ArtMeetsMoneyWorkbook 200503 210459

Art Meets
Money
WO R K B O O K
Self-Evaluation
Your business should be centered around YOU. What are your goals, wants, and needs? What life do
you want to create for yourself ? The more clarity you can get on that front, the more clarity you’ll have
around the direction your business should take.
YOUR CURRENT DAY-TO-DAY
THINGS TO KEEP THINGS TO LOSE

What are the most enjoyable parts of your day? What are the least enjoyable parts of your day?
THINGS TO ADD
What things would you like to add to your day that you aren’t doing now?
YOUR PASSIONS
What brings you joy? Painting, organizing, music, interacting with people?
List both art and personal passions that light you up.
ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 1

YOUR STRENGTHS & WEAKNESSES
STRENGTHS WEAKNESSES
What are you great at? What do people consistently ask you for What do you struggle with? What stresses you out?
help with? What do you get compliments on? What things do you want to take off your plate?
YOUR IDEAL JOB
I’d like to work hours a day, days a week
I’d like to work hands-on with other people Often Sometimes Rarely
I’d like to work from Home The Road An Office Different Spaces
I’d like to travel weeks out of the year
I’d like to spend % of my time making art, and % handling business-related things
I’d like to be making $ per year
I’d like my business to stay relatively small grow as much as possible
I’d like to be living in (location)
I’d like to be involved in the day-to-day I’d like my business to run itself
List anything else that’s important to you:

Before the Jump
Planning to leave your day job? Set some concrete goals so you’ll know when it’s time.
BEFORE YOU LEAVE YOUR DAY JOB...
I’d like to have $ in savings (6 months+ of living wages)
If I save $ per month, I’ll reach that goal in months
I’ll contribute $ per month to my retirement fund
*If your employer matches your contribution to your 401K up to a certain %, max it out! Also, find out when you’re vested—sometimes you
can’t claim the money your employer contributes until you’ve been at the job for a certain amount of time.
I’ll spend hours a week working on my business
I want my business to be making $ per month before I take it on full-time
I plan to get healthcare coverage from when I’m self-employed
LIST ANYTHING OTHER GOALS OR MILESTONES YOU’D LIKE TO HIT BEFORE YOU LEAVE:
You can come back and add once you have a solid business plan.

Brainstorming
We love the Japanese concept of ikigai that translates to “reason for being.”
Here’s an illustration of how ikigai is found.
What you LOVE
passion mission
What What
you’re ikigai other
GOOD people
AT NEED
profession vocation
What you can be

PAID FOR
The same method works for discovering the work you should be doing as your job.
IKIGAI BRAINSTORMING
Go back to your answers from the self-evaluation and brainstorm ways to combine and overlap them to find your
ikigai business idea.
If you love cooking and photography, maybe you should be a food photographer.
If family is super important to you and you’re a talented illustrator, maybe you should design children’s books.
If you’re a watercolor artist with a love for nature, you could focus on scientific illustrations.
Be as broad or specific as you want and remember, you’re not married to any of this!

INCOME STREAM BRAINSTORMING
Let’s try a different angle this time! Think about the various income stream categories that exist,
and then list some business ideas that fall under those categories.
So, if you like the sound of teaching, what would you teach and to whom?
If you’re into art licensing, what type of art would you specialize in, and for what kinds of products?
Try to drill down to a niche that could set your business apart.
INCOME STREAMS
Freelance • Teaching • Physical Products • Digital Products • Art Licensing

Murals, Installations, & Live Art • Brand Partnerships & Promotions
INCOME STREAM INCOME STREAM INCOME STREAM
IDEAS IDEAS IDEAS

AUDIENCE-BASED BRAINSTORMING
Here’s one more way to brainstorm that may be helpful!

It’s important to make sure your business idea serves the needs/wants of a group of people.
If nobody wants to buy whatever it is you’re selling, you’ll be out of business in no time.
Think about the audiences you currently have access to, or that you could get access to.
Ask yourself what problems they have that need solving. A good business is all about offering solutions.
PROBLEM SOLUTION
PROBLEM SOLUTION
PROBLEM SOLUTION
PROBLEM SOLUTION

Workshopping
Now that you’ve come up with some ideas, pick your top 3 and let’s see which one works best. Start by focusing on
what would be your core business. You can always add more income streams later.
EXAMPLE IDEA
Paper artist who does installations

for events & weddings.
QUESTIONS
The more specific your Who is your audience? What do you need to start up?
audience, the better
you will know how to
Make sure you’re
reach them. Seth Godin
not getting in over your
says—if your audience Local event planners, Portfolio, a few supplies,
head or above your
is big enough to have a
venues, brides/grooms website, social media means with
conference, they’re big
hefty start up costs.
enough to support your
business.
What’s their problem? Who are your competitors? Is your market

saturated with
The problem
competitors? That
is usually deeper They want to set their
validates that there
than it may seem at event apart and make Mostly other local installation is demand for your
first (often emotionally
memories they & their idea, but it may make it
driven). artists or florists
hard for you to
guests will never forget. claim a share of
the market.
How do you solve it? What sets you apart from them?
What factor are
you competing
How can you use your on? What is your
skills or expertise to
My paper installations are
My paper installations are unique benefit? Is
solve the audience’s intricate and unique and look it the style of your
problem?
an unforgettable background for
different from what any other art, the pricing, the
all their photos and memories. customer service,
installation artists are doing. etc...?
If I make eye-catching event installations that look more intricate and
unique than anything else in my local market, then people will hire me
YOUR THEORY OF BUSINESS: over other installation artists because they’ll be sure their guests will be
If, then, because statement
amazed and impressed.

BUSINESS IDEA #1
YOUR IDEA
QUESTIONS
Who is your audience? What do you need to start up?
What’s their problem? Who are your competitors?
YOUR THEORY OF BUSINESS:


BUSINESS IDEA #2
YOUR IDEA
QUESTIONS


BUSINESS IDEA #3
YOUR IDEA
QUESTIONS


Testing Your Idea
Now that you’ve solidified your idea, it’s time for some testing! Use this list to experiment with different ways of
getting feedback. Make sure to record the results so you can pivot and make changes accordingly.
INSTAGRAM POLLS Ask your audience questions! Float ideas past them! They can give you valuable feedback in real time.
notes:
SURVEYS IN EMAIL NEWSLETTER Send a survey to your email list and pick their brains.
notes:
ASKING FRIENDS AND FAMILY Do you have any friends or family that fall into your target audience? Ask them questions!
notes:
SEND FREE PRODUCT TO INFLUENCERS IN EXCHANGE FOR FEEDBACK Send a prototype or early preview to influencers.
notes:
BETA TESTING Invite a small group of friends or people within your target market to test your product/service/customer experience, etc...
notes:
PRE-SALE This helps validate your idea. Give a sample or opportunity to learn more to gauge interest via a landing page or another system.
notes:
FACEBOOK GROUPS Create your own or be active in other groups where you can watch + observe.
notes:
KICKSTARTER A crowd-funding platform that only gives you the money you raise if you meet a goal helps validate demand.
notes:
A/B TESTING Try releasing two different versions of whatever you want to test and compare reactions.
notes:

Create Your Business Plan
notes:

Naming Your Business
If you don't want to use your given name, here's an exercise to help you brainstorm a business
name. Consider your growth plans and how your business may evolve, and avoid names that
are too similar to other brands as they'll be hard to protect.
WORD LIST
Use the lines below to write down any words that come to mind when you think about your business.
Check the words that stand out.
WORD MASH UP
Now, try mashing up a few words to create a name, or try a few acronyms that represent your business.
1.
TOP 5 FAVORITE NAMES 2.

Choose your favorites and do a
basic search on our own, then hire a 3.
lawyer to do a trademark search on
your chosen name. 4.
5.

Customer Profile
WHO IS YOUR CUSTOMER?
HOW OLD ARE THEY?
WHAT ARE THEIR DEMOGRAPHICS?
WHERE MIGHT THEY LIVE?
WHAT ARE THEIR INTERESTS?
WHERE DO THEY HANG OUT ONLINE?
WHERE DO THEY HANG OUT OFFLINE?
WHAT OTHER BRANDS DO THEY ENJOY?
WHAT’S THEIR DREAM?
WHAT’S IS THEIR BIGGEST STRUGGLE?
WHAT'S YOUR SOLUTION TO THEIR PROBLEM?
WHAT PROCESS DO YOU WALK THEM THROUGH?
WHAT'S THEIR BIGGEST HESITATION IN TRYING YOUR OFFERING?
HOW CAN YOU ADDRESS THE ABOVE?

Brand Foundation
TRANSFORMATION STATEMENT
I HELP Target Customer TO Positive Change / Outcome BY Value You Provide
Example: Loomier helps artists to make a living doing the work they love
through helpful resources, courses, and community support.
WHAT IS YOUR TRANSFORMATION STATEMENT?
(This may be different for each income stream—start by defining the core of your biz)
BRAND PILLARS
CORE VALUE #1 CORE VALUE #2 CORE VALUE #3
WHAT ARE SOME WORDS THAT DESCRIBE YOUR BRAND?
WHAT IS YOUR POINT OF DIFFERENCE?

Competitor Audit
COMPETITOR NAME:
DIRECT OR INDIRECT:
WHAT TRANSFORMATION ARE THEY SELLING:
STRENGTHS: WEAKNESSES:
PRICING:
WHAT SETS YOU APART/WHAT CAN YOU DO BETTER?
COMPETITOR NAME:
DIRECT OR INDIRECT:
WHAT TRANSFORMATION ARE THEY SELLING:
STRENGTHS: WEAKNESSES:
PRICING:
WHAT SETS YOU APART/WHAT CAN YOU DO BETTER?

Finances
MONTHLY BUSINESS EXPENSES MONTHLY PERSONAL EXPENSES
CATEGORY COST CATEGORY COST
Website Domain Rent / Mortgage
Website Hosting Phone (Personal)
Advertising Insurance
Hiring Help Cable / TV
Office Rent Other Utilities
Insurance Savings
Dues & Subscriptions Groceries
Accounting Service Gas / Transportation
Taxes Loans
Supplies Memberships
Software Entertainment
Mileage Misc. Expenses
Phone (Biz usage) Me (treat yo self)
Total Total
BREAK EVEN NUMBER
Total Business Expenses + Total Personal Expenses =
$ /MO

INCOME GOALS
BREAK EVEN NUMBER X12
+
DESIRED PROFIT
ANNUAL GROSS INCOME
$ /YR OR $ /MO
MY SALARY PROFIT FOR BIZ
$ /YR $ /YR
HOURLY RATE This is the number left over after

all your expenses, costs and taxes.
MY SALARY ÷ HRS I WANT TO This amount funnels back into your
WORK PER YEAR = business - you'll choose to put it
in your pocket, or reinvest it into
$ /HR growing your business.
You may use this number internally

only, or share it
with clients. Check your
industry to make sure you're within
a reasonable range.

Primary Offering
Copy this for each product/service
DESCRIPTION OF YOUR PRODUCT OR SERVICE:
PRODUCTION
Make a list of all the steps you’ll need to take to get your product/service to the customer.
For example: printing, packaging and shipping.
1. 5.
2. 6.
3. 7.
4. 8.
I will be selling: Wholesale Retail
I will be selling via: Craft Fairs My Website Etsy Print on Demand
Trade shows Store Front
What does the customer receive and how does it happen?
I’ll be delivering my product via:
What does the packaging or deliverable look like?
Calculate how much it costs to ship/deliver each product:

PRICING
COGS + PROFIT = WHOLESALE | WHOLESALE X 2 = RETAIL
COGS (COST OF GOODS SOLD)
List all of the direct costs associated with your product or service
Material Costs Per Unit:
Cost of Labor Per Unit: (Your hourly rate x time it takes you) (Also include cost of hired help)
COGS Total
YOUR PRICE
How much should you charge?

SERVICE FORMULA
+ =
COGS Total Profit Price
PRODUCT FORMULA
+ = x2 =
COGS Total Profit Wholesale Price Retail Price
MONTHLY SALES GOALS
How many do you need to sell per month to meet your income goals?
÷ =
Gross Income Goal (Mo) Price of Your Offering # To Sell Per Month
*While working through this, make sure to check industry rates and see how your pricing compares.
Additional Income Streams
Millionaires have SEVEN income streams. List out ideas for your seven. To implement, go back through your
workbook and do the process for each one, introducing them slowly over time.
STREAM:
STREAM:
STREAM:
STREAM:
STREAM:
STREAM:
STREAM:

Marketing
How will you reach your customers?
ORGANIC PAID
Pinterest IG, FB / social channels Boosted posts
Blog posts Advertisements (online/offline)
Email list Promoted listings (Etsy)
Events/meetups Google ads
Referrals Mailers
Cross-promotion with artist / brand
Giveaway
Get active in facebook groups
Podcasts / youtube channels interviews
Share tutorials or process videos
BUILDING A WEBSITE CHECKLIST NOTES:
About page
Contact page
Testimonials (write down who you can ask)
Transformation statement from earlier
Strong website photography
E-commerce if needed
Social channels linked

CUSTOMER JOURNEY
POINT OF CONTACT How might a customer initially find you?
NURTURE What do you do to build trust, stay top of mind, or stand out?
ACTION ITEM What action do you want them to take and what makes them take it?
OVER DELIVER What does your customer experience when you deliver your product/service?
MAINTAIN What do you do after your offering is delivered to keep the relationship going?
SEO KEYWORDS
What words and phrases are your
customers searching?

Hiring / Outsourcing / Partnerships
Start to sort out all the tasks that go into running your business. The list will grow as you grow. The goal is to spend
the most time working on the things that make your business special that can’t be replaced. Eventually, you’ll be
able to delegate more in forms such as hiring, outsourcing and partnerships.
Consider what resources you have available, and what partners you can work with right away.
Example: if bookkeeping overwhelms you, start using a bookkeeping service, and look into getting a CPA to help file your taxes.
YOUR SPECIAL SKILLS THINGS TO LEARN NOT INTERESTED

The goal is for you to focus most Tasks you can learn, and hopefully Tasks that someone else is skilled at & can
of your time here: eventually delegate: be delegated - saving time & money:
TASKS TASKS TASKS
Brainstorm a few resources or partners that may be helpful as you grow.

Goals & Growth
1 YEAR GOALS
FINANCIAL GOAL:
CLIENT OR SALES GOAL:
HIRING GOAL:
PERSONAL GOAL:
A YEAR FROM NOW , THIS IS WHAT I WANT MY LIFE TO LOOK LIKE: (use this space to visualize your dream life, both professionally
and personally. Paint a picture of what it looks like below.)
3 YEAR GOALS
FINANCIAL GOAL:
HIRING GOAL:
PERSONAL GOAL:
THREE YEARS FROM NOW , THIS IS WHAT I WANT MY LIFE TO LOOK LIKE:

Goals & Growth
5 YEAR GOALS
FINANCIAL GOAL:
HIRING GOAL:
PERSONAL GOAL:
5 YEARS FROM NOW , THIS IS WHAT I WANT MY LIFE TO LOOK LIKE:
10 YEAR GOALS
FINANCIAL GOAL:
HIRING GOAL:
PERSONAL GOAL:
TEN YEARS FROM NOW , THIS IS WHAT I WANT MY LIFE TO LOOK LIKE: (this may seem so far away, but know that your vision
and goals will change as you do.)

Backup Plans
While we’d never encourage you to give up right away, it’s important to have a plan in case ends aren't meeting.
Let’s write down some goals that’ll help you prepare for when to pivot and make changes.
If happens, I need to do
If I don't make financial ends meet in the first year, I need to
If I'm not happy in my business I'm going to shift to
If this income stream doesn't work out I can try

Write down any additional if/then statements that'll help you plan for shifts and pivots in your business.
Remember—you'll grow and change, as will your goals.
PEP TALK Use this space to give yourself a pep talk for when the going gets tough. Remind yourself why you're doing this,
and how strong you are.

LAUNCH PLAN
Make a running list of ideas for your upcoming launch.
PRE-LAUNCH LAUNCH POST-LAUNCH
Set up biz & bank accts Celebration! Review & analyze results
Create products Customer service / Q&A Implement evergreen sales
Validate (pre-sales) Email sequences funnels & content
Beta test Tracking & analytics Automate
Gather testimonials Affiliates & partnerships
Build email list Give people a reason to
Send newsletters (x3+) remember & return
Create a promo video Share content constantly
Write relevant blog posts
Find podcasts and channels
to be featured on
Freebie incentive
Plan limited time offer
Reach out to industry friends
Plan social media posts
Write sales copy
Create lead magnets
Press release
GOALS GOALS GOALS

What results are you looking for? What results are you looking for? What results are you looking for?

Action Items & Timeline
Started from the bottom, now we're here! Start with your first big business goal
and fill out the steps you need to take to get there.
BIG GOAL
PHASE 1 ACTION ITEMS
DATE RANGE:
DATE RANGE:
DATE RANGE:
DATE RANGE:

NOTES

Helpful Links
LOGIN AT:
COURSES.LOOMIER.CO
VISIT OUR FREE RESOURCE LIBRARY:
LOOMIER.CO/RESOURCES
JOIN OUR FREE FACEBOOK COMMUNITY:
FACEBOOK.COM/GROUPS/LOOMIER
EMAIL US:
HELLO@LOOMIER.CO
ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ

LO O M I E R .C O | @ LO O M I E R .C O
#ARTISTSMEANBIZ

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Art Meets

YOUR CURRENT DAY-TO-DAY

THINGS TO KEEP THINGS TO LOSE

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 1

YOUR IDEAL JOB

I’d like to work hours a day, days a week

I’d like to travel weeks out of the year

I’d like to be making $ per year

I’d like my business to stay relatively small grow as much as possible

I’d like to be living in (location)

List anything else that’s important to you:

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 2

BEFORE YOU LEAVE YOUR DAY JOB...

I’d like to have $ in savings (6 months+ of living wages)

If I save $ per month, I’ll reach that goal in months

I’ll contribute $ per month to my retirement fund

I’ll spend hours a week working on my business

I want my business to be making $ per month before I take it on full-time

I plan to get healthcare coverage from when I’m self-employed

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 3

What you LOVE

What you can be

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 4

Freelance • Teaching • Physical Products • Digital Products • Art Licensing

INCOME STREAM INCOME STREAM INCOME STREAM

IDEAS IDEAS IDEAS

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 5

Here’s one more way to brainstorm that may be helpful!

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 6

Paper artist who does installations

What’s their problem? Who are your competitors? Is your market

If I make eye-catching event installations that look more intricate and

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 7

Who is your audience? What do you need to start up?

What’s their problem? Who are your competitors?

YOUR THEORY OF BUSINESS:

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 8

Who is your audience? What do you need to start up?

What’s their problem? Who are your competitors?

YOUR THEORY OF BUSINESS:

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 9

Who is your audience? What do you need to start up?

What’s their problem? Who are your competitors?

YOUR THEORY OF BUSINESS:

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 10

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 11

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 12

TOP 5 FAVORITE NAMES 2.

ART MEETS MONEY • LOOMIER.CO • @LOOMIER.CO • #ARTISTSMEANBIZ 13

HOW OLD ARE THEY?

WHAT ARE THEIR DEMOGRAPHICS?

WHERE MIGHT THEY LIVE?

WHAT ARE THEIR INTERESTS?

WHERE DO THEY HANG OUT ONLINE?

WHERE DO THEY HANG OUT OFFLINE?

WHAT OTHER BRANDS DO THEY ENJOY?

WHAT’S THEIR DREAM?

WHAT’S IS THEIR BIGGEST STRUGGLE?