Do numbers scare you? Do they threaten to rob you of the joy you experience from the creative process? If you’re an entrepreneur, freelancer or involved in a home-based business, take heed.
One of the most important things you can do is accurately record your time and expenses on a regular basis. I know, I know. The creative juices need to have free reign so that ides will flow for your writing project and your eyes and ears need to be every ready when that perfect photo or paint-worthy subject comes into view. And of course you need to be unencumbered when the inspiration for a new musical score comes to mind. Believe me, I get that, but keep in mind, starving artists of any genre profit no one.
Consider these next few words of caution as a new opportunity for your innovative world. Taking the time to develop a workable plan to record your material, time and travel expenses can help put food on the table and provide the means for you to continue your work. I can’t say that I’ve arrived at the perfect method, yet I am well on my way to a system that works for me. You need to find one that will serve your needs and lends itself to your personality and field of artistic expression. Regardless of your creative outlet, you’ll have three key elements to consider, and they’re as easy as ABC.
A = Awareness
Look around you to see how you are spending your time and money. Are you traveling to the store to pick up supplies? If so, capture your mileage and time spent as well as the material expense on your phone, iPad, journal or some other recordable option. The key factor is to realize how you are expending your resources so that you can leverage them for your economic advantage at tax time. As I mentioned in a previous post, Ron Mueller’s book, Home Business Tax Savings Made Easy, is an excellent resource to open your eyes to the right items to track.
B = Buddy
I hate filing, but I understand and appreciate the value of keeping receipts, etc. and having them readily accessible should I need them to track a purchase, locate a vendor, or prepare my taxes. One of my buddies is my husband. We call him Mr. Clean because he is a master at keeping tings orderly. (I drive him crazy.) Nevertheless, I give him the important paperwork, and he files them away using an envelope system until he needs them. The envelopes, a Franklin Planner or other method can also be your buddy. The key is to find what’s right for you.
C = Consistency
In order for your creativity to flourish, you need to be able to support your efforts as effortlessly as possible. Just as slow and steady won the race for the tortoise, so consistent tracking will provide what you need when you need it without stress and without monetary loss.
As you begin with these simple steps, you’ll see ways to tweak it to your needs and specific projects. The goal is to be proactive and eliminate the starving artist syndrome.