Our December Creative Economy Mixer was at the regions hottest new maker’s space, the Electric City Barn in Schenectady. December’s event featured drinks by Frog Alley Brewing, music by Shiri Zorn and George Muscatello, and a panel discussion moderated by Kat Koppett, Founder of KOPPETT, and Kristin Diotte, Director of Planning, Zoning and Community Development for the City of Schenectady, focuing on the role of the Creative Economy in downtown and community development. Thanks to our sponsors MVP Health Care, Community Loan Fund, and Redburn Development: The Fitzgerald Building, and our promotional partners Mopco and Koppett, Discover Schenectady and Black Dimensions In Art, Inc. Produced in partnership with 2440 Design Studio and WMHT.
Freelancers
SAVINGS? SERIOUSLY? Why Freelancers Need a Nest Egg, and How We Can Get There.
FINANCES FOR FREELANCERS: A Monthly Feature Sponsored by Community Loan Fund
Setting money aside for savings is not always an easy task, especially if you are planning on saving for a house or other big investments. It could be worth checking out something like debt consolidation loan chase if you find that you are struggling with your personal finances. You may even find a solution.
Try finding ways around your usual spendings for example, try using youtube to mp3 shark to download music. For freelancers and creatives, it can be even more difficult, because many of us have irregular cash flow, as our clients, assignments and payments often change from month to month. A survey by TD Ameritrade reveals that 40% of Freelancers don’t regularly save, and only do so when they can afford to. I can say I personally used to fit that statistic! If you’re looking to save up and track expenditure as well as tracking your mileage travelling for work, personal and other reasons to perhaps save on fuel costs, you could take a look at using this expense tracker app and see how much you can start saving once you can clearly see your outgoings.
Savings Helps your Cashflow
The start of healthy financial practices often begins with savings and cashflow management. Cashflow is the total amount of money being transferred into and out of your business each month. For freelancers, cashflow can go up and down pretty frequently, but having savings can help to level things out. For example, let’s say in month A you get a lot of work, and invoices are all paid, Congratulations! The money coming in is greater than the expenses going out, creating positive cashflow. In month B, your invoices might not get paid in a timely way, or one of your clients might not have sent any assignments, so in month B, you might have a neutral or negative cashflow. If you saved a portion of your income from month A, when month B comes around, you will be in a better position to pay your expenses in month B.
Savings Looks Good For Loans
When applying for a business loan or mortgage, having savings will be regarded positively, because it reduces the risk to the lender. However, having poor credit might hinder your chances of receiving a loan. If you’re unsure why you’ve been unable to successfully apply for a business loan, it might be worth contacting an organization, like deAsra, that helps small businesses set up their companies. To see an example of where this company was able to help another business successfully retreieve a loan after being denied initially, you can click here. Alternatively, you could try and enhance your chances of a loan by improving your credit and savings. Your savings are considered a financial asset. Why is this important? Read on.
Savings Improves Your Net Worth
Having a savings improves your personal balance sheet. A personal balance sheet provides an overall snapshot of your wealth at a specific period in time. It is a summary of your assets (what you own), your liabilities (what you owe) and your net worth (assets minus liabilities).
Savings adds to your net worth, because it is an asset.
Tracking your balance sheet regularly is essential to knowing where you are with your finances, and what you can do to improve them and reach your financial goals.
Tracking your personal balance sheet is not difficult to do. There are many apps and software programs that are specialized to meet the needs of freelancers, while often offering benefits like creating invoices, tracking mileage, and more. QuickBooks Self-Employed and FreshBooks are two such programs, but there are dozens that can serve your needs. Search for a program that suits your particular business, or ask freelance friends or our ACE Discussion Group for their recommendations.
Setting a Target Savings Goal
Some experts say that setting a target of at least 20 percent of your income going directly to savings, or $20 of every $100 you make. Set up an arrangement at your bank to auto transfer a certain amount to your savings account with every deposit, and you’ll be saving without even realizing it! Accountability also helps. Joining a financial support group, or having a money accountability buddy can help you stay focused on your end goal when cashflow is lower and you are tempted to skip that savings deposit. Lean on friends on that tough day where you just don’t think you can save. Even a small deposit in your savings account each month will set you in the right direction and start a healthy habit for the future.
Our Finances for Freelancers series is sponsored by Community Loan Fund. You can contact Paul Stewart and meet him at our monthly Creative Economy Mixer events.
Article By Ashleigh Kinsey, owner of AK Design and ACE Digital Manager
Creative Beginnings- Meg Affonso
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ACE’s Ashleigh Kinsey spoke with Meg Affonso, a creative who is a creative in every sense of the word – singer,dancer, actor, model, yogi, and now producer! Meg shares her journey as a creative and what led her to collaborating with other creatives to present the production of Ntozake Shange’s for colored girls who have considered suicide when the rainbow is enuf and The Women of Color in the Arts Expo in Albany NY.
Where are you from, and where do you live now?
I was born and raised in Martinsburg, WV. I have lived in the Capital Region of NY for 12 years.
Did you seek out higher education, or are you self taught? Where did you study?
I studied Musical Theatre at Shepherd University for a few years before moving to Upstate NY. I then went on to study Meisner Technique with the Deena Levy Theatre Studio in NYC. Most of my training comes from being on set and around the stage.
Would you say you have always been a creative person? What other work have you done?
Creativity is in my bones. I began singing in my church at age 4 and formal dance lessons started at age 5. This was where my creativity really started to come out of its shell! I loved my dance lessons, so I cannot recommend them enough. If you have a creative child who is interested in that sort of thing, you could take a look at DivaDance to see if you could get them some lessons. I’m sure they’d love it and its so good for creativity and confidence building as well! Then, once my dancing and singing skills were practised, I became involved in the local theatre scene at 14. I’ve performed in plays, films, web series, commercials and occasionally do freelance modeling.
How did you become interested in your industry?
I’ve always been an entertainer and once I discovered how to tell a story through performance, I was hooked for life. There was a period of time that I stopped performing and doing creative work; I was discouraged because my life wasn’t working out the way that I had hoped it would. I had a child very young and I needed to find a means to an end to be financially stable, so I left the creative stuff behind and tried to move forward. Fortunately, my creative work wouldn’t let me go and I was forced to face it, to begin again. Beginning again didn’t come without some uncertainty and embarrassment. I’ve had my share of terrible auditions and worked through the awkwardness of learning how to communicate what I need. A true artist is not one who loves the work, but one who cannot live without it.
Did you have a defining moment that pushed you to start working on your production?
This play has been nagging at my mind for 9 years. From the moment I read Ntozake Shange’s choreopoem, it struck a chord in me that had never been struck before. Having gotten back into professional acting in the past 3 years has put me in a lot of situations where I recognize that I am sometimes the only person of color in the room for an audition or on set. I wanted to celebrate the beauty of black women artists in all their forms and this was the way to do it. I’ve also entered a point in my life where it’s time to tell my own stories, so I have been writing a few short films and I am beginning the process of directing a documentary. This whole process occurred all because my heart and my mind won’t let me rest. I want give life to stories that will help heal myself and others in the process, specifically women. I want to start a conversation and give people space to share their stories, as well.
What does running a production like this entail?
This is my first time producing and it’s probably the most difficult thing that I have ever done, but it is also incredibly rewarding. As the producer, I have had to find funding, secure the location, secure rehearsal space, hire creative talent + crew, be responsible for everything that goes along with promoting the production and more. As the director & choreographer, I am responsible for bringing the story to life through blocking, dance and working with my actors. There’s a lot that falls on my shoulders because I am doing so many things at once, but I am incredibly blessed to have a great crew, cast, mentors and a supportive network of people who want this to be successful.
What would you tell others who are aspiring to be doing what you are doing? What would you have done differently? Any advice?
The most important thing for others who are aspiring to do what I do, is to have people around you that can advise you though the process. I am doing well because I have a wonderful support system of other creative professionals who know more than me, which is quite possibly the most important asset that anyone can have. Don’t be afraid to ask for advice or help. Don’t be afraid to ask more than one person for advice or help. Don’t be afraid to admit when you don’t have all of the answers, because you never will. The second most important thing is to start where you are and be okay with that. It’s so important for artists to be able to do their own work and tell their own stories. Advocate for yourself. I don’t know that I would have done anything differently, except begin sooner. I have no regrets, only lessons. A piece of advice for artists making their own work is to begin the grant process early, if you’re going that route. It’s very time consuming and a lengthly process. Also be prepared to hear ‘no’ frequently, but keep going. Be honest with yourself about where you need to improve and be flexible about working with what you have until you can work with what you want.
What would you like the community to know about the local arts scene and creative economy?
The local arts scene and creative economy is rich and diverse. I myself am excited to become more immersed in it. We have a huge theatre scene, visual arts, dance, music & several films are made in Upstate NY each year. Go out and experience all of the different art forms, support one another, spread the word and if you don’t know here to begin – ask around.
If there was one thing you would change about our creative economy, what would it be?
This goes without saying, but there has to be more diversity. Employers, theatre companies, filmmakers, producers, galleries, creative businesses must be aware of having workspaces that are conducive to a positive environment for women and people of color. I’m not talking about filling your quota of diversity, having your one woman at the top, or your token person of color, but I am saying make space for everyone and be consciously aware of the environment that you create. Advocate to see more art by women and by people of color, ask for it, show up for it and PAY for it. Hire that female director. Fund that female producer. Demand equality and set the standard for it to be commonplace.
Lotus & Bamboo Productions + Albany Barn are proud to present the production of Ntozake Shange’s for colored girls who have considered suicide when the rainbow is enuf & The Women of Color in the Arts Expo! On September 27th we will be debuting the SHOW ONLY at 6 p.m. On September 28th & 29th doors will open at 5:30 p.m. and the show will begin at 6 p.m. The Expo will immediately follow the production on September 28th & 29th. You will be able to mingle, enjoy art in all forms and shop a variety of artistic items + pieces.
The Expo on Friday, September 28th will feature live music by Audrey Zaccarya & Sibie LaVoz, spoken word by D. Colin, an art exhibit + sale with work from Takeyce Walter, Danielle Colin, Anusha Sekhar + Paula Frazzle, vendors, light passed hors d’eouvres by 677 Prime, plus Beer + Wine cash bar by Umana Restaurant & Wine Bar.
The Expo on Saturday, September 29th will feature DJ Poetik Selektions, moving art by Victoria Rutledge with live drumming, vendors, women of color in food showcase & sampling, plus a Beer + Wine cash bar by Umana Restaurant & Wine Bar.
Sponsored by Albany Barn, Mantralogy, Ungerman Electric, Fifi’s Frocks & Frills, 677 Prime, Umana Restaurant, The Good Karma Studio, Heart Space Albany, Jai Albany, Yoga Mandali, CHEEK by Re’z Cosmetics, Yoga Garden, Mel eMedia, and Birth New York.
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Recap: CFA Opportunities for the Creative Economy
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On Monday, June 4th, a packed house of Creatives took part in a workshop entitled “CFA Opportunities for the Creative Economy,” and got a chance to hear from and ask questions of members of the New York State Council of the Arts (NYSCA), Regional Economic Development Council (REDC), and Empire State Development (ESD) about the millions of dollars of state funds made available through the Consolidated Funding Application (CFA) process (yes, that’s a lot of acronyms!). The application process can be daunting for newcomers and experienced organizations and companies alike, so this unprecedented chance to hear from those who’ll be reviewing scores of applications was beneficial to all parties involved.
Philip Morris — a member of the REDC and CEO of several CFA grants for Proctors, Cap Rep, and Universal Preservation Hall — recommended that grant requests be “real — don’t make something up just to fit the guidelines. The panelists can tell if it’s a project that’s really true to your mission.”
Melissa auf der Maur, founder of Basilica Hudson, which was awarded two CFA grants last year, recommended that applications be “relevant to both your local community and to the region” and recommended that applicants “really make a strong financial case” about how much is invested and what all of the outcomes of your project will be.
Mike Yevoli of Empire State Development recommended that applicants review CFA guidelines as well as the REDC’s goals before applying.
Andrew Meader of the REDC encouraged people to not be put off if their projects aren’t funded the first time out, citing the Park Theater project in Glens Falls, which was funded on its third try.
Sunita Iqbal of NYSCA recommended that applicants contact NYSCA with questions before the July 9th “inquiry deadline.”
The Capital Region has received $521.9 million from the state to support 718 projects through the Consolidated Funding Application since 2011, but all of the panelists emphasized that the application process itself is extremely rigorous, as are the reporting demands that take place after receiving a grant, and that not every organization and project will benefit from the amount of work that the CFA grants require.
For other questions about the CFA process, visit the CFA site or contact ESD at (518) 270-1130.[/cs_text][/cs_column][/cs_row][/cs_section][/cs_content]
Are the Self-Employed Happier?
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Guest post by Ashleigh Kinsey, owner, AK Design
A new study has shown the self-employed both enjoy their work more and find it more rewarding – despite longer hours and less job security – than those who work for others.
The study found that those who were self-employed were not only amongst the most engaged, but also experienced greater opportunities for innovation, achieving challenging targets and meeting high standards. Many people are intimidated by the prospect of going it alone, but there are plenty of consultancy firms that can help you, like SGI who guide contractors in setting up their own business, so you’re never really alone if you do want to take that leap.
Do you find it shocking that self-employed people are happier? I don’t. With freelancing on the rise, and many reports showing that more and more people are either freelancing full time or as a “side hustle” It all comes down to independence, flexibility and freedom. Three things that would contribute to anyone’s happiness.
There was a time when businesses would hire an employee and that employee would be offered wonderful benefits and great retirement incentives, and people would generally work one job for many years of their life. They would work 40 hours per week year after year, and then be able to retire with a nice pension they could depend on.
Times have certainly changed. With glass ceilings in corporate jobs, and uncertainties around the future of benefits like social security, and retirement or pension plans, self-employed individuals are simply trying to build their own future, and a life they love. Certain people like to change their careers when they are no longer happy in their current one, especially if is having an impact on their life. A lot of people may decide to become self-employed in an area of work that they know they will enjoy, whilst others decide to join an organization in which they have a specific interest. For example, certain people who have knowledge and experience with medical cannabis may decide to go into the field as they could find that they enjoy this more than their current job. Read more here for further information about some jobs in this industry. Whichever route you decide to take though, whether that’s becoming self-employed or changing career, make sure that it is the right one for you and your personal happiness.
Then there’s the internet. This has leveled the playing field for many and allowed people to access a multitude of resources without gatekeepers. Freelancers on and off-line are making opportunities for themselves, not just waiting for handouts. That sort of independence is freeing, and makes freelancers feel in more control of their lives. Want to work at night vs. 9-5? No problem. A freelancer can adjust their schedule as much as they wish. As they become more efficient in their work, that boosts confidence, (making them happier) and allows them to be a more valuable freelancer.
Many times those who moonlight are doing it to get a sense of fulfillment. Perhaps the job pays the bills, but is not engaging enough. Or maybe they went to school for music, and when they got out of college, could not find a job in their field, and had to settle for another option to pay the bills and student loans.
Kierra Jones of Kierra Jones Inc, has said; “For me personally, happier isn’t the word. I believe that is something only the individual can express and it’s completely subjective and case by case. What I will say is I do believe we are more fulfilled. I believe although sometimes we find ourselves doing some tasks we don’t love, we are ok to do them because we see how they lead back into our bigger picture vision. Working for your dream feels massively different then building someone else’s.”
“I don’t know if self-employed people are happier. I know that I am happier as a self-employed person. There are many pros to being self-employed they’re almost endless depending upon who you ask. The specific one, for me is time flexibility. There are also many cons however I think the first one that comes to mind are the fluctuations in income.” says Chef Tiffany Davis.
Kathleen McLean, of The McLean Group mentioned that “Yes I think people who have their own are happier because they can choose their clients. We also have flexibility in when and how we work. The pros in my business is I can see and feel the changes. The cons is it is a long sale cycle. People need to trust me to invite me to engage in difficult dialogue. It is a risk and sometimes people have had negative experiences with previous consultants in my field. I keep going because I need to eradicate systemic racism in every single institution and empower others with new tools to do the same”
These are just some of the reasons people are taking their lives into their own hands and creating their best life. When a person does that – it makes them happy knowing they are doing what they love, even if they are working more hours. The boring tasks are still there, but being on a path you create for yourself, and seeing that pathway lead you to more and more opportunities for happiness would be worth it, right? What are your thoughts? Are you self-employed? Do you moonlight? Do you feel you are happier? Share your thoughts in the new Facebook Group![/cs_text][/cs_column][/cs_row][/cs_section][/cs_content]