Secret Entrepreneur
I grew up with the idea that being an entrepreneur meant starting a business. This is true. I also grew up with the idea that freelancing as a musician did not fall into this category. This is false. And I don’t mean false like, “You should treat your music career like a business and have an entrepreneurial spirit!” I mean actually false.
If you do freelance work, the IRS views you as a Sole Proprietorship, defined by the U.S. Small Business Administration as “an unincorporated business owned and run by one individual.” Like it or not, if you freelance, you’ve started a business. And if you’ve started a business, you are an entrepreneur.
I think lots of people (music schools included) operate under the half-truth that entrepreneurship is somehow “other,” that it happens sometime in the future when you create that big project or ensemble or non-profit. It seems like we mostly overlook the everyday entrepreneurship work that we do right now, often without even realizing it.
And if you don’t realize that you’re running a business, there’s a fair chance that you’re doing a not-so-amazing job of it (myself included). Since I’m tired of running my business with weak, uninformed business practices, I’m acting to take it to the next level. Below is my business growth to-do list, which can maybe become part of your list as well :)
My business to-do list:
Schedule regular time to work on my business administration.
Update my bookkeeping system and begin monthly financial statements.
Find an accountant who I can team up with for knowledge and advice.
Research incorporating as a Limited Liability Company (LLC).
Talk to my bank and research different business-banking options.