The Pros and Cons of Setting Up a Band as a Business

The Pros and Cons of Setting Up a Band as a geschftslebenThe Pros and Cons of Setting Up a Band as a BusinessIf you are serious about making a living as a musician, your band isyour geschftlicher umgang, so why not make it official? Consider the pros and cons of registering your band as a geschftsleben. The Benefits There are several benefits you may not be aware of that could make registering your band as a business a very good idea. As a registered business, you are eligible for business accounts and business funding.Although it depends on the tax laws where you live, it is almost always better for the self-employed to have their income being earned by their business, even if it is a business of one.This is due to businesses generally having a more generous allowance of what can be deducted as expenses and is sometimes also due to business tax rates being more forgiving.Business laws will force your band members to determine their roles in the group, how profits will be split, the responsibilities of each member, and what happens if someone wants to leave the group. Business laws offer a level of protection from financial liability should something go wrong, depending on the form of business you set up.Being a business can make it easier for your band to lease or purchase equipment. Instead of one band member being financially and legally responsible, the band could use its business entity and bank account to sign the contract and make the payments.Record labels may be less hesitant to sign you. Your band as a business can hold the rights to any music you create, which negates the potential for any legal disputes over who owns those rights should the band split up at any point. Thinking of yourself as a business may just make you take your career a little more seriously. The Downsides There are just a few downsides to consider but if you decide to go forward and register your band as a business, its a good idea to plan now how you would handle these s ituations, should they arise. If things dont work out, your business will need to be dissolved, which can be a lengthy and complicated process.Your income tax filing process may change. Speaking with an accountant who specializes in small businesses- or, if you can find one, an accountant who deals with musicians taxes- could be helpful. If youve just started playing together, theres no need to fill out the business license form at practice two. Forming a business for your band can be helpful but is also a legal process you shouldnt rush into. When youre ready to get serious and try to make this a means of earning a serious income, that is the time to start thinking about setting up as a business. The specific process of setting up your band as a business depends on where you live and the laws of your country and sometimes also your state. There may be more than one type of business your band is eligible to be. Check with the business association or local council in your town for mo re information on how to proceed. You may also want to discuss the procedurewith a lawyer who can guide you through the legal and financial process.

Why You (Yes, You) Need a Professional Portfolio - The Muse

Why You (Yes, You) Need a Professional Portfolio - The MuseWhy You (Yes, You) Need a Professional Portfolio Years ago, only artists and other creative professionals had portfolios. These days, every professional can benefit from having one.For those not in a particularly artistic field, a professional portfolio doesnt have to be about showing pretty pictures of your work. The real purpose is to provide tangible proof of your value in the workplace, and theres a whole host of ways to do that. From outlining project descriptions and showcasing work samples to offering up letters of reference and customer reviews, a portfolio can document your professional accomplishments in any way that makes sense for your gig.The Big WhyThink of it like this As a professional (regardless of your field), you are a business of one. When a company chooses to employ you, it is purchasing your business service. You can think of your professional portfolio as a absatzwirtschaft brochure for the services yo ure selling. By showcasing your skills, abilities, and achievements, your portfolio helps your customers (your employers) and prospects (your potential future employers) understand what services you provide and why they are special- and worth the purchase priceA professional portfolio can help in any circumstance where you want to make a strong impression, provide proof of your value, and differentiate yourself from your competition. Here are just a few examplesJob InterviewsWhether youre a copywriter or a consultant, take your portfolio to a job interview and refer to the items inside while discussing your work experience. Saying I planned a fundraising event from beginning to end is one thing- showing the event invitation, program, budget, and volunteer guidelines you put together is completely another.In addition to acting as a handy reminder of the great things youve done in your career, having a portfolio on hand contributes to your professional image. Youll look prepared and o rganized, and your interviewers will see that youre proud of your work and take it seriously.Performance ReviewsYour performance review is the time of year where youll want to recount your specific accomplishments and accolades to your employer- and for many, this font of self-promotion can be uncomfortable. But with a portfolio by your side, youre able to cite objective, verifiable facts. Its not just your opinion that youve done a great job you have profit-and-loss reports and client emails that prove itAs an added bonus, your reviewer will be happy to see that youve been tracking these things on your own and that youre prepared for the discussion. You may even be able to draw your reviewers attention to accomplishments he or she overlooked.Salary Negotiations and PromotionsGetting what you want in a salary negotiation is all about leverage. The person with whom youre negotiating is doing a mental calculation that boils down to this Are you worth it? Does your request make sense g iven your current and future value? A portfolio full of work samples and lists of accomplishments provides the necessary leverage to help you get what you want, whether negotiating a starting salary or a raise in your current pay.Likewise, promotion requests are bolstered by the presence of a portfolio. Your employer wants to know youre both capable of performing in the new role and deserving of the increased responsibility (and pay, and visibility, and so on). And a portfolio featuring the work youve accomplished over the years will provide evidence of your past performance (widely considered the best predictor of future performance) and your potential contribution in the new role.What to IncludeWhile the items included in a professional portfolio can vary depending on your experience, profession, and industry, there are a few things that anyone can includeYour resume or professional bioLetters of recommendationClient feedback, letters, or emailsAwards and recognitionsList of train ings and courses completedWork samplesProject outlines or write-upsA list of key accomplishmentsPull together the items that make sense for you- either by compiling hard copies or by putting everything online. No matter what you choose, I promise, its a worthwhile investment of your time.

The reason why you shouldnt think outside the box

The reason why you shouldnt think outside the boxThe reason why you shouldnt think outside the boxNo five words in the English language make me cringe as much as Lets think outside the box.Coming from someonewho writes about contrarian thinking and non-conformity, that sentence might strike you as odd. After all, you redefine the status quo by stepping outside of it.But heres the problem. Thinking outside the box has become a massive cliche. And cliches, by definition, are unoriginal. Theyre terrible at creating change. When we tell ourselves that were going to think outside the box, we rely on the saatkorn methods, the same brainstorming approaches, and consequently the same stale neural pathways. To come up with answers to this cliche, we look in the rear-view mirror and use the same worn-out methods or copy-the-competitor strategies. Its no wonder that the resulting innovations arent innovations at all. Theyre at best insignificant deviations from the status quo.Conventional quest ions produce conventional results.Its only through unconventional questions - questions that others arent asking - that unconventional results can follow. Here are a few to get you startedWhat if I did the reverse of what everyone else is doing?What would a science-fiction solution look like?How could we destroy our own company?How do I turn this constraint into an advantage?How can I take a 6-month project and finish it in a week?With these questions, the goal isnt to find the right answer - at least not initially. This isnt your high-school chemistry class where the outcome of each experiment was predetermined, leaving no room for curiosity or unexpected insights. If you didnt get the right result, youd be deckenfries in the lab fiddling with test tubes and beakers, while your classmates trekked off to the movies.Rather, the goal is to ignite a process of open-minded inquiry that can jolt you out of your autopilot mode.Instead of letting the world shape your thoughts, youll let your thoughts shape the world.Instead of being a passive observer of your reality, youll become an active intervener in it.And instead of simply thinking outside the box, youll be able to bend the box to your will.Ozan Varol is a rocket scientist turned law professor and bestselling author.Click hereto download a free copy of his e-book, The Contrarian Handbook 8 Principles for Innovating Your Thinking. Along with your free e-book, youll get the Weekly Contrarian - a newsletter that challenges conventional wisdom and changes the way we look at the world (plus access to exclusive content for subscribers only).Thisarticlefirst appeared onOzanVarol.com.