The Hive Academy

At the Hive Academy, we are passionate about what we do and are excited to bring more lessons about fine art to any kid, anywhere.

We believe if a child has an interest in art, they should have access to the best lessons possible.

Art classes commence soon!!!

THE ULTIMATE DRAWING COURSE FOR KIDS -

THE ULTIMATE DRAWING COURSE FOR KIDS From drawing houses, animals, flowers and birds, there are son many lessons that your child can learn by Enrolling in The Hive. Unleash that creative genius!

Dear Artist,

Today's Principle focuses on something that Visual artists dont like to talk about or dont focus on. i myself didnt like to until something happened (Gist for another day)

The Fifth Prinicple is to RUN YOUR ART BUSINESS FOR PROFIT

Money is vital and essential. Some artists don’t like it, they say it disturbs their creative flow or that their creative minds shouldn’t be muddled with something as meaningless as MONEY.

Well if as an artist, you do not want to earn Money from your work, what you are doing is a HOBBY and you should stop reading now!!!!

But, if you are a professional artist, or an aspiring artist who wants to earn a living with your art, you should know this:
To earn a living from your art, you must commit to the mind-set to RUN YOUR ART BUSINESS LIKE A BUSINESS.

I know artists that earn 7 figures as income and I know artists that earn 4 figures as income a year and I want to make it clear that this is quite possible even in Nigeria.

The difference between artists earning 7 figures and 4 figures has nothing to do with talent. Its all about how they run their business. There are gems of wisdom here that you have to GET to be able to apply it

All businesses, even yours, must have the following three components to be successful:

• Cash Flow (money coming in)
• Profit (your money from sales minus your expenses and overhead = profit)

Without Profit, your business will die. Or, in other words, if you aren't making a profit, then what you have is a hobby. (Not a bad thing, but be aware of the difference)
• Vision for the future (know what you want, write it down, set goals)
When you make the decision to treat your business like a business, your mental thoughts and subsequent actions will change to stay in line with that decision.

Every project, commission or job that you accept, you will create the intention of generating cash flow and a profit.
Thus, when you think this way, you will begin to create Cash flow and Profit (I am beginning to sound Like Robert Kiyosaki right?)

Below are two strategies that will ensure that you are paid enough for every project you do:

1 - HOW TO ENSURE THAT EVERY PROJECT BRINGS YOU CASH FLOW AND PROFIT:
Let’s say you are hired to do a project or a commission, your income requirements or goals should influence your pricing and this is done by asking some questions like

• What your weekly income requirement is? This means that, what is the minimum amount you need to bring in every week to keep your art business thriving?

If you do not know this, don’t fret, there are many ways to derive that and one method is shown below. It’s coming up with the amount you want to earn and working backwards from it

So here it is:
• Determine your JALE (Word in Yoruba for least) number – this is the amount that you must make to cover all of your living and business expenses.

Example: Your JALE is N200, 000 to pay living expenses, studio rent, repayment of debt etc.

• Add 20% to your JALE number to generate a minimal amount of profit (you like to earn more in profit than 20%, but we will use 20% for this example).

The JALE of N200, 000 x 20% profit = N240,000 in sales is your Minimum Yearly Income Goal

• Take your Minimum Yearly Income goal and break it down into monthly, weekly and daily income requirements:

Example: N240, 000 yearly is N20,000 monthly / N5000 weekly / N1000 daily (5 days/week)

NOW that you know what your weekly and daily "rate" is, you will come up with pricing that is in line with what you need to earn.

Using the N240,000 per year: If someone asks "how much to have you do a mural in my room and you know it will take one week, you will charge at a minimum N5,000 + expenses, and ideally, more, so that you'll earn a greater profit.

The second point would come up in the Next Post. It's getting Interesting huh?

Learn to Create?