From the archives
Amsterdam, The Netherlands
External Finance: Loan, fundraising
Internal Finance: Savings
Values: Social and cultural
Key takeaways of this inspiring case: The process of two artists -Dré Wapenaar and Wapke Feenstra - purchasing their own studios shows that financial solutions can be created to suit your unique situation as a freelancer. With the right planning and perhaps financial advice where necessary, it is possible for freelancers to make investments that will provide sustainability and financial security in the longer term. In Wapenaar and Feenstra’s case, the solution was applying for loans in addition to running a fundraising campaign.
Consult with people who know the industry and finance: Since being an artist is not a standard profession, the income level may not always follow a fixed line. This insecurity makes make permanent investments difficult. In addition, it is common to think that banks will reject freelancer’s requests because of the financial instability. But when you know the options around you well, it can be easier to tailor a suitable solution. In the case of the two artists, it was important for them to find someone they could get financial advice from and who knew the arts and culture industry. While one of them decided to move forward with a mortgage with Triodosbank, the other applied for a special public loan in the field of culture and arts and managed to buy the building where their studios are located together (Check our database for more information about the financial providers).
Make communities a part of your space too: The duo renovated the building they bought in a way that preserves its cultural value, and they organized a fundraising event for this. In this way, they both created an income and more importantly, by giving a building tour and sharing the developments related to renovation, conveyed the cultural importance of the building, enabled people to connect with it and took the first steps to create a cultural community.
Sources:
https://www.cultuur-ondernemen.nl/artikel/wapke-feenstra-en-dr%C3%A9-wapenaar-over-het-adviestraject
https://www.facebook.com/1754969914738589/posts/2304043983164510/
Key Takeaways
