Today’s lecture with Steve Taylor was very useful and shed some well needed light on areas regarding managing finances. It framed making a living as an artist through the lens of managing of business. As a working artist himself, Steve encouraged creating multiple revenue streams. Some suggestions he made that seemed relevant to my practice included: Synch Agencies/ Workshops/ Music/ Field Recordist/ Residencies/ Film Composition. I have released music through a small record label called Chillghost, and intend to continue to in the future. While not much, this generates a small amount of income, largely from Spotify streams. I have thought about self-releasing too via Bandcamp, or Boomkat, and even Spotify – now having become somewhat acquainted with the process. Access to essential play-listing contacts is where Chill-ghost comes in handy however. Teaching is another profession I have thought to do part time, either in violin, or perhaps music technology basics – having now drawn up and delivered a workshop to 50 children at the Pembroke Academy of Music, using launchpads and midi controllers. Over and above this, I will be applying to residencies that would allow me to continue my soundscape composition practice, and hope I might even generate some revenue from this too. Working as a freelance sound designer and composer will hopefully be another source.
We talked about the differences in approaching personal projects and working in service of others. I.e. Setting your own brief (personal creative practice) vs a brief given by creative industry. I have gotten into disagreements in the past, especially with film directors, when trying to assert my own creative aesthetic. Steve’s advice however reminds me that when working in service of other’s projects it is sometimes best to let them lead. But in the past this has resulted in strained compositions. I think such experiences have an impact on the quality of work I output. Working in a conventional studio setting then, much like those that offer creative music & sound design for broadcast, branding, game and film, seems a little daunting. I would much rather have the creative freedom to choose which projects to work on. Though I know this is a luxury that normally comes from having already been in the industry for a while, after gaining access to key gatekeepers, and enlarging your accessible network. I already have a good working relationship with a director, with whom I am due to work on a documentary. His approach to film-making is quite collaborative, and as a result I am given full freedom to materialise the audio in the way I see fit. This is an ideal opportunity, and hopefully might lead to more of a similar nature. Nevertheless, I do understand what more traditional sound roles entail, and have experience whereby the main objective is to bring about someone else’s precise vision. Ive gathered that presenting myself as a service will be important in order to continue my work as an artist.
Steve mentioned a term called ‘Value Proposition’: a clear statement that outlines the benefits one brings through services they offer, highlighting what makes them unique and appealing to a specific target market or audience. This would mean letting the client definition lead your proposition – If so, then a value proposition would be quite changeable dependent on the opportunity applied for, as I understand it. What problems can my practise/ expertise/ skill can solve for others? Ecological outfits seem like relevant bodies to write value-propositions for. Creating immersive, narrative experiences for such organisations is something I already have experience in. Using my skills attained as a composer, recordist, and sound designer I believe I can make activities and findings of conservation groups accessible to the wider public.
The most important thing I think that needs doing, post graduation, is setting myself up as a sole trader/ freelancer. Combining this with an artist website will allow me to start forging a more public/ online presence. According to Steve, this is as simple as registering with HM Revenue and Customs (HMRC) as self-employed and completing a Self Assessment tax return. This involves choosing a business name, providing personal details to HMRC, and establishing a business bank account. ‘Thoughtsarelikebirds’ is a creative moniker I have been using for a while, and could be a name for a business, or collaborative studio that I set up in the future. Though this would be primarily be in regards to my own personal practise, rather than any commissioned sound design or composing gigs. For now perhaps I will then stick to using my name.
Another important part of this process is submitting an annual tax return. This would require learning to do bookkeeping and documenting financial records, but will save money from using an accountant. Therefore it will be important to keep a record of everything I spend money on that’s related to my business activities, and keep a list of all the expenses. As I have learnt today, this can be done using a spreadsheet or software like Quickbooks, Freshbooks or Xero to document income and expenses. I have also learnt that whenever you buy something business related you can deduct it from your annual profits – and this then reduces the amount of tax one pays. A useful thing to know in regards to work expenses. Submitting an annual tax return and paying your tax on government gateway is also an easy process: All you need to do is take the figure of your turnover (everything you earnt in the year) and stick it in the box in the form. Then take total expenses (everything you spent in the year) and stick it in the other box in the form. Nice and easy! Last top tip of the day provided by Steve was to get public liability insurance if working in a space that other people could be in. I’m not sure how this applies to my practise yet, but is certainly handy to know.
A Useful List of Work Related Expenses
- Travel
- Hotels
- Electricity bills
- Powered use of home
- Membership/ software subscriptions/ updates
- Professional development / Courses
- Therapy – business coaching
- Materials
- Workshop hire
- Clothing
- Tickets for gigs – research
- Fuel/ Petrol
- Specialist input/ mentoring
- Expertise Help