Toolbox | 02 Budgeting | 01 Create Your Budget

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Create your Budget

Creating your first budget can be terrifying and, let´s face
it, not the “most fun” activity when building a business.
However, it is one of the most crucial parts when you start a
Gallery & Studio. We want you to succeed and live from your
business not only for a year or two but by creating a company
that can support your way of living for years and years to
come.

Budgeting is not rocket science it is more about making an
educated guess as to how the future of your business’s
finances will look. Simply put, it is to look at what happened
last month, the last three months, and the last year – look at
the information and make wise financial decisions for the
months and years ahead. Naturally, you might not have old
numbers to review, therefore we have created an example here “Budget Example from the Muse”.

Why should you make a budget?

Here are a few benefits:

• Making your business more efficient.
• Pointing out funds left over that you can reinvest.
• Predicting slow months and keeping you out of debt.
• Estimating what it will take to become profitable.
• Providing a window into the future.
• Helping you keep control of the business.

Creating a business budget will make operating your business
easier and more efficient. A business budget can also help to
make sure that you’re spending money in the right places and
at the right time to stay out of debt.

Step 1.
Copy our simple Budget Template

Step 2.
Fill in the blanks with everything you know.

Step. 3
Open your budget end of each month to make sure you are on
track.

Budgeting for Exhibitions

– Establish a budget for each show based on individual
requirements.

It’s essential to never spend more than you have and avoid
promising more significant support than you genuinely are able
to offer.

Quality should take precedence over quantity – consider having
fewer exhibitions in a year but promoting them more
effectively, rather than stretching your budget for a sake of
having more frequent shows.

Encourage artists to apply for grants or seek public support
when you are unable to provide additional financial assistance
(e.g. for finishing body of work, transport, framing,
catalogue)

If you have the budget, consider supporting better framing to
get presentation or assisting artists who may be struggling to
complete their body of work. Be mindful, as those in need may
not always ask for help.

Be prepared to decline extra support if you don’t believe it
makes sense for a particular artist.