… and other great business advice. 🙂

My sister got me a subscription to SUCCESS Magazine and I’ve been listening to the CD’s that come in each issue lately as I paint or drive around town.  The other day there was an interesting section about risk taking that I thought I’d share.

Everyone has probably heard about the relationship between risk and reward – the hope being that the bigger rewards come from bigger risk taking.  But in the audio, they pointed out that your risk taking needs to be calculated, not on a whim.

Take calculated risks in your business for maximum success.

Where you are in your life will affect the kinds of risk that make sense for you.  If you have nothing to lose, it is safer to take larger risks.  So the average college student is more likely to bet the house on an idea than the breadwinner with a family of five.  Only YOU can assess what you need to live, protect your assets and your business and what risks make sense for you.

What kinds of risks are there in art licensing?

The risk of failure. If you are new to licensing, know that it isn’t a quick way to make money and there is no guarantee that licensing will work for you.  Like most industries, there are a lot of people already in licensing and there are always new artists giving it a shot.  If you have bills to pay, don’t quit your day job because this sounds cool.  It is cool, but it’s cooler when you figure out if it will work for you and the royalties start coming in.

Investing in your business. There are many ways you can invest in your art business. From computers to software to scanners.  Travel, trade shows and marketing materials.  Don’t invest the farm unless losing the farm won’t leave you and your software in your car.  In the scheme of things, it’s a lot less expensive to license your art than manufacturer cars, but there is still some risk there.

Time management. How you choose to spend your time is always a risk.  Do you paint or do you make marketing calls?  Do I blog or do I sketch?  Time is money and you need to decide how to spend yours to maximize your return on your time.  The key however is to take action.  Sitting and thinking won’t get you very far.  The successful artists in this business work hard and smart.

While we’d all love to believe licensing our art can turn out as well as Field of Dreams… it isn’t always the case.  So be smart about what you are doing and do what you love.

[youtube rXGfmHC2Q5M]

So… that’s my thought for the day.  Now back to painting…

Here’s to your creative success!

– Tara Reed