looking for literature on starting business as recording studio
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Posted on Jun 01, 2004 03:53 pm
karambos
Half of twice one
Member Since: Feb 09, 2004
I'm looking for advice on literature about starting up a business as a recording studio.
I've been running my studio now for about 5 years and originally I only had the intention of recording my own stuff. However, I keep getting people asking me to record them. I've done a few simple projects for money and my "customers" seem to be pleased and one has come back for more.
I'd like to take my project studio one step further and turn it into a business and I haven't got a clue! I need advice about serious literature concerning the fundamental do's and don'ts of running a business as a sole trader (i.e. just me).
Thankyou
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riffgodwww.charlienaebeck.comMember
Since: Apr 10, 2004
Jun 02, 2004 06:44 am Well, as a sole person you can just report the money on your taxes at the end of the year if you are in the states as earned income to do it, but I would reccomend to set up like a Small Business registration like a LLC or S-Corp. Most of the time you can find everything that you need to start one of these from your local city chamber of commerce.
You'll want to look into things like how much it will cost to register your company, annual taxes, record keeping and accounting, advertising and marketing, overhead costs (how much it costs you with space, electricity, heat, water..etc to keep your business open). and most importantly probably is insurance to cover your business for any liabilities that might result for your business such as like fires, storms, disgruntled clients, acts of god...etc..etc..etc..
What you might want to do is just sort of try to get a word of mouth type deal out to all of your friends and start to get some steady clients, and then when you start making enough to pay all your bills and make a living off of it register your business then when you know you can cover all of your expenses. :) It really is up to you how far you go though.. You can do a small business or you can do a full corporation. I would reccomend the small business though caus the full blown corporations pay more than 15,000.00 a year in taxes alone usually.
Another thing you'll probably want to do is establish a residency occupancy for your business. Basically if you have a house in the state that you live in you're set as long as you or one of your family members lives there. I think appartments work also..... Not a hundred percent sure on that one though. :) You might want to consult with a business planning company also if you're going all the way into starting an actual business which might help you out with ideas or consult with a lawyer that can help you file documents and what not. Goodluck with everything.
Jun 02, 2004 06:51 am All I had to do to register a DBA (Doing Business As) is run an add in my local newspaper stating that I will be doing business as "dB Masters" which cost about $50 or so. If you do own a house you can right the square footage of your studio off on taxes as a business expense.
Personally, I went the route of a sole-proprietorship. Then it's just me and all me and the income/loss gets worked in to all the rest of my yearly tax info such as wages from my full time job, stock earnings and the like.
As a mastering facility I didn't have to worry so much about insureance, as nothing but a CD or DAT tape has ever been at my house...in the case of a studio you will have bands full rigs at yours, so that appears as a different matter and insurance may well be something to look in to.
WillumIdiot.Member
Since: Apr 22, 2004
Jun 02, 2004 07:12 am I have no idea :P
But good luck!!!
WaltChief Cook and Bottle WasherMember
Since: May 10, 2002
Jun 02, 2004 03:11 pm Sorry to address it this way, but I put all of my books away and can't remember the titles and authors. There is quite a thread on this from about a month ago with a long list of books and such that will guide you through the process, and or deliniate options.
Noize2uCzar of MidiAdministrator
Since: Apr 04, 2002
Jun 02, 2004 04:52 pm Indeed look into insurance. But that said please be carefull and read the fine print. I lost a very valuable sample collection several years ago and could collect nothing sicne there weemed to be a clauss in the policy. I have since changed to a differant company and am now moe then covered for my own equipment as well as any band or artist equipment that would stay on the grounds.
WaltChief Cook and Bottle WasherMember
Since: May 10, 2002
Jun 02, 2004 11:06 pm Thank you Coolo! I still havn't got the hang of finding stuff so good. You are good!
