How I Make Money as a Cozy Self-Employed Artist ✿ The BIG Q&A: Finance, Taxes, Small Biz, Confidence

Uncomfy
28 Jan 202321:01

TLDRThe video features a 22-year-old self-employed artist who earns a monthly income of at least $8,000. She addresses common concerns about the financial viability of being an artist, emphasizing the importance of having multiple income streams. The artist shares her revenue sources, including her online shop, YouTube AdSense, Instagram Reels, and brand deals. She also discusses the financial and logistical aspects of running a business, such as saving for taxes, managing expenses, and the benefits of diversification. The artist encourages aspiring entrepreneurs to start as a hobby and grow organically, overcoming fears of failure and judgment. She candidly talks about her personal struggles with anxiety and pressure, offering advice on managing self-employment while balancing school or other responsibilities. The video provides insights into her vlogging setup and artistic journey, including her family's artistic background and her passion for polymer clay. She also touches on personal development, sharing her personality type and the importance of self-affirmation and mental health. The artist concludes by motivating viewers to have confidence in their abilities and the value of their work, assuring them that their efforts will pay off in time.

Takeaways

  • 🎨 The artist makes a consistent income of around $8,000 a month from her online shop, YouTube AdSense, and Instagram Reels, along with occasional brand deals.
  • 💰 She emphasizes the importance of diversifying income streams to maintain financial stability, comparing it to not putting all eggs in one basket.
  • 📈 She advises aspiring entrepreneurs to start as a hobby with low stakes and grow from there, especially if they are passionate about their craft.
  • 🚀 Overcoming inertia and starting a business is facilitated by turning it into a passion project and not being afraid of failure or judgment.
  • 💼 The artist learned about finance and business operations through observing other small businesses, online research, and consulting with financial experts.
  • 📊 For tax purposes, she recommends keeping business and personal finances separate, using tools like QuickBooks for categorizing expenses and deductions.
  • 🏢 She filed for an LLC to separate her business legally from her personal life and obtained a sales tax license, which varies by state.
  • 📈 She uses a Canon EOS 80D with an 18-35mm lens for detailed shots and an iPhone 13 Pro for vlogging, emphasizing the quality of the equipment for depth of field.
  • 🎓 Balancing work and school involves setting priorities and allowing for flexibility, as not everything goes according to plan.
  • 🧘 The artist manages anxiety by focusing on self-affirmation and understanding that she is worthy of love regardless of her financial success.
  • 👨‍👩‍👧‍👦 She comes from a family of artisans and has a strong background in various art forms, which influenced her decision to become a clay artist.
  • 🔮 The artist identifies as an INFJ personality type, which aligns with her values of fulfillment, helping others, and making a positive impact.

Q & A

  • How much money does the artist make regularly?

    -The artist makes at least $8,000 a month from their online shop, in addition to income from YouTube AdSense, Instagram reels, and brand deals, totaling an estimated annual income of $96,000 before expenses.

  • What are the different streams of income for the artist?

    -The artist has three main streams of income: their online shop where they sell their art, social media earnings from YouTube AdSense and Instagram reels, and brand deals which include integrated content for YouTube and dedicated Instagram reels.

  • How does the artist manage their finances and business expenses?

    -The artist uses a separate business bank account to track all expenses, categorizes them using the Intuit QuickBooks self-employed app, and files taxes using Free Tax USA. They also save a chunk for taxes and pay for business-related subscriptions and materials.

  • What advice does the artist have for beginners starting a business?

    -The artist suggests starting as a hobby with low stakes, learning from other small businesses, using Google to research, and considering hiring a CPA if needed. They also recommend getting a separate bank account once the business starts to grow.

  • How did the artist overcome the fear of starting their own business?

    -The artist overcame their fear by starting with a hobby, focusing on something they were passionate about, and realizing that life is short. They also suggest starting a business with friends or family to keep it as a fun and low-pressure project initially.

  • How does the artist manage anxiety and pressure related to their business?

    -The artist manages anxiety by writing down affirmations, reassuring themselves of their self-worth, and having open conversations with their family about expectations. They also allow themselves the freedom to rearrange their schedule as needed.

  • 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 has a background in various jobs, including working in a nail supply store, being a UX/UI designer, and doing freelance graphic design. Their experience with polymer clay since the age of nine and their passion for it led them to become self-employed.

  • What type of camera and equipment does the artist use for vlogging?

    -The artist uses a Canon EOS 80D with an 18-35 millimeter lens for detailed shots and a tripod for stability. They also use an iPhone 13 Pro for filming in 4K and a Rode Microphone Pro for audio recording.

  • How does the artist balance work with school and other responsibilities?

    -The artist prefers to get all tasks out of their head and onto a planner or phone, setting big priorities and making a list of everything they need to do. They allow for flexibility and intuitiveness in their schedule, which is a key aspect of being self-employed.

  • What is the artist's personality type according to the 16 personalities test?

    -The artist is an INFJ, also known as an Assertive Advocate, which is characterized by thoughtfulness, imagination, and a principled version of humanism. They are introverted, intuitive, feeling, judging, and assertive.

  • What advice does the artist give to those considering starting a business or becoming an artist?

    -The artist encourages having confidence in oneself, trusting one's abilities, and understanding that time spent on one's craft or business is never wasted. They emphasize that success comes from fulfillment, helping others, and being a force for good.

Outlines

00:00

🎨 Artistic Entrepreneurship and Income Streams

The artist, a 22-year-old self-employed individual, discusses their financial stability despite societal stigmas against artists. They share their income sources, including sales from an online shop, YouTube AdSense, Instagram reels, and brand deals. The artist emphasizes the importance of diversifying income streams and provides a disclaimer about their personal financial situation. They also mention their cost of living and express gratitude to the video's sponsor, HelloFresh.

05:00

💼 Finance and Business Management for Creatives

The artist addresses questions about learning financial management for running a business. They clarify they are not a financial expert but share their experiences and advice. They recommend observing other small businesses, using Google for research, and possibly hiring a CPA. The artist emphasizes the importance of having a separate business bank account, categorizing expenses, and using tools like QuickBooks. They also discuss taxes, including the use of platforms like Etsy, Patreon, and YouTube, and the necessity of keeping track of expenses for self-employed individuals.

10:01

🚀 Overcoming Inertia and Starting a Business

The artist shares their personal journey from various jobs to starting their own business during the pandemic. They discuss their passion for their work and the importance of doing something one loves. The artist suggests starting as a hobby with low stakes and emphasizes the freedom and flexibility of being self-employed. They also talk about managing anxiety and pressure, especially related to financial responsibilities, and the importance of self-worth beyond financial success.

15:02

📅 Balancing Work, School, and Personal Life

The artist describes their approach to managing tasks and time, balancing planning with flexibility. They mention using a planner for high-priority tasks and a checklist on their phone for daily activities. The artist appreciates the freedom of self-employment to rearrange their schedule as needed. They also discuss their vlogging setup, including the equipment used for filming and audio, and briefly touch on their artistic background and family of artisans.

20:04

🌟 Embracing Individuality and Artistic Passion

The artist reflects on their personal theory types and how understanding them has helped them. They identify as an INFJ, known as an Assertive Advocate, and discuss the characteristics and values associated with this personality type. The artist encourages viewers to have confidence in themselves and their craft, assuring that time spent on their business or art will yield results in due time.

Mindmap

Keywords

💡Self-employed artist

A self-employed artist is an individual who works independently, often running their own business in the creative field. In the video, the artist discusses how she makes a living by selling her art online, which is a testament to the entrepreneurial spirit and the ability to turn a passion for art into a profitable career. She emphasizes the importance of having a business mindset in addition to artistic talent.

💡Online shop

An online shop refers to a virtual store where goods are sold over the internet. The artist mentions her online shop as a primary source of income, where she consistently makes around eight thousand dollars a month from gross sales. It represents the digital marketplace where she can reach a broader audience and sell her artwork directly to customers.

💡AdSense

AdSense is a program run by Google that allows website publishers to earn money from advertising on their websites. The artist discusses earning at least seven hundred dollars a month from AdSense, highlighting it as a stable income stream alongside her online shop and brand deals.

💡Instagram reels

Instagram reels are a feature on Instagram that allows users to create and share short, 15-second video clips. The artist uses Instagram reels as a platform to share her work and earn money, making around 150 dollars a month from this source. It showcases the use of social media as a tool for artists to promote their work and generate income.

💡Brand deals

Brand deals refer to agreements between an artist or influencer and a company, where the artist promotes the company's products or services. The artist mentions that she typically earns a thousand dollars per brand deal, which can include creating content for YouTube or Instagram. These deals are an important aspect of her income diversification strategy.

💡Diversifying revenue streams

Diversifying revenue streams means having multiple sources of income to reduce financial risk and increase financial stability. The artist emphasizes the importance of this strategy by explaining that she has two to three income streams, which include her online shop, social media earnings, and brand deals. This approach helps her maintain financial stability even if one source of income fluctuates.

💡Financial instability

Financial instability refers to a situation where one's income or financial situation is unpredictable or unreliable. The artist discloses that she is no stranger to financial instability, which underscores the challenges many self-employed individuals face. However, she also shares her journey towards financial success, providing inspiration to others in similar situations.

💡QuickBooks

QuickBooks is a financial software tool used for managing financial transactions, including expenses, invoices, and taxes. The artist mentions using QuickBooks to categorize her business expenses, which helps her during tax season. It's an example of how technology can assist in managing the financial aspects of a self-employed business.

💡LLC (Limited Liability Company)

An LLC is a type of business structure that provides personal liability protection for its owners. The artist mentions filing for an LLC to separate her business, 'Uncomfit,' from her personal assets, which is a common strategy to protect personal assets from business liabilities.

💡Polymer clay

Polymer clay is a type of sculpting medium made from synthetic components, which can be molded, shaped, and then hardened by baking. The artist discusses her love for working with polymer clay, which is a significant part of her art and the products she sells in her online shop. It represents the medium through which she expresses her creativity and generates income.

💡INFJ personality type

INFJ is one of the sixteen personality types identified in the Myers-Briggs Type Indicator (MBTI). The artist reveals that she is an INFJ, which is characterized by being introverted, intuitive, feeling, and judging. This personality type is known for its idealism and desire to make a positive impact on the world, which aligns with the artist's approach to her business and her creative work.

Highlights

The artist makes at least $8,000 a month as a self-employed artist.

The artist addresses common misconceptions about financial stability as an artist.

Diversifying income streams is crucial for financial success as a self-employed artist.

The artist shares her experience with financial instability and how she overcame it.

The artist's income streams include online shop sales, YouTube AdSense, and Instagram Reels bonuses.

Brand deals are a third source of income, providing variable but significant earnings.

The artist is on track to make $96,000 a year with self-employment.

Expenses of running a business include taxes, subscriptions, and materials.

The artist discusses the importance of separating personal and business finances.

Using a separate bank account for business transactions simplifies tax filing.

The artist recommends tools like QuickBooks for categorizing and tracking business expenses.

Starting with Etsy can be beneficial for beginners due to the provided tax documentation.

The artist filed for an LLC to separate her business and personal assets.

The artist shares her journey from having a regular job to starting her own business.

Starting as a hobby can be a low-risk way to begin a business.

The artist discusses managing anxiety and pressure while running a business.

The artist's vlogging setup includes a Canon EOS 80D and a variety of lenses.

The artist's family background in art influenced her decision to become a clay artist.

The artist plans to explore other mediums like oil painting and ceramics.

The artist identifies as an INFJ personality type, which aligns with her values and approach to life.

The artist encourages viewers to have confidence in their abilities and the journey of entrepreneurship.