Planning for success takes PLANNING. In the beginning time is so precious and your enthusiasm is off the charts, so it it make sense to get those first sales and then figure out the business and plan later, right?
If you are only planning on making a couple sales, I guess that might be a good plan, BUT if you are yearning for success, success takes PLANNING. Think of your business like a giant set of cogwheels. The wheels are different sizes and colors. A well planned business works the same. Lots of different elements, where when each is set up property everything works perfectly inconjunction with the other.
Planned advertising leads to sales, sales lead to profits, profit (or loss) lead to accounting, accounting leads to taxes Image just one of those was pulled out or only have completed. The cogwheel stahls, your business stahls until the element is added or completed. and that, that leads to wasted time, lost monies. Ouch!
There are places when setting up business where the advice a professional is an absolute must. Among these I would include, legal, taxes and accounting. Ask the advice some someone who knows you and your full financial situation, From there you will be able to make informed decisions on best practices for your business set up.
Some things to think about. If you are choosing to go with a host agency model, and they have E&O insurance where you bookings are covered, should you get your own policy as well? Why would you get your own policy? Do you need a business policy? Can you easily get commission reports through out the year to supply your accountant with? What information on your business set up does the host agency need from you?
Take the time to set your business up right and profits will follow!
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