Aug '24 • Motivation & Inspiration
Is your creation a hobby or a business?
So I've a question for all the creators out there (and in here of course). Do you consider what you do to be a hobby, a business, or a business potential?
I started my YT channel as hobby (I found some workarounds and solutions to GoPro issues and made some videos about it). However, some of my videos were quite popular and I registered my channel as a business (and then it got monetized afterwards).
The thing is, I really wish I had done that quite a number of years ago now. The fact is I'm able to bill a lot of things off as business and start up expenses. There could be more I could bill off, but I'm getting there as I become more business minded.
So if there's one piece of advice I would give any creator is that from day 1, you should consider what you do as a business and treat it as such. Get an LLC, get an EIN, Keep track of each and every expense. The fact is, the sooner you start, the sooner you'll see the benefits.
Just because you're a business, that doesn't hamper your creativity or your drive. What it does mean is that you can feel much freerer to pursue your creativity as now there's a way to claim back some of your expenses (which is nice come tax time) It can even drive you to create as you have goals and deadlines to meet (which can help drive you to create more content in a timely manner).
Just my thoughts, I'd love to know what you think and hey, if you've any questions, feel free to ask!
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Is your creation a hobby or a business?
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