Experts reveal the mantra for financial success for a freelance artiste

Embarking on a career as a freelancer, whether as a hairstylist, makeup artist, or nail technician, opens the door to immense creative freedom and the prospect of forging a successful path on your terms. However, the financial landscape of freelancing can pose challenges.
In this article, we’ll explore valuable insights from seasoned freelance artists that shed light on essential financial management strategies.

When it comes to pricing strategies, celebrity makeup artist Ojas Rajani, renowned for her work with Aishwarya Rai Bachchan, advises budding artists to navigate their territory wisely. She suggests starting slow to attract the right clients but emphasizes the importance of avoiding underselling to protect the market.

Setting boundaries is key, according to Ojas. “I always believe in 50% advance on booking; the remaining balance should be settled 20 days prior to the event,” she notes. To safeguard time and craftsmanship, well-defined contracts are crucial.

Meghna Butani, another accomplished hair and makeup artist who has worked with Malaika Arora Khan, aligns with this perspective. She suggests avoiding price negotiations unless dealing with regular clients. Establishing a minimum price point ensures that services are valued appropriately. To incentivize clients while maintaining profitability, it is recommended offering package deals for larger bookings.

Butani highlights the need for meticulous cost calculation in establishing prices, considering all expenses including team management. She recommends thorough research and adjusting prices based on experience for accurate and fair pricing.

Financial Management Essentials

Securing the services of a proficient accountant or financial advisor is crucial. Meghna, with 18 years of experience in the industry, underscores the significance of this, stating that “the most important resource would be to find a skilled accountant/manager.” Their role involves meticulously tracking expenses, income, payouts, and overall business expenses.

In addition to financial management, Butani emphasises the necessity of continuous reinvention and restocking in this high-investment profession. Given the ever-changing trends in the industry, staying current requires ongoing education, including courses abroad. She advises allocating a percentage of monthly earnings towards reinvesting in your craft. This financial commitment ensures that professionals can consistently update their skills and maintain a contemporary inventory of the latest products.

Marketing and Client Retention

When it comes to effective marketing strategies for freelance artists to attract and retain clients, it’s crucial to consistently build a portfolio of top-notch work. Actively display your creations on social media and other relevant platforms to

engage potential clients. Providing exceptional service goes beyond generating positive recommendations – it plays a pivotal role in the organic growth of your client base. Developing a distinctive aesthetic helps you stand out from competitors, drawing in clients actively seeking your specific expertise.

In the ever-changing landscape of freelancing, Ojas urges artists not to be too hard on themselves when navigating the fluctuations between good and bad days. With 27 years of experience, she underscores that loyalty and meeting client expectations are fundamental to attracting work. Furthermore, she recommends pricing based on the artist’s value in their city and doubling the rate for outstation gigs.

Ojas also emphasises the enduring importance of social media, acknowledging that while it may be a recent development, focusing on perfecting one’s art and skills is timeless.

Prioritise Quality over Quantity

When asked about how to manage time and workload for financial stability, Butani advises selectively choosing projects that align with one’s interests and expertise. She emphasises the importance of delivering high-quality work to satisfy clients and attract more opportunities. Butani cautions against trying to be involved in everything, as it can lead to exhaustion. She acknowledges the challenges of freelancing, noting that it requires time, patience, and the building of trust with clients through experience in the industry.

Wise Words

Ojas concludes with insightful advice on navigating today’s economic landscape and achieving financial stability. She underscores the importance of saving for the future, ensuring that unforeseen incidents don’t disrupt one’s financial standing. Ojas encourages prioritising the accumulation of enough funds to embark on personal ventures, such as starting an academy or a start-up. She cautions against being captivated by the allure of materialistic possessions and instead advocates focusing on personal growth and artistic pursuits.

Conclusion

Building a successful freelance career in the beauty industry demands dedication, financial planning, and strategic marketing. By following these tips and adapting them to your circumstances, you can navigate the financial aspects effectively, achieve stability, and thrive in this dynamic and rewarding field.