The business of being you. Entrepreneurship in the spotlight.

Just like strategizing for a big game or choreographing a performance, creating a business plan is your winning playbook when it comes to entrepreneurship. It may seem like a daunting task, but it could be your blueprint for success. It requires mapping out your game-changing vision, identifying your competition, and outlining how you'll conquer the market. You’ll dive into the nitty-gritty of your target audience, marketing moves, financial forecasts, and management team. And if you're looking to score investors, creating a game plan is the secret weapon of your winning strategy.

To thrive as an entrepreneur, it's crucial to assess your strengths and weaknesses, just as you evaluate the tools in your athletic or artistic arsenal. During the early stages of your business’s growth, you'll find yourself wearing multiple hats — you'll be the boss, the employee, the janitor, and everything in between — juggling product strategy, fundraising, financial management, marketing, and more. But you can’t do it all forever. By recognizing your own strengths and weaknesses, you can focus your energy on what you do best and bring on others to help fill in the gaps.

If you’re ready to turn your side hustle into a legit business, we have to talk about incorporation. Technically speaking, you can skip this step. But not incorporating is like trying to play a game with one hand tied behind your back. Sure, you can do it, but you'll face an uphill battle as you try to navigate the business world.

There are a few ways to "level up" your business when it comes to incorporation. Some of the most common are Sole Proprietorships, Limited Liability Corporations (LLCs), Limited Liability Partnerships (LLPs), and 501(c)(3)s. Each structure has its own unique advantages and limitations — from tax implications to personal liability to fundraising options. So it's crucial to do your research and seek guidance from lawyers and accountants to determine the right fit for your business game plan.

As an emerging talent, your brand has to stand out in a sea of competitors. Likewise, your business needs its own unique identity, too. That's where an Employer ID Number (EIN) comes in. Think of it as your business's social security number. Getting an EIN is a crucial step in establishing your business as a legal entity, and it's necessary for tax purposes and other administrative tasks. Luckily, this step is pretty straightforward: you’ll be assigned an EIN when you register as a legal corporate entity with a state.

Whether it's your performance on the field, stage, or social media — you know the importance of controlling the rhythm. Well, the same goes for your business taxes. While most small businesses follow the calendar year, some businesses may benefit from choosing a different “fiscal year” that better aligns with their industry or business model.

Let’s say you're a college football player with an NIL deal for the fall season. You may want to choose a fiscal year that starts in August and ends in July to capture all your earnings and expenses during the peak of your sports season. Or you may want to choose a fiscal year that aligns with the start and end dates of your contracts and sponsorships for consistency in your reporting.

You’ve got the ambition. You’ve got the talent. Now it’s time to turn your passion into profits by starting your own business. Don't be afraid to hustle and take risks, but also don't forget to take care of the less exciting details like registering for an EIN and choosing an accounting system. And remember, the same principles apply whether you're handling your own NIL or building the next big thing — so keep grinding, surround yourself with trustworthy people, and get yourself ready to make some boss moves. This ensures that even when the lights go out on the main stage, you can continue to flourish and prosper behind the scenes.

CRC# 3751077 09/2024