The Thriving Christian Artist
The Thriving Christian Artist
360 5-Minute Mentoring: Why You Should Incorporate Your Art Business
It’s a question that almost every business owner has to face - should you incorporate your business?
It feels so…official. Adult. 😬
But if you’ve hesitated because you fear that incorporating your art business will take away from your creativity or make you "corporate" (in the sense of being dull and milquetoast), don’t!
You still get to be you, and your art still is yours alone.
Actually, incorporating your art business is an investment in your business that shows you are professional, protects you against legal issues, and can help you save money - and earn more, too!
In this episode of 5-Minute Mentoring, I'm going to share five good reasons why you should consider taking this step for your art business, plus some pointers on how to go about making it happen.
Ready to build a business that helps you thrive spiritually, artistically, and financially? Here are 4 ways I can help:
1️⃣ Join Us in November - Every artist was created by God to create with Him to both experience and release His Light and Life through their creative expression. Join us for a powerful 3-day healing event for artists called the “Unlocking the Heart of the Artist Experience” where you can do just that! Click here to learn more ➡️ https://matttommeymentoring.mykajabi.com/unlocking-2022
2️⃣ Read the Book: Check out my book “How to Price Your Art: Pricing with Confidence for Sales & Profit” on Amazon ➡️ https://www.amazon.com/dp/B097XBP733
3️⃣ Create Art and Profit: Discover how to create the art you love while still providing for yourself financially in my “How to Price Your Art” workshop.
Get more details here ➡️ https://thrive.matttommeymentoring.com/how-to-price-your-art-evergreen
4️⃣ Ready to truly thrive? Join the Created to Thrive Artist Mentoring Program to discover how to build your art business and live the abundant life Jesus promised you as an artist in His Kingdom! Click here for details and to enroll! ➡️ https://www.matttommeymentoring.com/artmentor.html
Connect with me online: https://thrive.matttommeymentoring.com/stay-connected
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Have you been going back and forth wondering if you should incorporate your art business or not? Well, I'm going to give you some definitive answers today about that here on 5-Minute Mentoring.
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SPEAKER_00:Have you ever wanted to have someone in your life who you could ask real questions about your art, your business, and even your walk with the Lord? Well, that's exactly what we do every Friday here on 5-Minute Mentoring, where I answer one question from one of my awesome podcast listeners in order to help you start really thriving as the artist you know God created you to be. Hey, my friends. So glad that you're with me today on 5-Minute Mentoring. I want to give you five reasons today that you should definitely consider incorporating your art business. The first one is what I would just say, professionalism. It looks much more professional and people feel much more confident about doing business with you when they know that you are a legal business entity. The second big reason then is name protection. If you're just kind of, you know, throwing a name out there and you don't really know if other people have it or not, when you incorporate, that's going to allow you to protect that name so that nobody else can have the same business name as you. And that is usually important for most folks that are doing business out there. Number three is as you're doing business, you're going to need something called liability protection because God forbid somebody slip and fall in a class or, you know, have any sort of legal wrangling with you whatsoever as a business owner. When you form a corporation, that's the point of a corporation is to give you a legal sheet And so forming a corporation that will do that is a huge benefit. Number next, number four, I would say is tax savings. Hello. When you begin to make money, you want to be able to write those off and you get a lot more tax savings when you're actually a corporation than you do just as an individual. There are a lot more opportunities to write off business expenses. All the different things that are available out there for business owners that you're not getting the opportunity to do as somebody that's just Joe Blow on the street, you know, doing their art business as a sole proprietor. Next is then increased savings opportunities and investment opportunities. You can structure your salary and you can structure the way you get paid in a way that you can take advantage of more investment opportunities and savings opportunities. allowing you to keep more of what you're actually making. Now, you may be wondering, well, Matt, I don't know anything about all that. I've never owned a business before in my life. I don't know even how to start thinking about that. The best people for you to talk to about this is your local small business attorney, your local CPA. They're going to be able to walk you through what it looks like in your local area to get set up. If that's not even an option for you, you don't know anybody you're scared, you're nervous about it. Most of the time, there's a small business association in your local area, and you can look at sba.gov to find that out. But there's usually a small business association, small business incubator, even an art guild or an art association that will be able to help point you in the right direction. Again, to a small business association, a chamber of commerce, anybody that can help to lead you in the direction that you need in your local area. Why am I saying local area? Well, it's different all over the place, all right? Every state, every country, every city may be having different requirements, different things that you need to be registering for and setting yourself up for, and it's always best to go local with those kinds of resources. But again, just professionalism, name protection, liability protections, savings and investment opportunities, all of those are huge when it comes to actually setting up your art business for success. And I want you to be set up for success so that you can do everything that God's called you to do as an artist in his kingdom. All right. I love you, my friend. Thanks for being here with me. Remember, until next time, you were created to thrive. All right. Bye.