Tips for Entrepreneurs

[70707Bride]

I think this would be the right spot for this thread, not sure, but I know there are some of you who work for yourself or have your own businesses. This is something that I would like to do, and Chris too. Any tips or advice you would like to share? How did you get started?

[WebLady]

Well with me I started doing things on the side and trying to save a little money too. With DH's help I was able to finally quit my day job and start a photography business on my own. It took me several months to get it going fairly steady. I did it for 2 years then got burned out on it.

I started getting into web based stuff and enjoy that much better and I like the idea that I can do it anywhere. I still don't make enough to get by without DH, but that is ok with me, for now at least :)

Whatever you do, you have to find something with a good market (buyers), but isn't too saturated (not too much competition); and a niche, something that will set you apart from the competition. This can be product, price, service, etc.

You have to remember that you are not going to be raking in the big bucks overnight. It is often said that it takes 3-5 years for a business to be profitable. So having a back up plan, side job and/or savings in a good idea.

You also need to think about how when you run your own business there are likely to be ups and downs; so you have to be prepared for that too.

Making up a business plan is a good idea too, even if it is just for you. Write out what you want to do, how you plan to do it, what it is going to cost you and what you want to charge for it.

:goodluck:

[70707Bride]

That's interesting. Well since I live in an area with no music business stuff around, besides music stores and such, I have thought about starting my own artist mgt company. I really don't want to move far away just to get a job, and we really don't want to live in a huge city. There are a lot of local bands around here, as with probably any city, but who really has knowledge of the business side of it? That is what I'm in college for, and think that would set me apart from anyone else in our area. I have decided that even if I only do this on a local band level, I would be happy with that. The thing I'm worried about is taxes and all that jazz. I think I would only need a EIN if I had employees and stuff like that. Not sure. That is what we haven't learned in my classes is entrepreneur stuff.

[WebLady]

I think you need an EIN even if you don't have employees, I have one. It has something to do with business taxes. You will need a business license and all as well.

Your business license will vary by how much money you expect to make and then how much you actually make. Like if you make more than estimated, you will owe more upon renewal for the coming year.

There will of course be business income taxes you have to pay, so you may want to have some savings for that at the end up each year. But you can write off alot of things when you work for yourself.

[70707Bride]

All the legal stuff confuses me. I'm just afraid of not doing something that I have to do. According to www.irs.gov (http://www.irs.gov) you have to have an EIN if any of the following are YES:


Do you have employees?
Do you operate your business as a corporation or a partnership?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?

Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Estates
Real estate mortgage investment conduits
Non-profit organizations
Farmers' cooperatives
Plan administrators
So I guess I would have to since I file an employment tax return.

[WebLady]

Ya know, I think I got my EIN when I was doing photography and wanted to buy supplies tax free. Maybe it had something to do with that.

I don't sell a product anymore so I don't really use the number anymore.

[70707Bride]

I'll have to research the business license thing. I know that there are no state or federal certifications or licenses required to be an artist manager. I don't know if that's the same thing or what.

[SerendipityCrafts]

We have a totally different system here in Canada, so I won't even get into the taxes etc.

I started by accident ..... when I was married the first time, I wanted to stay home to raise my kids but we needed more than 1 salary. I am a trained graphic designer and I took a tole painting for fun and to get out of the house. I painted all of our Christmas gifts that year and then people were asking me to make more and sell them. My brother sold at craft shows so he answered all the questions I had. My ex loved woodworking so he made all of the pieces that I painted. I painted while my kids were in school and sold at shows on the weekend.

Skip ahead ..... I remet Hugh and I roped him into it. He is also a graphic designer. When we downsized to an apartment, we could no longer make wood items so I looked for something else to paint on. My sister inlaw inspired me by telling me of a cookies for Santa plate that she had seen. The rest, as they say is history!

My advice -


Do something you are passionate about otherwise, you won't give it your all.
Prepare to work looooooooooooong and hard and when you think you are ready to drop, do just one more thing :)
Don't expect to get rich overnight or even to get rich ... plan to make a living and anything else would be a bonus.
Dare to dream a little bigger.
Don't stop asking questions of people who have been in the business longer
If you truly believe in what you are doing, don't give up.
Treat your customers/clients fairly and honestly.
Give a bit of profit back to charity or donate your service or product. Help someone along the way.

[showerspartysupply]

All the legal stuff confuses me. I'm just afraid of not doing something that I have to do. According to www.irs.gov (http://www.irs.gov) you have to have an EIN if any of the following are YES:
Do you have employees?
Do you operate your business as a corporation or a partnership?
Do you file any of these tax returns: Employment, Excise, or Alcohol, Tobacco and Firearms?
Do you withhold taxes on income, other than wages, paid to a non-resident alien?
Do you have a Keogh plan?
Are you involved with any of the following types of organizations?
Trusts, except certain grantor-owned revocable trusts, IRAs, Exempt Organization Business Income Tax Returns
Estates
Real estate mortgage investment conduits
Non-profit organizations
Farmers' cooperatives
Plan administrators So I guess I would have to since I file an employment tax return.

You can choose to get an EIN based on how you will structure your company. If you are doing an LLC then I definitely suggest getting one. It's also good if you are looking to build credit under your business rather than your own social security number.

Regarding the talent management business, it's great that you could potentially be one of the first people in your town to do this but you should also consider why no one else has done it. Working in music, on any level, is unpredictable, expensive and incredibly time consuming. On the flip side, it is definitely profitable if you are willing to endure the ups and downs. Being a talent manager will mean a lot of time away from home, booking gigs, convincing the media to take an interest and so on.

This is a very exciting venture and I wish you the best of luck and please keep me updated.

[70707Bride]

You can choose to get an EIN based on how you will structure your company. If you are doing an LLC then I definitely suggest getting one. It's also good if you are looking to build credit under your business rather than your own social security number.

Regarding the talent management business, it's great that you could potentially be one of the first people in your town to do this but you should also consider why no one else has done it. Working in music, on any level, is unpredictable, expensive and incredibly time consuming. On the flip side, it is definitely profitable if you are willing to endure the ups and downs. Being a talent manager will mean a lot of time away from home, booking gigs, convincing the media to take an interest and so on.

This is a very exciting venture and I wish you the best of luck and please keep me updated.


Yes it would be time consuming, but that is why I said I would like to keep it on a local band level, for me. If they can further their career elsewhere then they should go for it. And many people confuse a manager for an agent. The manager is NOT the one who books gigs for the artist, although in the early stages they might. Many managers do not go to the shows either, they do not have to. Being an artist manager is something that does not require an education or degree. Anyone can manage their friend's band for example. I think that the reason no one in our town has done this is because they really don't know anything about the business.

[TangoWedding]

I would highly suggest getting an EIN even if you don't 'need' one. I'd also suggest at least going with an LLC so you can keep yourself and your business separate. And you NEED to keep things separate anyway.

There's a LOT of information out there about biz credit and such if you're interested in that sort of thing. I had several unsecured major credit cards and store accounts (Staples, Office Depot, Citgo, etc) for my business....I got them all in less than a year and not once did I use my social security number. It was all based on the new business.

There's an amazing small business forum over at www.creditboards.com if you're looking to learn about it. There's lots of information...don't get overwhelmed too quickly. :geek:

[showerspartysupply]

Yes it would be time consuming, but that is why I said I would like to keep it on a local band level, for me. If they can further their career elsewhere then they should go for it. And many people confuse a manager for an agent. The manager is NOT the one who books gigs for the artist, although in the early stages they might. Many managers do not go to the shows either, they do not have to. Being an artist manager is something that does not require an education or degree. Anyone can manage their friend's band for example. I think that the reason no one in our town has done this is because they really don't know anything about the business.

If you are starting out as a manager, especially in a town with no one else doing what you are trying to do, you WILL be booking gigs, attending gigs, transporting talent and much more. There's no confusion in that. Also, a good manager is there at the shows to make sure everything is in place for the talent as well as to protect your own interest.

[70707Bride]

If you are starting out as a manager, especially in a town with no one else doing what you are trying to do, you WILL be booking gigs, attending gigs, transporting talent and much more. There's no confusion in that. Also, a good manager is there at the shows to make sure everything is in place for the talent as well as to protect your own interest.

Right, I said in the early stages this will occur. And I most likely would go to the shows even if I didn't have to because I just like that environment. ;)

[70707Bride]

I would highly suggest getting an EIN even if you don't 'need' one. I'd also suggest at least going with an LLC so you can keep yourself and your business separate. And you NEED to keep things separate anyway.

There's a LOT of information out there about biz credit and such if you're interested in that sort of thing. I had several unsecured major credit cards and store accounts (Staples, Office Depot, Citgo, etc) for my business....I got them all in less than a year and not once did I use my social security number. It was all based on the new business.

There's an amazing small business forum over at www.creditboards.com (http://www.creditboards.com) if you're looking to learn about it. There's lots of information...don't get overwhelmed too quickly. :geek:

That's interesting, I'll check that out. What kind of business did you start?

[TangoWedding]

I had my own house painting company for about 5 years before I decided to change professions (I had been painting for over 13 years). :frogg:

[domeafavor]

There is some solid advice in here. You ladies are all great!

[uptowngirl]

I have my own business - I do specialized graphic design for the wedding industry and actually got into it the same way as Brandi. I photographed weddings for a while and decided I didn't like dealing with brides! LOL So now I work with wedding photographers.

Keep in mind that no matter what you want to do for your business you will only actually be doing it about half the time - the other half will be the work of running the whole thing. (Preparing invoices, quarterly taxes, fielding phone calls and answering emails, etc)

(And for the record I agree about the EIN - you really want to keep your business separate from any personal finances. My business is registered as an LLC and I believe I needed the EIN to open a bank account for the business so it wasn't tied to my ssn.)

Also if you work from home hubby might expect home cooked meals more often! :P

[Diamend]

When I have kids, I really want to be a stay at home mom. Realistically, though, I still need to have some kind of income. Is there anything ya'll would suggest??

[70707Bride]

When I have kids, I really want to be a stay at home mom. Realistically, though, I still need to have some kind of income. Is there anything ya'll would suggest??

It all depends on what you like to do! So what do you like to do? Go to www.entrepreneur.com (http://www.entrepreneur.com) and go to business ideas!