State of the Studio Part II

Income and Expenses - and how does reviewing the data influence the state of my studio practice?

I’m finally back for Part II of my State of the Studio data analysis.

In Part I, I looked at my income streams.

State of the Studio Part II

For Part II, I will briefly examine my studio expenses before summarizing with thoughts on how I go forward in my studio practice.

Jennifer Lommers LLC 2023 Allocated Expenses

As you can see in the expense chart above, I receive about 49 cents for every dollar earned. Keep in mind, that this figure is very generous for what is typically earned for most artists. As we saw in part I, my business relies heavily on licensing income (nearly 80% of my 2023 income) which requires far fewer expenses to maintain.

For myself, if I stripped out the licensing, under my current studio model, I would be losing money. However, I find other professional studio artists probably take home something closer to 20% - as shown by artist Amanda Adams via her account, CloseCallStudio on Instagram.

Link to expense Chart provided by artist Amanda Adams

And honestly, I count myself very lucky (and thankful for my licensing business) that I generate enough income to pay myself at all! Not only artist studios, but arts businesses are often in the red more often than not as well. Back when I was running a small art gallery and art supply store where I live in Corvallis, Oregon (Studio262), I had to use my art income to patch the constant holes of maintaining a brick-and-mortar business (averaging losses around $1200/month). Needless to say, despite generous efforts in the community to help me stay afloat, I decided to close the doors on that chapter after about 3 years, even though I loved the connections and conversations that were made in that space and may have been able to sustain it if I could’ve held on a little longer. Trying to operate it myself, however, tested the limits of my strength and taught me the value of collaboration - lessons that I am grateful for and believe would serve me well if I ever decide to try something similar again.

But back to my 2023 studio practice: to account for that generous 49 cents earned per dollar received, I also consciously limited my expenses by (1) making use of existing and acquired vintage supplies a priority, which enabled me to minimize my art material expenses; (2) reducing my show travel schedule, which affected both income and expenses; (3) maintaining an in-home studio to reduce rent/lease expenses; and (4) closely watching all monthly charges to make sure I was only using what I needed and consolidated expenses where I could.

If it wasn’t for all those efforts (even with much of my income coming from licensing) my studio outcome would be quite different.

State of the Studio going forward…

Creating a Budget

One thing I make sure to do as I reset all my data points and charts for the next year - is a Budget! Below is a sample showing the columns I use. Each row also expands to detail the types of income sources (e.g. Subscription expands to my sources of income for that category).

When I create a budget, I look at prior year numbers and YTD numbers. As an artist with a constantly fluctuating income, this helps me to plan and monitor my income goals so that I have an idea about what I can expect to contribute to our family budget each month and where I need to focus my efforts in building my studio practice.

Questions I ask myself as I prepare a budget

I can ask a lot of different questions, and I try to balance artistic expressions and needs with practical matters as I do so. I can analyze numbers and make predictions and recommendations for how to improve my overall numbers, but I can’t stop the need to create. Still, I ask the questions: Where and why did licensing income drop? How did various online sales compare? How can I improve my gallery relationships? What in-person events were most profitable? What expenses can I cut? What expenses can I expect?

After looking at all the data, considering the questions that arise, and processing my artistic needs, I build a strategy, not only for the next 12 months but also for my overall larger artistic goals in the years ahead - even when they conflict with income goals.

Studio Goals

With all practical aspects of my budgeting reviewed, I move forward with my goals and see how they fit with my studio plan and financial needs.

Growing non-product-centered studio income

I am often conflicted about the use of material goods and making products for sale. I recognize our planet as a source of limited resources with conservation as a priority. In my personal life, I try to limit my non-essential purchases to items in support of other creatives or to focus instead on creating experiences. As such, I approach making products from two vantage points: (1) I seriously consider the art supply purchases I make - how and where they’re sourced, what materials they use, and whether I can find a more ecologically sound alternative; (2) I try to look at what I can offer and build that is non-product based.

Substack (An Artist’s Notes & Collage O) | Patreon | Workshops

This year, I’m continuing to build more opportunities to share my expertise in ways that are sustainable and comfortable to me. (Historically, I have taught in a variety of formats - from a High School classroom to “Paint and Wine” events. Each instance proved to create more stress for me than was acceptable for continuing. This year, however, I’m finding a new way to communicate my art skills and experience which feels much more comfortable and meaningful for me - through collage, and Collage O subscriptions and workshops.) By offering more experiences in art via subscription services and in-person and online workshops, I’m hoping I can increase the non-product portion of my income pie.

Recommitting to my roots

At the same time, I know the majority of my income is via licensing. After a few years of basically letting it decline with inattention, I recognize I need to add some new life to this part of my pie. Fortunately, this year marks my 20th year as a professional painter. I decided to reignite my passion for this part of my studio practice (as well as injecting new art into the licensing pipeline) by celebrating the occasion. While I’m off to a slow start so far, I know I will gain speed toward the end of the year when other studio commitments are behind me - promising 20 new paintings for this 20th year.

Exploring new avenues in art

Here is where I drop any pretense in thinking my desire to create installations of art will benefit my bottom line. At least in 2024, I know it won’t. And yet, it is feeding a need to create that I’ve kept dormant for far too long. Time will tell how much this decision to move forward on larger, practically unsellable, projects will affect my income. But, right now, it’s a risk I’m willing to take, even if that means I finally have to consider other types of job opportunities to keep it going (yes, I do check local job postings just to keep my eye on any potential studio funding side gigs).

And to underscore my commitment, I finally updated my website to reflect this pursuit of installation art opportunities.

But, given the time it takes to produce such work and the lack of pay associated with it, it’s sometimes hard to stay positive about this new direction - especially so, when I share my studio practice installation goals with people and I receive a blank stare. I’m surprised how many people have never heard of the term “installation art”.

The UK’s Tate Museum has a great explanation of installation art HERE.

As an artist, I’ve primarily worked from a more commercial vantage - making and selling my art directly to the public either online or at in-person shows and festivals. Broadening my practice to include new, larger scale, mixed media work, and environments means not only re-thinking my relationship with art and income but also redefining patron relationships.

So, what is the state of my studio practice in 2024?

I would say at best, it’s in transition, and at worst, it is in a slow financial decline. I still have faith, though, in what this year might bring to my work and practice - both financially and in artistic fulfillment. But, don’t be surprised if I disappear for a bit here and there. I’m probably just working behind the scenes to secure my footing, protect my emotional state, or find new creative ways to fulfill my artistic dreams.

As an artist who found my professional footing amidst the outdoor art festival world, I also found a community of creatives and makers who believe in supporting one another on this unusual professional path (and have been immense support when I find myself floundering in uncertainty). Additionally, since I’ve started listening to “Beyond the Studio” (my original inspiration for sharing these “State of the Studio” posts), I have enjoyed listening to more like-minded creatives inspiring, educating, and supporting each other - such as with their latest episodes, Guaranteed Income for Artists & Financial Transparency in the Arts.

While every artist is as unique as the pie chart their studio practice would generate, I find their commitment to each other and to bringing art and innovation to this world regardless (and sometimes in spite of) what the world gives back is also unique and beautiful - and truly inspiring!

So, to artists everywhere - thank you for your time, generosity, and creativity. Obviously, no pie chart or budget plan will ever be able to tell the full story of what you do and how much you give.

~ Jennifer