MDVLA: September Art Law Clinic
Saturday, September 14, 2019 | 1:00 pm - 4:00 pm | Motor House, 120 W North Ave, Baltimore, MD 21201, USA
Smart business practices are vital to all designers, artists, craftspeople, and entrepreneurs. Utilize this section to learn and expand your knowledge of creating your brand to be better prepared for MICA's Art Market and beyond. This section is primarily for students, but it is available to any vendor at MICA's Art Market.
Pricing
Wholesale vs. Retail Pricing
Wholesale :
(Materials + Labor) x 2 = Wholesale
Materials = Supplies, Overhead, Fees
Labor = Hourly Wage or What you would pay if you
needed to Hire someone
Retail:
Wholesale x 2 = Retail
NOTE: This is just a GUIDELINE.
Do your research!
Compare the prices of your work to similar items sold at:
- Local shops & boutiques
- Craft Mafia, Made in Baltimore, etc.
- Other Art & Craft Shows
- Online shops like ETSY
Speak with faculty, group leaders, peers, art collectors, internship supervisors and other professionals for insight. For more helpful tools check out the Career Development Quick Links below.
Selling to Customers
Closing sales
- Stand up
- Engage customers
- Tell a story
- Share your inspiration
- Sell other people’s work! It’s a joint effort!
Taxes
You are responsible for paying your own income taxes. When self-employed, you must file and pay self-employment tax if net earnings are $400 or more in the state of Maryland.
Copyright
“the moment it is created and fixed in a tangible form…” - US Copyright Office
Record Keeping
You are responsible for keeping a record of your business expenses and income. This is an important tool for paying your taxes, managing your business's budget, and growing your business.
You can reference the Lynda link set for helpful videos to learn more about accounting and record keeping.