Worrying About the Economy with Elaine Luttrull (#141)

We’ve spent many months worried about inflation and a possible
recession that may not ever happen. It would be terrific if we
didn’t have to concern ourselves with such things, but the
economy affects everyone’s business in one way or another.


Today’s guest on The Art Biz is Elaine Grogan Luttrull of Minerva
Financial Arts, a company devoted to building financial literacy
and empowerment in creative individuals through education and
coaching. We recorded this episode several months ago when the
economic landscape seemed a little bleaker than it does now. This
is a lesson in economics and how your art business is affected by
the larger economy. We define and discuss inflation, recession,
the Consumer Price Index, and Gross Domestic Product. We talk
about your revenue mix, why selling lower-priced items might not
be the way to go right now, bundling, and raising your rates and
prices.


First posted: artbizsuccess.com/economy-luttrull-podcast


Highlights




Defining inflation and its effect on every aspect of pricing.
(1:50)




What exactly is a recession and what role do rising interest
rates play? (5:35)




The impact of these economic factors on artists. (12:48)




Combating uncertainty with effective business strategies.
(15:32)




Your target client in times of economic uncertainty. (20:05)




Opportunities that are presented in challenging times.
(24:16)




Consider potentially terrible ideas to get to the good ones.
(33:03)




Seven strategies for artists to use during inflation and
recession. (33:04)




This Week’s Action


Your first action for the week is to look at your expenses and
see where you might be able to save. I suggest keeping a list of
all ongoing subscriptions as well as regular expenses and
reviewing it every so often.


Your second action is to check out Elaine’s $15 course on
inflation and recession by following the link below.


Mentioned




ArtBizAccelerator.com




Elaine’s course on Inflation and the Recession




Heather Robinson art








Resources




Show notes, images, and listener comments




How to Price Your Art free report




Art Biz Connection artist membership




Quotes




“Inflation is not always a pleasant topic. It’s scary, it
takes up our brain space, and it’s a distraction from what we
really need to be doing creatively in our businesses.” —
Elaine Luttrull




“All of the strategies we typically think about for coping
with the uncertainty of the arts are suddenly being impacted
too.” — Elaine Luttrull




“Think carefully. Do your research and talk to peers about
how things feel in the art market right now.” — Elaine
Luttrull




“When the market is doing interesting things is the moment to
really focus on the community aspect.” — Elaine Luttrull




“Anything we can do to reassess and tighten our spending
without compromising quality or making our lives harder is a
really good strategy right now.” — Elaine Luttrull




“Artists are better than pretty much anyone else at
navigating uncertainty, so we’ll navigate all of this as well
and keep making really incredible work too.” — Elaine
Luttrull




About My Guest


Elaine Grogan Luttrull, CPA-PFS, AFC (she/her) is the founder of
Minerva Financial Arts, a company devoted to building financial
literacy and empowerment in creative individuals through
education and coaching. Her workshops and presentations have been
featured nationally by groups that support the arts, a variety of
state and regional arts councils and commissions, and colleges
and universities where creative students thrive.


Elaine spent 10 years in academia, teaching at the Columbus
College of Art & Design and serving as the Department Head
for Business & Entrepreneurship from 2014-2018. Before that,
Elaine served as the Director of Financial Analysis for The
Juilliard School and in the Transaction Advisory Services
practice of Ernst & Young in New York. Elaine is the author
of Arts & Numbers (Agate, B2 2013), and she contributes
regularly to industry guides, including those from the Center for
Cultural Innovation and the Joan Mitchell Foundation. She also
serves on the boards of the Short North Alliance and Healing
Broken Circles.