This is a great question Heather, and a good way to reflect on the fact that many good things have happened this year. We shouldn't just focus on the bad.
For me this year involved a lot of new things for my business as an artist, definitely taking me out of my comfort zone many times, but also providing some personal growth and new markets just in time to replace lost income from all the galleries that had been representing my work that closed. For me this started with a couple of workshops where I did both the organization and teaching. Previously I've just worked with different venues that organized them all and paid me a fee to come in and teach. This time I rented out a facility myself and did it all. There was much more money involved and I got paid in advance from all the students paying their fees instead of being paid after the classes were over. However, I also learned that there is a lot of work behind the organization side, and quite a lot of time. On a dollar per hour rate I was probably running around the same, but I do get paid very well for these classes so getting that rate for more hours wasn't a bad thing! The scary part was near financial disaster when the center I was renting closed due to Covid literally 2 days after my last
class! Yikes if it had been earlier after all my expenses had already been paid out and then I had to reimburse all the students signed up! Whew!
I also tried a side gig producing jigsaw puzzles featuring my own work and that of some other artists I know. From a fiscal standpoint that one was iffy. A lot of work to set up that hasn't produced much income, but at least has gone beyond the break even point. However, much of that was initial set-up work so I might try a new group of puzzles this next year to see how it goes. The best thing from this project though was that it forced me to develop an e-commerce section to my website since there was no way it could be profitable without an efficient system to take and fill orders. Since I was doing that for the puzzles I also added in a section for tools I make and the actual artwork I produce, not really expecting that many people would want to buy higher priced
art through a click to add to cart method. I was wrong. In fact, quite a few people were eager to purchase my
art through the site. Nothing like getting an automated email out of the blue letting one know they made a sale for a grand or more! I certainly
should have done this years ago! This alone is what has done to most to offset lost sales through my art galleries, and I expect it to continue though the future even if the galleries recover.
I also got a
residual income stream going by developing and endorsing a signature hammer bearing my name that another master tool maker is producing and selling. I will likely be seeing quarterly checks from that for many years to come! We also plan to develop another hammer in 2021.
The biggest step for me this year though has been taking the general decline in income as an opportunity to try semi-retirement. My efforts through the years utilizing the sorts of Extreme
Early Retirement practices talked about in the Building a Better World in your Backyard book have me in a space where I don't need to be working as hard as I had been, yet I kept coming up against an internal fear to pull back and slow down. I crunched all the numbers and made it blatantly clear to myself that I could take a year with zero income and be just fine. So since I wasn't losing too much in opportunity costs due to Covid I forced myself to stop working so much to see what happens financially when I'm living on just my passive income streams already in place and whatever I happen to make from what I do. Then I started a new body of work that has no clear avenue to generate income. I'll be honest, these changes have been VERY hard for me these past months, leaving me often feeling lost, adrift, and without purpose in life. I still waver daily whether or not to keep picking away at the new work (which I'm not yet happy with) or go back to what I've been doing for the past couple decades, with the knowledge that I'll have a very hard time ever retiring from a mental/emotional standpoint. Regardless of where I end up I've been learning more about myself and what makes me tick in the process! As they say, "Growth doesn't happen in your comfort zone."