Monday, November 8, 2010
Where To Start
A lot of us want success in the music industry but don't really know where to start. It can be very complex but I will keep it as simple as possible. There are various directions you can go in this industry. The first thing you need to do is decide exactly what you want to do. Do you want to produce, perform, write, manage... etc? Once you've picked your focus, develop it through practice and execution. Now that is actually simple but here is the part that eludes most of us. From the very start you need to see yourself as a business. You should incorporate as a business such as D'MAR Productions Inc. The process is simple and inexpensive. Now most people think you have to be so far along or have made money or connections before this process and that is where a lot of artists get confused. It's all about foundation. We all focus on our artistic foundation but not our business foundation. When starting out, be sure to couple these principles. Once you incorporate, run your life like a business. Write a business plan that consists of your goals including financial goals. Make a timeline on reaching these points and write a marketing plan discussing how you want to sell your brand or product and who you are going to sell it to. At the start this can be very informal just so you can see what you look like on paper. If you are a producer and your goal is to produce major acts or if you are a musician looking to play with major artists or make your band into an international franchise, you will still have to get paid and pay taxes so having your business in order will only help you in the long run. So remember to start by setting yourself up as a legal business. Go to the Secretary Of State to file and the minimum yearly fee is $25 to $50 depending on where you are and what type of company you choose."S corps" are usually good for musicians. Once you've gotten incorporated you have to get an EIN(Employer ID Number) or federal tax ID and this will be your tax ID for the company. You will need that number to open a bank account and all money generated by and for your company should go into this account. This will position you in the BUSINESS to be best prepared to build your career no matter what your focus is and even if you decide to alter your focus you are still a legal business entity. Trust me it makes a difference. Remember you are what you do and if you want industry success, you have to operate as such on a daily basis. Starting by setting up as a legal company is the best way to do so. Later blogs will discuss the next steps but this is truly the foundation so that when you make money you can KEEP IT. Now go set up your company.
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