While most artist tend to prefer creative processes to the practical details of running a business, planning and budgeting for promotion of your art business is essential for success.
When it comes to Open Exhibitions you need to know where you stand financially before you jump into a full schedule of submissions, and then include the costs of Open Exhibitions in your annual budget.
If you don't already have a
system in place begin by collecting all of the receipts from your art related expenses. Don't forget the regular bills that you may pay automatically
by direct debit or standing order. "Paperless" bills and statements can
make it more difficult at times to remember all of your costs.
It may also help to go through your diary and make sure you haven't forgotten any events or exhibitions that
may have had one-off costs.
Just as important as digging
up all the expenses is keeping track of income and noting artwork that
you may have sold without writing up a standard invoice.
The goal is to
have an accurate financial picture of your business. And while there are many benefits to entering Open Exhibitions other than a financial return, it's also important
to remember that the objective of any business is to make a profit, and you can't create a schedule for entering exhibitions without a way to cover the expenses.
Remember that there are many expenses to consider above and beyond the entry fees, which are often the least of the related costs. You will need to properly photograph your work. The work may need to be framed and mounted and there is the expense of transporting to and from the exhibition for selection and/or hanging.
Whether your work is chosen or not you should consider the cost of visiting the exhibition so you know whether or not you should enter again in the future. And if your work is chosen you will have the added costs or marketing the Exhibition to your mailing list and attending the Private View etc.
Strictly from a financial perspective, you may want to consider the timing of the Exhibitions in relation to your own cash flow. Managing cash flow shortfalls with credit cards can significantly increase the costs of an exhibition.
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Having spent the first half of August in London enjoying the 
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