Artist to Mogul: The Habits And Behaviors You Need For Your Big Break
/“The greats never stop learning. Instinct and talent without technique just makes you reckless, like a teenager driving a powerful, high-performance vehicle. Instinct is raw clay that can be shaped into a masterpiece, if you develop skills that match your talent. That can only come from learning everything there is to know about what you do.” ― Tim S. Grover, Relentless: From Good to Great to Unstoppable. Personal athletic coach for Michael Jordan, Kobe Bryant, Dwayne Wade.
Whether it’s an athlete or an artist, success comes from the hours of work you do in private. Some of this work is perfecting your craft. Spending time in the studio, honing your writing, investing in acting classes.
And some of this work has little to do with your artistry. But everything to do with your success. This work includes personal development and learning how to become the CEO of your brand. I caught up with Eric Hunt, a CPA and business manager for entertainers, to learn the habits of his most successful clients.
Becoming the CEO of your brand
As a performing artist, you are a natural entrepreneur. You understand self-promotion, booking gigs, how to get paid what you’re worth. What may come less naturally is stepping into the CEO role of your business. Generally speaking, this is challenging for artists. It requires structure, discipline, a long-term view that somewhat contradicts that essence of being an artist. An essence that thrives on being in flow, being flexible, and being in the present moment.
Hiring a Business Manager
This is why many performing artists choose to hire a business manager who can create and maintain the systems and structures needed for the business to flourish, allowing you to be free to be the artist. However, this does not exempt you from developing some of these traits. In fact, learning the techniques of being CEO will allow your business manager to better serve your needs and aid the growth of your brand. Learning these techniques will allow you to leave behind the gig to gig lifestyle, build a solid foundation for your business and take your brand to mogul status.
Many of these techniques revolve around your habits and behaviors. This is very similar to the athlete lifestyle where they spend hours on drills, focus on their nutrition and hone a positive mindset. For every 3-pointer that Steph Curry makes in a game, he probably shot a 1,000 in practice by himself. As an artist, your habits and behaviors are what you do when no one is watching and this will be the key to your financial success.
Here are five key habits and behaviors that Eric Hunt, CPA has seen his clients implement to prepare for their big break and maintain their subsequent success.
Five Habits To Develop Before Your Big Break
Organize their financial documents and transactions in one place. Typically using a digital folder for the documents and an online-based bookkeeping system for their transactions. In Part II, we’ll dive into which documents you need to have organized and why.
Reviewing your transactions on a weekly basis. Many artists do not know how much money they spend and where they spend it. Financial awareness is key to being financially successful.
Setting quarterly financial goals. Becoming a CEO requires thinking long-term. Determining your financial goal every three months will teach you how to create long-term plans without overwhelming yourself with a one-year vision.
Remaining optimistically realistic. A positive attitude goes a long way and it is also important to remain aware of certain realities. Keep your eyes on the prize, believe in yourself and do it all with the understanding that there is always room for improvement when you want to achieve and maintain financial success.
Learning how to delegate. As your brand grows, you will not be able to wear all of the hats. Building a god team around you will be critical to keep your business going.
Scheduling bills to be paid on one date of the month. One of the best ways to stay on top of bills is to have them all paid on the same date of the month. For example, you can choose the 15th of the month and adjust your credit card, internet and other bills to be due on this date.
About Eric M Hunt, CPA, MST, Founder & CEO of E HUNT CPA, works with Artists and Creative Business Owners. Eric helps his clients grow their businesses beyond their wildest dreams by giving them exactly what they need most: more time to create and do what they do best. Eric has over 20 years of experience in accounting and finance for large firms dealing with mid-size corporations on complex tax and accounting matters. Eric's vast experience and years of training coupled with boutique specialization provide his clients peace of mind and practical wisdom. Practical wisdom is in his blood and he recognized this very early in life. He uses his gift to benefit his clients allowing them to stay in the flow longer, worry-free and inspired to create. When he's not crunching numbers and strategizing, you can find Eric spending time with his family, golfing, or watching a movie.
