The 5 Financial Mistakes That Can Doom Your Small Business

[@KelseyRodriguez]

This video was filmed a few weeks ago so I could take time off without having to worry about work. I'm back from my break and just filmed a chill sketch/draw with me video that should be out next week! I'll be experimenting with uploading 2x a week for a little bit while I wrap up a bunch of paintings and start brainstorming my next series of work. Lots of art content coming your way vvv soon :)

[@minakinna]

@@KelseyRodriguez 🇦🇨🇦🇨

[@qeueoi]

hello!! i wanted to use your notion templates but i noticed none of them are available?

[@MariaRevArt]

Kelsey, when you talked about the desperation and the person doing anything to earn money, I really felt that. Thank you for making this video and sharing this information. I made a LOT of mistakes trying to start a business while I was unable to get a job. I have realised that all of what I was trying is not sustainable and furthermore, it wasn't earning me the money I needed to live. So, I'm job hunting again and switching to low or no cost products / services in the interim. If the business ever gets to the point where I'm earning enough, then I'll return to slowly investing in it again. I wish I had this knowledge a year ago, but at least I can make better decisions going forward.

[@melissaoleary8196]

As a garlic/lavender/alpaca farmer, this analogy was perfect for me! I am slowly researching how to start an art business in a financially wise and calm way that adds beauty to my life rather than pressure and anxiety. Thank you so much for this video. I've been binging you and the Calm Creative (Louise). Much gratitude to you! ❤️

[@KelseyRodriguez]

omgg farming garlic and lavender and having alpacas sounds so fun! if you ever make youtube videos tag me, would love to watch

[@artsycrafts7958]

Questions: 1.Would you suggest people to fundraise for their buisness and if you do how should they go about it? 2. Can you also talk about branding,copyright,trademarks/logos, llcs. do you have to have all that done before you start being an entrepreneur so one one steals your ideas and logo/characters/creations or is you posting frequently and building your buisness slowly help with thst

[@KelseyRodriguez]

There are a couple ways you can fundraise! Best thing IMO is to crowdfund once you have a little bit of an audience. This also ensures there’s actual demand for whatever change you want to make. Another approach that’s way better than credit card debt is to get a small business loan. The government offers partially financed ones with lower interest rates. Just make sure you’re really paying attention to the interest rates before you jump on it! 30% or above is absolutely not worth it. Assuming you’re in the US, you can get legal protection for written and visual work via Copyright.gov and filling out a pretty simple online form. Things like trademarks are harder and I don’t know of anyone who has bothered with that lengthy process. I wouldn’t worry about a lot of this stuff when you’re first starting. And I wouldn’t recommend getting an LLC until you’re making around six figures in revenue, just because the tax advantages really only start to become worth it then and there are filing costs and forms to keep up with Hope this helps!

[@hellotanibelle]

I literally gasped when I saw the sponsor as I've been literally using them for years. They are game-changing at tax time!!!

[@KelseyRodriguez]

I heard about those features and I gasped they genuinely sound life changing!!

[@safegourd]

How has your experience been? It sounds like a really interesting platform!

[@kellyramirez7465]

Excellent points. I love my 9-5 job but I really want to go full time as an artist. With the slow pace I’m going, still learning, and not ready at all for launching a business, I’m going to keep working and putting money aside for that

[@leahwilton785]

In terms of undercharging, I had a financial advisor say she tells all her artist clients to raise their rates 10% immediately (plus, remember to increase rates annually). I did that, and I'm so serious when I say no one even said anything about it.

[@queenfrostene]

These are all such important points. Even when you know about these, it can still be tricky to properly navigate starting a business in a successful way. Especially if you're starting without resources. Every misstep can be a mini-disaster financially.

[@02SpiderBoy]

This was super helpful!!! I try to remind myself that the point of business is to stay in business. I just recently launched my own shop, but now I'm reworking my numbers & margins lmao. Thanks again for keeping it real Kelsey! 🤘

[@kellybrassard767]

I loooove your down to Earth approch! Artists love making art, but we are not building charities. We are here to make money (without scamming ppl ofc)! What good does it do if we get burnt out and/or bankrupt? Artists (and any entrepreneur really) must get a hold of their fear of money or lack of money knowledge because otherwise, well boy they are choosing the hard path 😅

[@SkkyPillowFort]

Who else read this as "I wish artists would stop making money" LMAO

[@maiamystia]

🤣🤣

[@KelseyRodriguez]

oh no 😭😭😭

[@reecenaidu6020]

Bro the day artists are making enough money to justify such a title, I would gladly welcome hateful videos like this

[@cakie_0933]

Lat word wasn’t in the thumbnail view 😭

[@threetenticlesforward]

This has been my plan. I think of it as a long term goal to transition into my art career from my current career. It gives me the financial stability to play around and figure out how I want to be in the art world and what I really love and enjoy while not having the added stress of worrying about money. The more things I do and experience the more I realize oh I didn't like that, I like doing this. Etc. I think it's like my equivalent to what artists must go through in university exploring for 4 yrs.

[@CristinaGarcia-jy8js]

I'm definitely going to look into Found! I'm ADHD and this sounds better than my alternative of telling the drunk raccoons that live in my brain (who are also addicted to buying all the art supplies) to take care of my money. Thank you!

[@KelseyRodriguez]

yessss! having things as automated as possible is the way IMO

[@hervoniabaker4874]

I'm definitely making all these mistakes.

[@beacho1890]

No you are so real with the selling via a page or PayPal lol. It’s so exhausting going through videos of which selling platform is best knowing that most of them are still pricey and then the whole setup of it all 😭😭. I think that has been a main blocker for me as well. Thank you so much for making this video! ❤

[@beacho1890]

Taxes as well being a stressor so you really hit all the points I needed!

[@CaliberDawn]

What part/step of the vid does she refer to the platform part?

[@louannephraim7406]

Thank you thank you thank you for all what you said. This is exactly what I needed to hear. Yeah there are tons of business/financial books and KZbins like Rich Dad Poor Dad series (and frankly I read most of them and even had the game board)... but nobody... I mean... nobody is talking about the ground up for artists... enough imho... when you do not have all the ideal resources the way you pointed it out... for artists. We aren't that savvy at the business side... since we seem to be using mostly the right side of the brain. I think that's the creativity side... and we need to use both. Thank goodness I already know what it's like to grow a garden: you always need patience and persistence to grow a "beautiful garden". You always need a strong foundation.

[@jordanpeklo]

Your vids are sooo helpful. Thank you for this info ❤

[@TommyLeiStudio]

Watching this video is so reaffirming and healing. I definitely have shifted my approach when it comes to marketing as an artist :)

[@AshCryptid]

just getting another job isnt really an option for a lot of people. i can change how i think about this thing and have a long term mindset, but i cant just make myself need the income less.

[@fowlerillus]

This is such outstanding advice. I absolutely love the hunter vs farmer metaphor. Thanks Kelsey - I'll definitely share this with my students who are trying to launch careers - great work as always!

[@OlegKoreybaArt]

When you’ve just started a KZbin channel with no subscribers and then found this video

[@getbogged]

Through my years of art school, I was always told to keep 30% to 50%. Might be different by state? This is in MN which has fairly high taxes tho (taxes that pay for kids lunches, farmers, etc. so I am SOOO ok with MN taxes). 50% might be overkill, but if it is, then just treat it as your tax return I guess!

[@KelseyRodriguez]

I grew up in MN and can confirm that tax dollars are def put to use there. Tbh very excited to vote for Walz in November!

[@artisanjames182]

How much do you need to make annually in order to file taxes? What if I started an online shop and only sold say $2000 bucks in digital prints or tshirts for the entire year or something?

[@maiamystia]

Depends where you live, there should be a specific amount that you have to file taxes once you reach or exceed that number. At least, that's what I heard.

[@artisanjames182]

@@maiamystia okay i'm currently unemployed and living off some savings but I'm contemplating in the near future opening a print on demand shop or even reselling on ebay for some passive income, I know it's oversaturated but i might give it a try...nothing crazy and not expecting much, but i am a digital artist and have got what I believe is a really unique style and some fans of my work, i have a pretty small social media following.. 1000+ on insta and I'm in the process of making a Cara account as well to diversify and get my work out there...

[@artisanjames182]

@@maiamystia okay yt just erased my comment don't know why but i am currently unemployed and living off some savings but I'm considering trying out print on demand or maybe even reselling on ebay in the near future, nothing crazy and not expecting much but just something for some passive income.. i am a digital artist with a really unique style and some fans of my work overall.. i know it's oversaturated but I might give it a try next year.. i'm just continuing to research currently...

[@KelseyRodriguez]

This depends on your country! Here’s a relevant article for US folks that might help but I recommend consulting a tax professional! taxrise.com/irs-600-dollar-rule-when-do-you-have-to-report-income-on-payment-transactions/

[@smallcityadventures2300]

I believe you have to pay self employment tax which is 15.3 on net income from your business. I'm not sure but I believe most online shops handle sales tax but not income tax.

[@SergioLopezFineArt]

Here's why I don't totally agree with having to promote your work on social media over and over again. Sure, only 1 of 10 of the people who follow you might see your post. But what about the people who are engaged with you because they like and comment on what you post? The algorithm is going to feed them your posts more often, and eventually they are going to burn out on you trying to sell your work on every post, which will lead to them engaging with you less, and therefore lower your overall reach in the algorithm. Not to mention the time and mental effort of doing the same thing over and over again on social media. Even if you schedule and automate as much as you can, there is still so much day in/day out of the same task over and over again with the hopes of it resulting in a sale.

[@ArtByAshleyJayne]

I so needed these reminders today! Thank you, Kelsey! 💗

[@heygabimara]

This is so helpful thank you!

[@HannahMorenDraws]

I'm feeling really discouraged in my efforts lately - and I wonder if my desperation is coming off in my cold pitch emails (I'm an illustrator who's trying to get into editorial and surface design.) My last like 6-7? youtube videos have been performing poorly too. I'm getting a part time job now, and I'm hoping that it won't take away from my art pursuits too much, but rather take some of the mental financial worry and pressure I'm putting on my creative work.... But I wonder if I'll need to take 2 part-time jobs...

[@KelseyRodriguez]

I'm sorry things aren't working out! It can take forever to gain traction and unfortunately despite even our best efforts some things are up to just luck sometimes. For what it's worth, I regularly give thumbnail feedback and advice on our free community Discord server if that's of interest to you, we've got an amazing community over there.

[@kalilavalezina]

Thank you so much, Kelsey! My book recommendation is Becoming a Successful Artist by Lewis Lehrman. I found it very inspiring.

[@KelseyRodriguez]

I'll check it out!

[@Armony-d9b]

Love your channel! Thank you for what you do! 🌻☀️✨

[@theteapote]

Book rec : The Crimson Moth ❤ Thank you for your enlightening videos! They're truly valuable

[@AdarableKitten]

Glad this video came into my feed!! I been looking for a bank app like the sponsor!

[@KelseyRodriguez]

i love to hear that!! working with sponsors people will actually find valuable is always the goal

[@JamesWiinston]

2nd! struggling but very true

[@adriennerice8570]

Hi, Kelsey. I would love it if you could make a video of your recommended business books for artists (if you don't have one already). Thank you!

[@KelseyRodriguez]

Currently reading a bunch of business books to be able to make this video!! It’s like you read my mind hehe

[@adriennerice8570]

Great!

[@WedgyBlue]

Can I start onliness business or art commissions if my name is hidden?

[@abigailgarner5938]

oh boy I have made too many of these mistakes

[@lissam2529]

Thoughtful video, reality based points👍 appreciate it!

[@coomartist]

I wanted to buy your Notion templates, were they taken off from your shop? I cant see them

[@KelseyRodriguez]

Currently reworking and updating them! They should be back up in a few days!

[@coomartist]

Okay thank you, looking forward to seeing them

[@lauritaeart]

Does found works only if you live in the us or can be applied to other countries from eu ? :0

[@KelseyRodriguez]

I think it’s only for US users right now, I’m sorry!

[@lauritaeart]

11:07 I know this is random not-video-related 😂but i love that flowery choker! Looks very cute on you 🌸

[@themangobee.]

valuable information!

[@Riste.R]

Commenting for the algorithm. Great video :)

[@ivi122]

Great video! Very informative

[@KelseyRodriguez]

I'm glad it was helpful!

[@yiffmaster6961]

First! very well informed

[@Genuinewormworks]

Unrelated to the topic but u are glowing in this vid 🫶

[@ZoyaZubair-mb8pz]

Number give me