Ask, earn or borrow

The three main ways to generate an income are:

  1. Ask – apply for funding, ask for sponsorship or support in-kind
  2. Earn – sell work or skills, or find a job
  3. Borrow – ask for money and pay it back over time

They’re all potentially useful ways to bring in some money, but can’t all be used for the same things.  Each has a specific purpose, and particular merits and drawbacks, and require different skills to access them – some of which you might need to learn first before you start.

 

Ask

Earn

Borrow

Good for:
  • Grants, funding, sponsorship or donations allow you to do short-term projects with a guaranteed budget.
  • You can spend money you earn on anything you like, whenever you like.
  • Lenders can usually give quicker decisions.
  • They can have a more open mind than funders about how money can be used.

Bad for:
  • Competition is often high, with a shrinking pool of money.
  • It takes time to research and apply for funds.
  • Each funder will only support certain costs or types of activities.
  • You’ll probably have to wait for a deadline – and it can take months to get a decision.
  • Earning money takes time away from your practice.
  • You often need to invest – in materials and expenses – before you can earn money through your practice.
  • Making a profit is a skill most people need to learn.
  • Borrowing for artists or self-employed people can be hard to find.
  • You need generate sufficient profit to cover repayments.
  • You pay back more than you borrow through interest.

Examples
This article is from the Artlaw Archive of Henry Lydiate's columns published in Art Monthly since 1976, and may contain out of date material.
The article is for information only, and not for the purpose of providing legal advice.
Readers should consult a solicitor for legal advice on specific matters, and artists in London can get free online legal advice from Artquest