How to Set Up A Creator Business For Success in 2024 and Beyond

Have you decided that 2024 is the year you take the reins on your creator business? Congrats! Every business needs an infrastructure and your creator business is no different. Before you start creating the fun content, you need to start with some business basics. Below, follow some tried and true steps to level up your business this year. 

1. Make sure you have an LLC. LLCs are wonderful to protect yourself personally, as well as financially separating personal and business finances and expenses. Check with a lawyer in your area to discuss which is the best type of LLC to have and make sure you also secure their corresponding taxation requirements. 

2. Get a business account and credit card. It is so important to track your earnings as a creator over time, including your expenses. The best way to do this is not commingling the funds. You can pay yourself out of the business account as a “draw,” but at least you’ll have one source of truth for how much your creator business is bringing in and spending. 

3. Once you have an LLC and a business account, create a W9 for that calendar year and create an invoice template to have on hand. Any time you complete a campaign, make it a rule of thumb to send over your final screenshots/statistics, an up-to-date W9, invoice, and a copy of your fully executed contract. This will keep all things in one place and give every brand or agency exactly what they need to close out your deal and get you paid.

4. Keep a running list of expenses. Ensure you’re staying up to date on all expenses as it is related to your creator business for the year.

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5. Keep a folder of all fully executed agreements for your year. This will keep everything on track to review all projects you’ve worked on and set you up for success come tax season. 

6. Check with a local tax professional. If you have an agent or manager, many times those professional commissions are also tax deductible (depending on the state you live in). 

If you do have any agency or management company, they should also be able to provide you with a list of everything you have been paid (and deducted commissions) for that calendar year to keep your finances tidy (these are usually only available in January of the following year as businesses need to close out finances from the year prior).

7. Send thank you notes to the brand or agency after every campaign. Sometimes campaigns are tough, but the attitude of gratitude goes a long way to get repeat business on future campaigns. 

8. Institute weekly office and finance hours. This will be a way for you to make sure your books and invoices are up to date and that you have eyes on where you are at any given point during the year on revenue goals. 

If you follow these steps, you will be set up for the best success for a growing and thriving creator business in 2024. Best of luck!