HOW MUCH SHOULD I CHARGE?
Recognition is not currency. The shift from. Hobbying to businessing is a very tough one. Because as creators, we lack a standard metric for evaluating our art.
Why is the Monalisa worth 860 MILLION$? Why is the painting I made at home worth less than 20$? It is all very subjective.
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“By virtue of art being a product made for the masses, it can only be as valuable as the masses decide.”
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Does the audience really determine the value of an art piece or does it start from the artist’s perception of self?
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In this article, we'll discuss what to consider as an artist when deciding the value of your works, why the system of product evaluation is broken and the solutions that exist for the artist. And I'll also give my personal opinion on what disclaimers to look out for with references to my personal experiences and of those around me.
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Free I guess
Not long after I settled on being a musician, I started to pursue live performance platforms. I wrote songs and I put them to the test on every live platform I could get my hands on. I wanted to get paid for this… Somehow, but I knew I had to get better. Karaoke, live acoustic gigs, jam sessions, anywhere I could get to perform, I did. I would flop sometimes, sometimes I would kill it. So much so that I would get questions like, hey where can I get you, and how much do you charge? I would immediately freeze on the question. For a birthday? FREE...I guess.
Eventually, I got tired and I realized I needed to know. I began asking around to get a feel of how much I would charge. Some would say 25,000 some 2,500 some 500. I was confused. It wasn't helping. I just couldn't wrap my head around the monetary value I thought I deserved for a performance.
The artist in me was always asking "Why would someone pay me for this?" I mean “si” it's just cool.
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You are a business
I have always been told that everything changes when you look at things through the lenses of a business. Couldn't be more true. Relationships, definitions, motives, drive...you name it, Business will affect it somehow.
I am naturally a very passive person. And at the beginning, carried that part of my personality into my business. Needless to say, it flopped. But lucky for you, it has resulted in some cringey but sharable lessons.
Businesses survive on sensible transactions.
Does a transaction make sense? If it’s no, that’s the metric to decide with.
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Factors to consider for business transaction sensibility:
Costs
-It might sound like I am heading off in a typical obvious place, but bear with me. For creatives, this may be: transport, raw materials, meals, equipment
-For costs consider:
1. Load of work
-If someone wanted a song written for them ask: ?what exactly do they want? ?Is it a professional acoustic demo, or a phone-recorded acoustic demo, are you composing the melody and lyrics or are you also required to create the instrumental? What about the copyright of it all? WHAT IS THE WORK AAALLLL ABOUT? Once you have established this, document it in a contract.
PS: I will be doing a live stream on contract drafting for the same on my TikTok)
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Establish the details of your workload.
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-For application to other art forms, consider your specific details. What exactly does the client want? Are they driven by price or Quality? It allows you to account for the value you are providing in a way that the client can appreciate.
-For application to other art forms these may be:
Painters: size, quality, complexity or design, Framing, delivery time, Location delivery.
Music producers: sounds required, length, artists involved- are they good at their job or, do they need total guidance? ?Studio space for recording, audio engineering and mixing services, copyright control, crediting
Social media influencers: Goal, brand ideals and how it is meant to be portrayed, timelines, deliverables, legal requirements
Teaching: student’s goals, availability, experience of the student, skill level, time limit, venue of lessons, instrument/equipment required, length of lesson
Actors: time spent on set, the specific use of your image- is it for social media or just for T.V.? Length of use- How long will my image be used for? , What skills are required?, Geography of use, creative control, work schedule.
Stylists and designers: Complexity of design, size, Quality of outfit, purpose of use, uniqueness/ rareness of design
[obviously, this is not exhaustive. but you can comment below, what you need to know in this topic and I'll do the research for you]
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?Under costs I am going to include something unconventional:
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2. Environmental costs of operation
-Some projects you engage in cannot afford to give you the emotional, psychological, and physical environment you need.
-Emotional costs may include trust, respect,
CASE STUDY
A person may be able to afford your services, but they may make your life difficult. For instance, a student who does not follow your instructions as a teacher or consultant. These difficulties vary with every client and thus you should evaluate your client before engaging them.
It may be very toxic or manageable BUT either way, you should be able to account/get paid for the trouble as a creative business. My recommendation is “Avoid toxicity” if you can. As a creative/human…your mental health is valuable.
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I have personally worked on projects that had minimal budgets but provided environments that made me feel valued and respected throughout the project. A working environment can be so conducive that you almost struggle to invoice them.
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3. Market pricing
-Beforehand, it is best to price things at par with similar service providers. Do your research, network and find out. As you stay consistent with it, you’ll become more aware of the value you provide and what it is worth. I talk more about it further down.
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4. Time factors
-For art, you are the product. Your time is the value you have to offer. ?
-Consider what you are willing to be paid for a day’s work. If you have another engagement, How much would you sacrifice (Opportunity cost) to do this?
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Case study:
-Often, you will be offered a lump sum pay for a long-term project. Before you say yes, Ask, if I accept 50,000ksh for a project that demands 3 weeks of work, how much would I be charging per day?
50,000ksh/21days=2,380 Ksh per day [excluding expenses.]
Are you satisfied with that, really?
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5. Profit margins
-This one is rather straightforward. On top of your costs of operation, what do you remain with?
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Domino effect
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6. Long term effect
-What is the long-term effect of the project?
Will it taint or build your brand in the future? Are there any foreseeable royalties awaiting you in the future or are they buying your ideas fully for life? Can repurpose, relicense, resell, and perform your pieces or is it a one-off? What about the bad ideas you create as you pursue to get the main pieces that the client purchases?
This is a very important factor but disclaimer; it is better to include this in your contract. Such matters cannot be recorded by word of mouth. Thus, I HIGHLY recommend having some understanding of your contracts and legal matters related to your specific art form. Note, that I did not say get a legal consultant.
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Take advantage
I learned from psychology that as humans, we are wired with plenty of subconscious settings that protect our existence. One of them is "the hatred of being taken advantage of."
We all know that feeling we get when we buy something and we walk away feeling like we got a steal, only to realize that we could have gotten a far better deal. It's not about the price of the product, it's about the fact that we feel taken advantage of. Whether you were negotiating transport prices with Nairobi conductors or you were trying to get a service at the saloon, we are all wired to have fair interactions, where we do not feel taken advantage of.
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This works in and out of favor for creatives.
Here's why it’s against us.
To us, we offer a product that is "free". We do not see it as valuable per se. It's what I did in my spare time so, to me, it's almost worth 0 shillings. Thus, it's very common for 'the sensitive artist' to feel as if they are taking advantage of their clients when they bargain for a well-deserved fee. To overcome this, the artist needs to learn as much as they can about their craft. Discover the actual incurred costs such as transport expenses, time expenses for delivery and material acquisition, your knowledge of necessary vendors. These things altogether form the value you offer.
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This “hatred for being taken advantage of” works in our favor in that, it gives us a need to find the actual value of our creation. When we discover that we have gotten the short end of the stock we adjust accordingly.
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What are some things you need to look at to see if you have been short-changed?
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7. Your personal value
-You get this by answering the following:
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·?????? What is everyone else getting paid, and where do I rank if I was put besides them?
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·?????? What additional/competitive value do I provide?
-Social media following, branding, qualifications, experience, portfolio, I call these balance tippers. They are able to tip negotiations in your favor. The more you invest in you, the more you can bargain for.
-Learn more about the market to give you a good general overview of what is valuable enough to be a balance tipper.
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·?????? How much is the bare minimum that I am willing to accept?
-You are an employee of your own business. And as the primary employer, you need to ensure that you pay your main employee(yourself) well. It’s called employee-satisfaction.
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Tips
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If you have questions to ask about the ratings and agreements, feel free to drop them in the comment section. From my end, it is my prayer that you are able to price yourself and your art accordingly and that you get the best possible clients that will be your peace.
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