9 Tips for running yourself as a business

In this post we explore some tips for any Professional Performer working as a freelancer in the entertainments industry. Why? Because you are going to be running yourself and a business and no amount of acting classes is going to teach you the fundamentals of good business management, or get you out of a situation if you fail to set aside taxes you need to pay at the end of the year!

The International Stunt Academy includes some Entrepreneurship classes and business advice for young actors and performers as part of our Diploma, but this is never going to teach you all you need to know throughout your career.  

As someone who has been in the creative industry for years, I have noticed that many freelancers and performers overlook some basic and essential elements when it comes to advancing their careers while successfully managing their finances. They all relate to the business side of being a professional performer.

In this article, I we share 9 tips to help you think of yourself as a business and to help to run yourselves as successful one. Let's dive in!

1. Budget your year ahead, and stick to that budget! 
   It's crucial to have a budget as an actor. Not knowing how much it costs to run your business can lead to stress that can block your creativity or leave you financially stranded later in the year. A useful tip for starting your budget is to track your expenses for a month or two to see where your money goes. This can help you identify areas where you can cut back or invest more in your business. One of the most important things to consider when budgeting is your training and development as an actor. Plan and prioritize the classes or workshops you need to take to improve your skills
   
   
2. Income Tax and deductions
   Understanding your taxes and deductions is essential as an actor. A useful tip is to consult with a professional accountant who understands the acting industry. They can help you identify expenses that are tax-deductible, such as healthcare, gym memberships, and equipment costs. Keep all your receipts and invoices for expenses, as these will be necessary when filing your taxes.
   
   
3. Saving for your future
   Saving for your future as an actor is crucial, especially since your income may not always be consistent. A useful tip for saving is to set up automatic transfers from your checking account to a savings account. This way, you can ensure that you're putting money away each month without having to think about it. When starting to save, set small, achievable goals, such as saving 10% of your income each month. As you progress in your career and earn more, you can increase your savings goals.
   
   
4. Investing back into your career and personal development
   Investing back into your career and personal development is crucial for long-term success. A useful tip is to diversify your investments and consider investing in productions or starting your own side business. Just make sure that you have a passion for it and that it aligns with your interests. Consider taking a financial literacy course to learn more about investing and managing your money. Business management courses are also a thing we'd advise any freelancer to consider. 
   
   
5. Self-Care
   "Because you're worth it". Self-care is essential for maintaining a healthy mind and body. A useful tip is to create a routine that includes exercise, healthy eating, and downtime for rest and relaxation. Your mind and body are your tools, and it's essential to prioritize your health and well-being over work.
   
   
6. Sole-trader / self-employed / small business. What are you?
   Deciding on whether to incorporate yourself as a business can be a daunting task. A useful tip is to consider your income and the risks associated with your work. If you're just starting out, being a sole trader or self-employed may be the best option. This way, you can focus on building your brand and reputation without the added expense of incorporating. However, if your income grows or you're taking on bigger projects, it may be worth considering incorporating to protect yourself and your assets.
   
   
7. Website. Have one!
   Having a website is essential in today's digital age. A useful tip is to make sure your website is professional and reflects your brand. Include high-quality headshots and demo reels, along with your contact information and social media links. If you're not tech-savvy, consider hiring a web designer to create a website for you.
   
   
8. Self-promotion and marketing strategy
   Self-promotion is key to success as an actor. A useful tip is to identify your target audience and tailor your marketing strategy to them. Consider creating your content and entering it in film festivals or creating a video blog or podcast. Volunteer for community events or charity shows to increase your visibility. Be sure to have your website on every platform you use and all with the same branding.
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9. Plan for disruption
   Disruptions are a part of life, and it's essential to have a plan in place for when they come. Whether it's an unfortunate slip that means time off plus unforeseen healthcare expenses, or just finding you need a good break one day,  you just never know. So, expect the best, but always plan for what you don't know. 

As a Stunt Performer or Action Actor, you are your own business, and it's crucial to think of yourself as such. By implementing these tips, you'll be able to run your business effectively and take your careers to the next level.

We wish you the best of luck with a financially successful career, but make sure you don't rely on luck alone! ;)