Before we jump into exploring the specifics of what others have done, let’s discuss some helpful tools for evaluating available options for income streams. Having the proper tools for your task will help ameliorate some of the worst of the potential panic response. Our business consultants provided us with two approaches for artists to evaluate their work to assess which business model or models will best suit the needs of their artistic projects. They also mentioned additional points to remember and guide you when using and applying these evaluation methods, which we’ll also discuss over the next three days; please feel free to ask questions or start discussion in comments.
One possible method with which to evaluate your project is called “the 5 W’s”, five questions to ask yourself about your project (and then to answer as thoroughly as possible) that will help you understand what your project offers your potential fans:
- What is it? (describe the name and basic concepts of your product or service) This is where you attempt to define as clearly as possible, both for yourself and your audience, the shape and scope of your project.
- Why should I want it? (How is it better than what I already have or am doing?) In this question, you’re trying to understand why your audience would want your specific artistic endeavor; it’s always good to know, in detail, both why you want the project to exist and why others would want to choose to spend money on your product or service over the other available options.
- What’s in it for me? (How will it add value to my business and efforts, make me more money or profit, save me time?) Again, this is a question to answer both for yourself and your potential audience. The best artistic endeavors are those where both artist and audience perceive added benefit to their lives through interacting with the art.
- What’s it going to cost me? (What will this product or service cost me in terms of money, time, effort, and commitment?) It’s important to be as honest with yourself as possible on this one, both in the costs to you as the artist and the costs to your prospective audience. What to invest initially, who to charge, when, and how much are all questions whose answers vary with individual projects.
- Where can I get it? (Who do I contact? Where is it located? Can I get it myself or must I work through someone?) All these W questions are important, but if you aren’t able to get your project into the hands of the audience most hungry for your work, you won’t be exploring your income potential to its fullest. Ease of accessibility is often a key factor in attracting fans.
As with any of the posts in this series, comments and questions are not only welcomed but encouraged. Tomorrow we’ll explore the second method for evaluating your artistic business model needs.
Other posts:
- Part 0: Series Announcement
- Part 1: About the Series
The Artist Business Models series is based on a paper written by Reesa Brown and Kit O’Connell, with assistance from Steven Brust, Ken Brown, Deborah Ibarra, and many others. At the close of the series, the entire business model paper will be posted to Continuous Labs. The business model paper and blog posts are released under the Creative Commons Attribution Noncommercial 3.0 license.
9 responses so far ↓
1 kit // Oct 17, 2008 at 4:10 am
I just discovered Freemind, a really nifty program useful any time a visual ‘mindmap’ can be useful — this would include laying out your answers to the five W’s or making a sitemap for your project’s homepage.
The 5 W’s are a really useful tool too, because us artists often create projects that are too expansive for their own good. Remember that you can launch a project in stages — write down all those pie in the sky notions for the future, but start with what is immediately feasible for your first step.
2 Ella // Oct 17, 2008 at 11:21 am
(To Steven and Reesa, most excellent Guests of Honour:)
This is an enormously helpful and very well-structured paper so far; I’m having great fun dissecting the ideas therein in light of our previous conversations at the con. (Kudos to Kit for this as well, of course.) Still sore about the fact I couldn’t attend the World Panel or Reesa’s lecture, since no doubt they were both awesome.
You’ve been sterling guests, both of you, and I, at least, have enjoyed every minute of your presence, in more a lot ways than one. Thanks again for the great–scratch that, magnificent–time. ;)
Enjoy the rest of your stay in Israel, and have an easy trip back! Remember to bring the rest of the posse when you return (soonest best, as we’re all aching to see you again).
P.S. From what I’ve heard, the Terry Bruks joke caught on like fire in a dry field. It really is quite inexplicable, in a totally hilarious way.
P.P.S. Hezak ve’emats!
3 Elizabeth Barrette // Oct 17, 2008 at 3:34 pm
This set of questions is good for writing project summaries and promotional materials. I’ve done it for my book _Composing Magic_ and for my freelance editing business. *ponder* I don’t think I’ve done it for my Poetry Fishbowls, though.
4 kit // Oct 17, 2008 at 6:00 pm
Ella@2: From everything I’ve heard from R&S about their stay, it’s been a glorious time. I’ve wanted to visit Israel ever since becoming close to an Israeli woman I met at Burning Man in 2004 and hearing her stories about the country (and its food). I look forward to accompanying the Dream Cafe “posse” on a future visit.
5 Ella // Oct 18, 2008 at 1:20 am
Kit@4: Oh, that would be splendid. :) Although I don’t know how much of a credit this first visit was to Israel’s cuisine–I think they only frequented one restaurant, and it was some Asian-Fusion thing, not representative of our culinary styles at all. Certainly, the second visit will have to be more thorough, and will contain hummus from Nazareth if I have to go and bring the damn pitas myself. *g*
6 kit // Oct 18, 2008 at 1:19 pm
Ella@5: Hummus from Nazareth!! Count me in. I loves me some hummus (and so does Steve). Actually it was my first Israeli friend that taught me to make it.
7 Ella // Oct 19, 2008 at 2:53 am
Kit@6: Well, barring a third Lebanese War or something equally unfortunate, the grand majority of the country is open to tourists and natives alike.
…That actually came out less reassuring than I’d intended. What I mean to say is, we’re perfectly harmless! Also, Israelis actually know a smattering of English, unlike the French. *preen*
8 21st Century Business Models for Artists (4) - 4 Simple Steps — Words Words Words — The Dream Cafe Weblog // Oct 19, 2008 at 10:26 pm
[...] Part 2: The Five W’s [...]
9 21st Century Business Models for Artists (5) - Time Vs. Money — Words Words Words — The Dream Cafe Weblog // Oct 21, 2008 at 1:59 am
[...] Part 2: The Five W’s [...]
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