planning - Forum - Art Fair Insiders2024-03-28T19:40:12Zhttps://www.artfairinsiders.com/forum/topics/feed/tag/planningDo not miss out on legal and vital tax deductionshttps://www.artfairinsiders.com/forum/topics/do-not-miss-out-on-legal-and-vital-tax-deductions2012-04-26T14:28:45.000Z2012-04-26T14:28:45.000ZJim Daltonhttps://www.artfairinsiders.com/members/JimDalton<div><p>We just had a discussion last week while at an art fair with a very well known ceramic artist. He was bemoaning the amount of taxes he had to pay this year. Jim asked, "How much did you contribute to your retirement accounts?" His reply was, "I do not have any retirement accounts".</p>
<p> Jim is a retired investment advisor with Smith Barney, and was astonished. Here are some bullet points for all who have any income from their business:</p>
<ul>
<li>Almost anyone who has income from their own business may open a retirement account and fund it with tax deductible contributions.</li>
<li>The limits on the amount of contributions vary, but can be quite large and of significant advantage in reducing current tax liability and in guaranteeing an income stream when you no longer wish to participate in this business.</li>
<li>There are several ways to get good advice, investigate more than one.</li>
</ul>
<div style="margin-left: 2em;"><ol>
<li>Standard full line brokerage houses</li>
<li>On line discount brokers</li>
<li>Investment advisors at your local bank</li>
<li>Fee only investment advisors</li>
<li>Your CPA</li>
</ol>
</div>
<p>No one is likely to give you much valuable advice for free, some are commissioned on the sale of product to you, some charge a flat fee. Investigate! One strong recommendation would be Fidelity on line, but you lose the person to person contact. In any case, do not allow anyone to sell you tax free or tax deferred products (such as variable annunities) to go into your retirement account, as they are already tax free.</p></div>Managing Scheduling & Show Fees - How Do You Do It?https://www.artfairinsiders.com/forum/topics/managing-scheduling-show-fees2010-03-01T16:19:38.000Z2010-03-01T16:19:38.000ZJacqueline Websterhttps://www.artfairinsiders.com/members/JacquelineWebster<div><p>This is my first year of festivals and I'm finding myself fixated on trying to manage two things:</p>
<p> </p>
<p>1. Scheduling - show deadlines, applications & show dates. I can't seem to get them all in one place that makes sense for me. (FYI - I do better with paper - it's the whole out of sight, out of mind thing with computers) What kind of system do you use to keep track of everything? Or do you just wing it?</p>
<p> </p>
<p>2. Show fees - trying to stay solvent with all of those checks floating around out there is giving me ulcers. How do you do it? Is everybody living on credit and overdraft protection this time of year? How do you deal without knowing who's going to cash which check when?</p>
<p> </p>
<p>I'd love to hear from everybody on how to manage these things, especially the old timers (pardon the expression). I'm convinced that there has to be a way to do it that doesn't include ramen noodles and sleepless nights.</p>
<p> </p>
<p>Thanks!</p>
<p> </p>
<p>Jackie</p></div>2010 - planning for the next year, too early?https://www.artfairinsiders.com/forum/topics/2010-planning-for-the-next2009-10-10T12:01:02.000Z2009-10-10T12:01:02.000ZMichelle Sholundhttps://www.artfairinsiders.com/members/MichelleSholund<div>Hey everyone! I have been toying with so many ideas for 2010 that it seems hard to figure out what is best for me and my craft business when going ahead and making plans for next year - which shows to sign up for, what other things I would like to do next year (as in vacations and such, to plan around show dates) and then what to do new and creatively regarding what I sell for next year.
In addition it was about this time last year I decided to make some big changes for my business as I decided it would be worth changing the business name, create new labels and some new packaging, and added some new products. What can I say I do embrace chance and it has worked for me. I just feel "I have to top that for next year???" LOL I don't plan on topping it, but deciding on what the next step is in promoting all the new stuff seems to be a challenge. I have an idea of which path I wish to take, (not going to jinx it by stating it now) but still working out the kinks.
I am wondering if anyone here is having trouble, like me, in deciding how to approach 2010 when making business decisions for their well art/craft business when it comes to doing shows? Are others concerned about finances too - what might be going on economically next year and factoring that into their plans? - Michelle</div>In town to attend an art show or art fairhttps://www.artfairinsiders.com/forum/topics/in-town-to-attend-an-art-show2009-06-05T18:01:47.000Z2009-06-05T18:01:47.000ZJulie Brownhttps://www.artfairinsiders.com/members/JulieBrown<div>When you travel to an art fair, one way to increase your visibility at the show and increase your sales is to have a social event prior to the fair opening. Contact a local event planner to gain access to information about local artist groups. Using their contacts and your list of patrons have the event planner plan a cocktail party at a local gallery and meet the public. The cocktail party is a perfect environment to meet art patrons, connect with the community and start to create interest in you and your work. If you can afford the expense of renting AV equipment have a slide show of your work running during the party. This will increase their ineterest in you and your work. The event planner may even be able to get an AV company to allow you to use their equipment at no charge for the exposure to the buying public. This is getting at the roots of local marketing and networking. As an event planner to the art community I have used these techniques to create fun, lively parties that benefited the artist, the community and the show. Community groups, local art schools and universities will hep you promote the party by allowing your event planner access to their mailing list. You now have the opportunity to be close up and personal experience with people in the local art community. To get to the next step in developing as an artist, finding and meeting your potential patrons is essential to your growth. One last word, have that event planner keep a mailing list for you. Your future success in that marketplace depends on it.</div>