Sergei Nivens – Stock.adobe.com
Have you decided that 2024 is the year you take the reins of your creative business? Congratulations! Every business needs infrastructure, and creator businesses are no exception. Before you start creating fun content, you need to start with the basics of your business. Below are some proven steps to level up your business this year.
1. Make sure you have an LLC. LLCs are great for protecting yourself as well as financially separating your personal and business finances and expenses. Consult with an attorney in your area to discuss which type of LLC is best to form and ensure you also have the corresponding tax requirements.
2. Get a business account and credit card. Tracking your income as a creator over time, including your expenses, is very important. The best way to do this is not to mix funds. He can also pay himself as a “withdrawal” from his business account, but at least he has one source of truth to find out how much revenue his creator business is bringing in and how much he's spending. Masu.
3. Once you have your LLC and business account, create a W9 for the calendar year and create an invoice template to have on hand. A good rule of thumb is to send final screenshots/stats, an updated W9, an invoice, and a copy of a fully executed contract each time you complete a campaign. This brings everything together in one place, giving every brand and agency exactly what they need to close deals and win customers. paid.
4. Make an updated list of your expenses. All expenses are related to your creator business for the year, so stay up to date.
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5. Keep a folder with all contracts that were fully signed during the year. This allows you to review all the projects you've worked on and set yourself up for success come tax season.
6. Check with your local tax professional. If you have an agent or manager, their professional fees are often tax deductible as well (depending on your state).
If you have an agent or management company, they should also provide you with a list of all the listings paid (and fees deducted) during the calendar year to help keep your finances clean (these are usually (available only in January of the following year) as companies must close the previous year's financials.
7. Send a thank you note to the brand or agency after each campaign. Campaigns can be tough at times, but gratitude is important. length How to get repeat business with future campaigns.
8. Set weekly office and finance hours. This allows you to make sure your books and invoices are up to date and understand how you're meeting your revenue goals at any point during the year.
By following these steps, your growing and thriving creator business will be set up for maximum success in 2024. I wish you the best.