I have a question, how well do you know the status of your A&E Finances.?
What do you pay out for your craft and what do you bring in?
This is where I feel, from a business standpoint, artists and entertainers do not always keep track of the finances regarding their craft.
It’s important to keep records for many reasons
1) For tax purposes | Write offs
2) To know what you pay out and what you bring in to evaluate the financial value or deficit.
3) To design a realistic budget
Get a ledger book or create one online. Or use a simple journal or note book.
Things to keep track of:
-Venue cost & venue service providers
-Display
-Musicians and Singers
-Marketing and promotions
-Outfits & costumes | shoes
-Make up, hair and nails
-Transportation
-Food & drink
Keep track of everything that you have to payout for a project.
I would also keep track of anything that is donated in services and product.
Also, you should have a receipt book.
You should keep a receipt, keep records for when you pay out for performance services, performers, venues and more.
Keep records of what you were paid for a project or how much money you made on a project.
As a professional in the Arts & Entertainment Industry, it’s important to understand your finances.
Learn to create a budget sheet for every project. It will keep you on point with understanding where you may need to make adjustments.
Keep track of all money that comes in from a project. All revenue and financial sponsorships and donations.
Understand the money aspect of your craft.
Start creating a means to save money towards your next project.
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