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hello hello thank you for joining me for the business formation video I hope you get some value out of this I think that you will because somebody is asking me about this recently and it seems like something good to talk about first I want to be truly authentic with you I am a tax attorney I have an MBA and I have a master's in the county so I've done a lot of school on these areas which are business taxes accounting all the things that are the backbone of both large corporate corporate business structures as well as small and medium sized businesses I've had my own businesses that have been quite successful and I love talking about business as you know now I am pursuing being handy as a producer because I love music too and I love so many things I think it's because I'm an Aquarius but yeah I'm drawn to so many things and right now I feel like I can help people out because I've had some questions about again business formation so three types of business formation we're going to talk about sole proprietor a LLC and an S Corp I'm gonna leave out partnerships because I don't think that really applies so much when you're a music producer DJ or musician but let's talk about a sole proprietor sole proprietor means that you are operating generally under your so it's a security number but you don't have to you can actually get an EIN number I'll put the link for that below some people like to use that because they feel like they protect their social security number for example I did mix shows for CBS radio and for big organizations and they're gonna ask you you know for that number because they need to know when they're paying you they're gonna send you they're gonna pay you as a contractor and then send you a 1099 they need to know your what number is associated with your business and some people feel better handing out an EIN number versus their social security number okay so point is is that you have a business you may need a DBA if you're not operating under your own name but you you your revenue your your profits your expenses all of that you're actually going to easily just file along on a Schedule C when you file your 1040 each year for your taxes so it's really easy to report your income the easiest way to have a business to be a legitimate business is to be a sole proprietor and it's important because if you're legitimate and I'm assuming you're in this to make money and to be in it for a while you want to make sure that you are reporting your revenue and expenses to the government on your tax return and their benefits for you they're actually see this video up here on taxes I'll do more as we get into the tax season so that hopefully I can save you guys some money and you can feel better about doing your taxes but all right going back to sole proprietor that's like the easiest business to have there's not much you have to do you may have to get the DBA open a business checking account keep all your business records but you don't have to do anything special per se people would have asked me about LLC do I need an LLC that's a limited liability corporation and there is a lot more involved in becoming an LLC because it's a legal entity and you need to pay money to your state and you need to file papers and you need to do your income taxes a special way and report special information each year in order to stay within the guidelines of being that LLC it costs I don't know what the going rate is now because the fees vary from state to state but I want to say it will cost you between 500 and 1000 dollars to establish the LLC and then a few hundred dollars each year on going for the various payments that need to be making to the state to keep that you'll also probably have to pay somebody to do your taxes because there's a little more involved in doing that although TurboTax is a really great tool to help anyone do your taxes but still there's more involved in it and I don't think it's as important well I shouldn't say that for DJs definitely it could be important because you've got equipment and stuff like that that you're going to be using but what happens with illumina liabilities you're you're protecting your individual assets right you're basically saying here's my business and here's my individual assets and so god forbid you were sued or anything like that you know you would be protected under your personal assets would be protected under the shell of the business assets so that's really the main benefit there now let's talk about the third option which is an S corp and that cost more money to establish and definitely you'll need an attorney to file some of that paperwork for you but manages to an S corp are when it comes to taxes so they've back a little bit the laws have changed a little bit in the past few years some of the advantages maybe not so great as it used to be doesn't mean people aren't pushing the line on them but the idea is is that by by establishing an S corp you're able to give yourself a reasonable salary you know the business the S corp your business gives you a salary and so just you'll pay less in taxes let's just put it that way that's the easy way to say it but it's gonna cost you more to have an S corp and the real real big thing is is if you're not making a lot of money off of your business it's not going to be practical for you to have or establish an S corp so what I would say to use if you're just starting a business make sure your legitimate you get your DBA you get a business checking account you're keeping track of your profits of your expenses you've got receipts or your credit card bill to show our you know that you've paid for all of these items may be that you're declaring on your taxes you collect sales tax if you need to and keep that and a separate account to make sure that you pay that when you need to that you just be legitimate as a business focus on that be a sole proprietor and be legitimate get all that stuff together start making a profit and once you get to the point where it makes sense and it's practical for you to pay to establish an LLC or an S corp I do highly recommend that you do it but I don't want you to stress about it because what happens is is people can get just caught up in all the planning aspects that you lose track of why you started this and that's because you're a passionate about music whether you're a musician or a deejay or a music producer right you're passionate about music and yes you want to make money with that music but you just just don't get too caught up you know I spent a lot of my life getting caught out and it's kept me from moving forward and keeping the momentum going so you did a good job by watching this video google it right there's other resources out there the Small Business Association there's a lot of information there you know for for you and your small business and learning and I'll put some more resources some links down below for you you know if you do want to go read more about what is good bookkeeping and what you should be thinking about now that you've you've started your business and you're making money hope is was helpful a lot of
Thanks for your comment Sang Younkers, have a nice day.
- Erwin Famiglietti, Staff Member
just invest 180 dollars in a beat store subscription so don't buy your new shoes or whatever for example if someone knocks on your door and they will say hey buy this product you wanna buy it yo what's up guys welcome to another video i'm seven beats and in this video i'm going to talk about how to start selling beats in 2021 so i'm creating this video because i'm seeing a lot of people posting videos on youtube about how to start selling your beats but they're basically telling you nothing i see people posting videos on how to build a youtube beach channel but they didn't really boot one to self yet so how could i tell you how to create one i don't know so my background is i've created this channel almost two years ago and i've built a big channel to i think around 4k subscribers and at that point i started to upload tutorials and i really like tutorials so i'm just uploading tutorials on this channel and on my second channel i'm uploading just my beats so i've went to the process of building a beach channel from xero i've had nothing on youtube yet so that's what i'm going to explain in this tutorial in this tutorial i'm going to cover the following topics so it's about content is key so i think that's a really important one so i'm going to talk about your audience from a marketing point of view and i'm also going to talk about the youtube targeting i'm also going to cover how you can give some free value to your viewers i'm going to talk about promotion and i'm going to talk about the finances so the first topic is content is key so it's really about your beats so it's about your thumbnails beats everything around that so make sure you compare your beats to other channels so in terms of quality how their mix and mess or so you could really learn a lot from other channels and you should also keep in mind consistency is more important than perfection just spend maybe one or two hours on the beat and just do some mixing and mastering and after that maybe just post a beat on youtube so your content also comes with a really decent branding so do something just really original maybe it's your producer deck or your artwork or whatever make sure people recognize your channel i think this is also really important and right now i'm going to talk about your thumbnail so i think your thumbnail is important but it's not that important so as you can see right here the impression click-through rate so the ctr is around eight percent and i think for beats what i measure is it's around nine percent so so this one is just doing average and what this is is basically if your video is shown to a thousand people almost 80 people will click on it so that's your ctr right and this one is also really important when it comes to the analytics and i think a clear description is also really important so for example i will start with the purchase link so this is a link to beat stars and i'm produced by seven beats so everybody knows i've produced this beat and then the bit name is understand the bpm and the key i think it's also really important to mention this in your description and then just explain really straightforward if people can use your beat for free or for profit and then just some more links and then just add some hashtags so i'm using seven beats type it and burn a boy and then i'm using my title again but that's something which i'm going to explain later in this tutorial and when talking about your bt mixing and mastering is just really important you could create a really awesome beat but if it's mixed really shitty or mastered people won't really like it so you can listen to your mix on your speakers and your phone your laptop or some headphones and just compare your mix to other mixes and this will help you to really improve your music and i think it's also really important to use a tag so you can create a tag by just recording your name on your phone and drag it into other studio and just create a tag it doesn't really matter what you create but just take your beats so the second topic which i'm going to cover is who is your audience so the question who is your audience i think that's really important when it comes to selling beats and just defining this question so defining your audience is one of the most important things you can do and later on in this tutorial i'm going to show you how you can do this by using the youtube analytics and then the second question comes in who is your customer because you have your audience and your customers and your customers could be producers could be artists could be labels or whatever so you just need to spend a day looking into the analytics and at the demographics to figure out who is your customer and i think which is also really important just focus on one genre so for example you're uploading rmb beats not just upload rmbbs and trap beats and dance hobbies and afrobeats and reggaeton beats just upload one or maybe two genres on your beats channel so for example if you watch some video about a gamer you want gaming videos and you not want videos on cooking and that's basically the same with uploading beats so when uploading r b beats maybe upload a trap beat which is really influenced by r b for example because that's what your viewers are expecting from you so you really need to build trust and upload content which your viewers will actually watch and of course you have to experiment with different genres which works and just what you like to produce and something which is also really important is your price range so what are your customers willing to pay on leases or exclusives so that's why it's really important knowing your customers so so who they are what they like and what they want to purchase and for me personally which really works is just create similar beats to things which are really trending so for example just download a beat and just create something really similar so maybe recreate the drums and just adjust them a little bit at your own melody on top of this one and you've created something original so people which are searching for whatever a trait i beat and you've created something which is a little bit similar there is a bigger chance more people will like that beat but that's really up to you it's your creative process so you can create similar beats when it comes to the arrangement the sound selection but you can still be original so right now i'm going to talk about the youtube targeting and dive into the analytics so these are the analytics from my beats channel my second channel and i'm going to answer the question about the audience and how you could figure out who is your audience and just go to your tab audience so as you can see most of my viewers are from nigeria the united states and the netherlands followed up by south africa and the united kingdom and this could also influence your pricing so really keep that in mind and you can go to advanced mode and as you can see i'm looking at the same statistics which i already explained and we could go to viewers age so as you can see most of my viewers are between 18 and 24 years old so these are some basic analytics which
Thanks Mel your participation is very much appreciated
- Erwin Famiglietti
About the author
I've studied monetary economics at Talladega College in Talladega and I am an expert in quantum biology. I usually feel optimistic. My previous job was team assemblers I held this position for 10 years, I love talking about webtooning and amateur radio. Huge fan of Blake Shelton I practice sailing and collect seashells.
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