Episode Recap It’s easy to start operating as a freelancer under the table, but at what point do you need to consider operating under an official business structure? We would say the sooner you take yourself and your business more seriously the better. You are a professional when you start operating like one. Dave joins the show to share his insights after 31 years running his own business about what structure is the best to set up and when. You won’t want to miss his tax tips toward the end of the show.
Get Your Questions Answered This episode was inspired by a question from a listener who was curious about how to go about creating her own business structure and when to get a business license.
If you have a question you want answered in the form of a blog or podcast you can let me know by emailing me anytime.
Send me your questions at BrianaChristineT@gmail.com
Common Types of Business Structures Sole Proprietorship
LLC
Corporation
Partnership
S Corporation
Legitimate Expense Examples Never understate your income and keep track of your expenses.
Time does not count as an expense.
Evaluating scope of a project * Who is your client, Volvo or the local juice bar? * How will you be creating the final design – default adobe symbols or a custom illustration? * If you are creating a business card – did you clarify how many people you will be designing business cards for?
Delivering Great Work Get as clear as possible about the expectations the client has.
Stay organized with your archiving in case the client needs the resources or assets later on down the road.
Collaborating with other creatives gives you an opportunity to learn about many aspects of the industry.
Dave’s Words of Wisdom Become confident in your value that even though we are doing something artistic that are ARE providing a service that should be compensated. You are at work most of your life – pick something you enjoy.
If you are paid more than $600 make sure to report it.
Save money for taxes – in general understand the mechanics of freelancing.
Resources From This Episode: StudioConover
Alan Spiegel – CPA for creatives
AIGA – A professional graphic design association
Small Business Association
LegalZoom – Set up your business structure the easy way
Kahn Academy
Aquent and Vitamin T – Creative staffing agencies with online design resources
Episode by Creative Market – the best place for design resources online