contracts.
TAXATION: If hiring independent contractors, you’ll want to issue 1099 forms for anyone conducting work for hire and you might need to hire an accountant to file your tax returns. Be aware of any special regulations and requirements for working with international artists. Given the delayed income stream, budgeting becomes paramount.
Remember, “Money grows on the tree of persistence.” A Japanese Proverb
Balancing your passion for art with financial realities is an ongoing process. While I acknowledge the limits of my retirement savings, there are various ways to sustain an income through art. Teaching, setting up an Etsy shop, selling your creations on your website or other sites such as Teachers Pay Teachers can be viable options and provide an income stream. Some writers transition into editing or become agents, while some agents write their own books or stories. The creative journey offers many paths and there’s room for everyone.
“We make a living by what we get, but we make a life by what we give.”
Winston Churchill
Thank you dear Reader for embarking on this journey with me. Check out our ILLOGUILD team and see what they have to say about money!
I wish you all the best in your journey. Don’t forget to invest in yourself. You’re worth it!
Noreen Anne