Today’s topic is in response to a request from an artist
friend who is considering a studio and wanted more information.
The Basics
I share my studio, Golden Point One, with my good friend
June (JunieB). We inked the 6-month
lease back in 2010 on a 10 x 17’ refurbished motel unit. We were the first tenants in what was to
become studio apartments for students at the Colorado School of Mines. Our space is one of the two office units. We
are a working studio rather than a gallery/retail studio.
We have a small kitchen with a mini fridge and sink, and our
bathroom is a toilet and a sink. The
original owner made the shower into shelving units for storage after we assured
him we would never be taking a shower at the studio.
The one drawback is that we don’t have a/c but we usually
paint in the morning and the elevation of Golden keeps it rather cool. We do get cross ventilation. It’s best if you can control the heat/air in
your own space, but always have a fan and a space heater on hand.
For us, we can park right outside our front door. We have assigned (sort-of) parking
spaces. When we have visitors there are
places for them to park short-term (about 20 minutes), but the bowling alley is
right across the side street and there is plenty of long-term parking available
for free.
Nearby we have a coffee shop, The Fifth Ring, which becomes
our entertainment place when we have company.
Our studio is only big enough to work in. There are several restaurants nearby, however,
I have found it best to eat a good breakfast and then work until about 1pm and
then have lunch. If I take a break for
lunch, I’m done working for the day.
The $$
We have had two super landlords (we both had a crush on the
first one, Henry, who was young enough to be - well, let’s just say a much
younger brother.) Our rent hasn’t been
raised since we moved in, and we have a verbal promise that as long as we stay
the rent will stay the same. Our lease
is now for 1 year at a time.
My share of the rent is $225, and I’m sure that won’t
translate to the cost of living in other areas, but we are in Golden, CO which
is fairly pricey in terms of real estate for the Denver region. All of our utilities are covered in the rent.
(Gas, electric, water, wi-fi, trash pick-up)
We don’t carry liability insurance, and have yet to purchase
a policy for the belongings in our studio.
Our little budget just won’t stretch that far yet. This is a topic for your insurance
agent.
June’s dad, Ted, was the owner of a sign company in upstate
NY and still works at 90-something. He
donated our awesome sign. (My dad, Grant,
has passed on but he still makes his presence known. Many called my dad, Mr. G, and after we moved
in and had time to view the surroundings I noticed the mesa seen above our
studio has a big “G” on it. All is well
with the world.)
As for ongoing shop expenses such as supplies, we just trade
off bringing in paper towels, toilet paper, hand soap, trash bags, Kleenex and
other necessities. I hate cleaning so
most of it is done by June and I try to trade other things of value when she
cleans.
When tax time rolls around I claim all the expenses (my
share) on my Schedule C. We have our
taxes prepared for us, so that’s about all I know.
We don’t have a sales tax license and any sales we make from
the studio proper (which hasn’t happened yet) we will sell through our local
co-op gallery. We are both members and
they will collect sales tax for us. My
sales are 99.9% online.
Today’s Nitty Gritty Nugget:
Don’t let the
prospect of a studio scare you. Be cautious, not
scared.
What’s Next?
1.
Write out how you plan to use the space, this
will help you make other decisions.
2.
Decide whether you’re going to go it alone. There are pros and cons to that. It depends on your idea of how you want to
use the space and who you are considering as a partner.
3.
If you have a partner, find an easy out for both
of you if it doesn’t work.
4.
Find something affordable. Paying the rent becomes your top priority.
5.
Your space must also feel safe and a good place
to be. It will be hard enough getting yourself
there, you don’t want bad ju-ju to be a reason not to go.
6.
Have a friend (preferably good with legalese)
review your lease before signing.
7.
Talk with an insurance agent about how you’re
going to use the space.
8.
Divvy up the daily tasks of running the studio: cleaning,
providing supplies, etc.
9.
Keep track of your expenses for tax purposes
(even if it’s a shoebox.)
10.
Then get in there and paint and create! There’s rent to pay!
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Junie B |
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My Space - the one with the Starbucks! |