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Miscelleanous
TIPS and TRICKS and Advice
from the Pinnacle Board
Editing |
DVD |
Settings
| Sound, Lights, Cameras
| Title Deko/HFx |
Technical |
Misc
Starting Up a Video Business
| Name: |
Chip Johns
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| Date: |
Jan 7, 2005 at 6:01 am |
| Subject: |
Re: Advice needed on moving from Hobby
to Professional (payment) |
As far as taxes goes, it's best to have a good tax accountant.
Incorporating for an individual isn't as great as it sounds. These days,
it doesn't necessarily protect your personal assets as it once did.
Also, the extra costs of running a corporation, like paying extra taxes,
i.e., unemployment tax, etc. Your profits are looked at completely
differntly as well. For a wedding videographer a corporation is probably
overkill. However, your personal circumstances could be different.
Understanding your personal wheath, etc. If you get a good accountant,
she can help you with this decision too.
One thing that is important is being properly insured. To start, you
will need General Liability. Talk to an insurance agent that has
experience with coverage for what you will be doing.
You have the correct idea. So many people want to have their own
business, but are not committed to running a business. Running a wedding
video business isn't much different than owning a store. business is
business, run it like one.
Hope it goes well, and stay informed here at the COW @;-)
--
Chip Johns
chip@chipjohns.com
www.chipjohns.com
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| Name: |
stephen
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| Date: |
Jan 7, 2005 at 6:37 am |
| Subject: |
Re: Advice needed on moving from Hobby
to Professional (payment) |
I don't know what city you are in but in most major cities there are
small business development centers where you can start to find the
answers to many of the questions of starting a business.
I was taught early on that the three most important people to your
company will be your lawyer, accountant and banker and that has proven
true for me. These are the people that you consult before making major
decisions. These are the people that can provide you with information on
where to access additional resources to grow your business.
If you have been banking at a certain branch for some time stop in and
speak to the manager about your plan and see what resources he/she can
recommend. Check your city's government website to see what resources
and regulations there are for starting a business.
The form that your business takes should be decided by you along with
input from your accountant and lawyer. we established ourselves as a LLC
after we met our acct. and attorney.
Also don't forget about the business plan. Who will your target market
be? How will you reach them? What services will you be selling? What
price will you sell these services for? What is your Break Even point on
each service? How do you see your business 5, 10, 15 years from now?
When you start to answer these questions and more on paper you are
preparing your business plan your road map to success.
Hope this helps and best wishes for success
Stephen Jackson
RoaDDoggZ productions
www.roaddoggz.com
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| Name: |
Doug Graham
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| Date: |
Jan 7, 2005 at 9:48 am |
| Subject: |
Re: Advice needed on moving from Hobby
to Professional (payment) |
Chip and Stephen have given you good advice.
The thing is, this is really the wrong place to ask this question
(although you'll get lots of answers!) The RIGHT place to ask the
question is implied in Chip's response -- your local small business
office.
Here's a basic outline of some things you might want to do as you start
up your business:
- Develop a business plan. This will involve researching your market and
your competition, making estimates of startup and on-going expenses and
revenue, among other things.
- Decide on a structure for your business. I think most of us are sole
proprietors, and it's the simplest way to go. As a sole proprietor,
you're a business as soon as you say you are a business (although
various licenses and permits may be required, depending on where you are
located). But there are also partnerships and serveral flavors of
corporation. Your lawyer and accountant will be able to give you more
detailed advice.
- Find out what your state and local governments require in terms of
business permits, etc.
- Check out local resources for small business operators. Things like a
local SCORE chapter, a local government business development center,
Chamber of Commerce, etc.
- Set up a separate bank account for your business.
- Get a phone number for your business.
- Set up a workspace, either a home office or office space elsewhere.
- Develop a "business identity": a logo, stationery, equipment labels,
business cards, brochures, etc.
Regards,
Doug Graham |
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