I will keep this article very short and to the point. The misconception with business is that you have to have an official, on paper, business to start gaining the advantages of business. I am not a financial advisor, nor lawyer so you should not listen to any of my advice on the matter, but you can deduct business expenses even as a sole proprietor (self employed)
You can even write off your studio equipment, music production training, and other expenses you use to fund your business.
Again, I am not a financial advisor, nor lawyer, so my word has no merit so go visit the official sites and get more information.
Now onto the list of why you should start your music business
1. Tax Write Offs
You can lower your tax burden legally when you use expenses to further your business. The best part about this is that you love music and every expense is for the things you love, so you work that much harder when you invest in them for business.
2. Gain Skills Quickly
When you first start out in business, you will face many obstacles. And as you grow, you will still face obstacles. These obstacles will give you the real lens as to what the world is really about. Being behind a desk and getting handed a paycheck every week takes away from this raw reality which can build you up in skill faster than anything.
3. You Will Gain Confidence
Confidence is a hidden skill and trait. It is what separates the risk takers and influencers from the rest. Being in business will give you assurance of mind and help you realize what makes a good person.
4. Cash Flow
When you get your business rolling, you will generate cash flow which over time will be your way out of the rat race of life.
5. You Learn Value Creation
Without the responsibility of a business, you won’t really understand what value creation is all about. That’s what drives business. Once you learn how to create value, you will be obsessed. And the great businessmen and owners around the world are obsessed with value creation.
These are the reasons you should start your business now. Again, you don’t have to have your business on paper to start. You can start self employed. That’s fine, just get started.