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Most people who make the transition from full time employee to self employment (whether they want to be an artist, marketing consultant, or work in some other field) find they work far more hours as a self employed person than they did as an employee. Just look at some of the articles on the web about being an entrepreneur, which is what artists are.
Often it takes years to reach profitability in any new venture. Many times people start their proposed new business on the side to learn the ropes and start things going before they make the transition. I think the phrase "starving artist" became common because it's not easy to support oneself or a family this way, especially in the beginning.
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