- tacketts5
Studio Business Hit List
So maybe you want to start a small studio. Consider this. You are starting a business. First and foremost that is what you are really doing. Here is an outline to consider before you start spending money on gear.
Have a business plan (don’t go forward without one)
Web, books, other businesses,
Flexibility
Reasonable outcomes (worse/best case scenarios)
Set goals (income, equipment, loan payoffs, personal)
Remember – No one wants to think about the business not working. If not working – change it!
Brochures, website, swag
Consistent with logos, style, & look
The better the look……
Take credit cards (easily set up a Paypal account)
Deposit, nothing leaves the building without full payment
The masters are the only thing you own until work is complete
Pre-production
Make sure you have all costs (time, engineer, rentals, media, back-up, overtime, who’s in charge to sign)
Have a studio contracts with rules, state what you’re going to do
Electronic presence
Facebook, MySpace, and website.
Pick good domain name
Electronic brochures
Audio examples
Equipment list
Pro photography
Always carry you business cards
Business nature
Sole proprieter
LLC
S-Corp
laws of the land
Zoning for you space
Insurance
Theft
Liability
Renter/owner
Protect your investment
Protect your personal
Taxes
Find a CPA (will save you hundreds if not thousands)
Lawyer (set up articles of Inc., advice on liabilities)
Expenses, (Save all receipts), set up a system
Travel
Entertainment, meals, etc
Equipment
Supplies
Dues, subscriptions
Income (must eventually show income)
Hours worked
Media (taxable)
Rentals
Report ALL INCOME (you never know who is reporting YOU on their taxes)
IRS Audit
Not so scary if you have documentation
Make sure you are a consultant and not an employee
Carry proof of work (CD, artwork, programs, brochures)
Resources:
Music Business Handbook and Career Guide: David Baskerville
Confessions of a Record Producer: Moses Avalon