Removing Obstacles So I Can Move Closer Towards The Goal
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Good Morning! My first post here
I just finished listening to the recent Podcast. (The one where Lee passed out!) as well as Jake's new video.It got me thinking about my own goals to finish illustrating a children's book I wrote.
What I've noticed is that it seems like I get "analysis paralysis" which creates obstacles that prevent me from moving forward.
Here is where I'm stuck...
Quick disclaimer, I haven't had a chance to dig in deep to the content here to see if this has been addressed, and I've listened to all the 3Point perspective Podcasts and don't recall if it's been mentioned)
...If you're going to self publish a book, is it necessary to create your own business or LLC? And if so, holistically, what is the best way to use the business to cover your bases when it comes to publishing, trademarks, copywriting, etc. Such that at the end of the day, you put your product out there and you own it.
The reason I'm asking is because I work in the Financial Services Industry and if I do any "Outside Business Activities" where I can earn money, I have to preclear it with my Employer. And I know they would be ok with me producing a Children's book. However, creating an LLC or business in addition producing a book is a whole other ballgame.
It's an obstacle. And I want to remove any obstacle that will keep me from getting from Point A to Point B.
I would appreciate any thoughts about this and anyone's personal experience! I love the community here!
Have an awesome weekend!Best Regards,
Carey A. Daugherty
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Hi, one thing I know is absolutely a must do, is to register your copyright to both the writing and the art before you publish anything, and that should include sketches, drafts etc., and you can do it as a group registration under one fee if they are unpublished. You will have all the protections of your copyright rights if you do that. Otherwise, it's very difficult to defend your rights, and few attorneys will take on unregistered copyright cases, as its very expensive to pursue.
I believe business structure depends on both federal and your own local and state laws. But it's not daunting, and doable. Check with your local Chamber of Commerce for free classes on setting up properly in your area, or the SBA for any seminars they offer in your locale.
I don't think that your company should object to your setting up a business structure for producing a children's book, as it's clearly a very different area than theirs. Is it possible to ask them about it before starting, to see what would be acceptable to them and keep them in the loop. Just a thought...
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@Glenda-Rogers Thank you for your advice and encouragement, it was very helpful. I have talked to them in the past and they didnt seem like it would be an issue. At that time, however, I was just getting started. The goal was to complete a book and see if a publisher would pick it up, or self publish.
Since then I've been leaning more.kn the side.of self publishing. In self publishing I've been thinking more about if It would benefit me fore to do so under an LLC.
I definitely need to talk to my employer again, and HR dept to see what my option's are so I can move more confidently in one direction or the other.
Thank you for taking time to respond to me
I really appreciate it.Best Regards,
Carey A. Daugherty
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Hi Carey!
I cannot give you any advice on the business side of things, since I'm located in another country and things will be arranged differently over here.
What I can tell you is that I also suffer from "analysis paralysis" ;-). I'm sure a lot of artists do from time to time! I'm currently experiencing this as well, since I'm moving into some new directions and undiscovered territory with my art.
So I tend to keep finding obstacles and researching and "spinning my creative wheels" as I've heard Jake Parker mention before.I came across this piece of writing from Lisa Congdon (definitely a recommendation to follow on instagram, since her posts are very motivational) which I found encouraging. It helped me get started with the new project today, and I may as well pass it along to you; maybe it helps
A tip I can give you, which often helps me, is to divide your time into blocks. Choose a set time to devote to the creative aspects and a separate one for the administrative tasks. This way, you are less likely to get stuck wondering about the business side of things while creating art.
But it's easier said than done! Good luck with your book :)!
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Hi @Carey-Daugherty, here is gold.
https://www.underdown.org/self-publishing.htm -
@Carey-Daugherty It would be best to consult with an accountant or tax professional, but I'm almost sure you don't have to register a business. Over here in Canada, you don't have to register a business if you make under a certain amount of money, and you don't have to register it if you operate only in your name. For instance, I've had to get a business license for my Etsy shop after it made a certain amount of money, but I don't need one for my freelance illustration gigs - I just file my taxes with my business name as "Vanessa Matte". However make sure what the rules are in your country and state specifically. But if you self-publish a book in your name and expect to make less than $1000, I highly doubt you need an LLC for that mate. Good luck!
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I am a sole proprietorship and work as a business illustrating, being an artist and writing. Its worked well for me so far. I believe the advantage to registering for a business, helps with taxes, because then all the expenses making the book can be declared in your taxes. otherwise, you could declare the income, but would not be able to deduct expenses.
For myself, having a business with a version of my name (middle and maiden name) gives me a bit of a buffer for any potential stalkers. As a woman im always conscious of that.
I dont know, just my two cents in the matter
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As far as I understand it, the only difference between creating an entity (LLC or Corp or whatever) is legal protection. And the only reason to do a Corp versus an LLC is that if you're an LLC you end up paying double for payroll taxes (once for you and once for the LLC).
If you're just some person out there making extra money off art with no entity, it's essentially just straight up taxation on your additional income (like a 1099) and you can still claim expenses but it gets really sticky if you ever got audited. Really it's just about protection and ease of filing when you want to offset your tax bill because 1099 income is taxed differently than business income.
Anyone that makes a go of it, definitely look into going one step further and converting your LLC into an S-Corp so that you remove that double payroll tax.
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@jdubz Excellent advice, and something quite important that I didn't know about the LLC. Thanks for sharing!!
