The Solo Creative Podcast

In this episode, I interview CPA and author Christian Brim about making healthy financial decisions as a freelancer.  They discuss tax planning and preparation, LLCs vs S-corps, solo 401ks, balancing investing in your business vs. saving for retirement, and how to find the right CPA. Brim shares insights from his book "Profit First for Creatives" and his experience working with creative entrepreneurs through his firm CORE Accounting.

Takeaways

• Finding the right accountant is crucial for freelancers and entrepreneurs in the creative industry.
• Tax preparation is the process of filing tax returns, while tax planning focuses on minimizing taxes and making strategic financial decisions.
• The profit first system can help creatives organize their finances and set aside money for profit, taxes, owner's compensation, and operating expenses.
• Separating personal and business finances is important, even if you don't have a separate legal entity like an LLC.
• Regular communication with your accountant, at least quarterly, is essential for staying organized and making informed financial decisions. Working with a CPA or enrolled agent can provide valuable representation during an audit and offer a buffer between you and the IRS examiner.
• There can be discrepancies between CPAs in their interpretations of the tax code, so it's important to find a professional who aligns with your goals and risk tolerance.
• Switching from an LLC to an S corporation can have tax benefits, but it's important to consider the administrative requirements and costs involved.
• Retirement planning options for self-employed individuals include SEP IRAs and solo 401(k)s, which offer higher contribution limits and tax advantages.
• Technology can both disrupt and empower the freelance industry, creating new opportunities and challenges for creative professionals.
• Core Accounting offers a range of services, including tax preparation, tax planning, bookkeeping, and payroll, to support freelancers and creative professionals in managing their finances.

Profit First for Creatives: Amazon.com: Profit First for Creatives: Redefining the Creativity/Money Paradigm eBook : Brim, Christian, Michalowicz, Michael: Kindle Store

CORE Info :

Website: www.coregroupus.com

LinkedIn: https://www.linkedin.com/in/christianbrim/

X: @coregroupus https://twitter.com/coregroupus

Facebook: https://www.facebook.com/coregroupus

YouTube: https://www.youtube.com/channel/UCeO0QG2ygjLQz9TvEm_osyQ

Instagram: https://www.instagram.com/coregroupus/

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

Meghan Commons, a Midwest-based AC, shares her experience in the film industry and working as a freelancer. In this episode, we discuss her upbringing in a film family, her transition to freelancing in a new market, and the challenges and benefits of being married to someone in the industry. We also talk about celebrating wins, cutting your own path, and building up confidence to be yourself.

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

Dawson Putthoff, founder of Black Banner Productions, shares his journey from freelancing to starting his own production company. He discusses the challenges and rewards of running a production company, including the importance of building a strong portfolio, the need for a goal-oriented and task-driven mindset, and the value of networking and building relationships. Dawson also talks about the balance and transition of being a freelancer or a production company, the challenges of scaling the business, and the importance of understanding the financial aspects of running a production company. 

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

John Carrington shares insights from 10+ years as a colorist who transitioned into a DP. We discuss how leveraging relationships built through color work allowed him to transition to DP work, his unique path to joining the Local 600 unions, and how signing with a rep brought legitimacy & confidence. 

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

In this episode, Seth Lowe interviews Travis Wears, a Kansas City-based filmmaker, about his journey as a freelancer. They discuss topics such as taking time off, transitioning to freelancing, setting goals, learning the business side of filmmaking, investing in equipment, starting out in a small market, and the rewards of collaboration. Travis shares his experiences and insights, emphasizing the importance of reinvesting in oneself and being open to new opportunities. He also reflects on the financial success he has achieved as a freelancer, which exceeded his expectations. This conversation covers the early freelancing years, balancing work and family, income and goal setting, investing in the future, cash flow and financial planning, saying no to low budgets, the impact of technology on the industry, the importance of technical mastery, and the blend of luck and hard work in achieving success.

Instagram: https://www.instagram.com/thesolocreativepod/
Travis Instagram: https://www.instagram.com/traviswears/
Cine Kit List: https://www.instagram.com/cinekitlist/

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

Pt 2 of our conversation with Evan Bourcier. In this podcast episode, the discussion revolves around the strategies and mindset freelancers can adopt to succeed in their careers. Key topics include negotiating rates confidently, quoting projects effectively, and making smart gear purchasing decisions. The importance of setting clear financial goals and managing business finances, such as hiring an accounting firm, is also highlighted.

The conversation also delves into the debate between investing in oneself versus saving for retirement, with the guest suggesting that self-investment yields the greatest return, especially early in one's career. Success is attributed to a combination of awareness, seizing opportunities, and hard work, emphasizing the significance of maintaining an open mind and readiness to take advantage of chances that arise.

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

Get to know what the Solo Creative podcast is all about and what you can expect and learn from listening.

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod

In this conversation, Seth Lowe and Evan Bourcier discuss the ups and downs of freelancing in the creative industry. They share their experiences with slow seasons and the importance of creating financial buffers. They also discuss the challenges of balancing overhead and flexibility in their businesses. The conversation touches on the impact of social media on their careers and the value of learning about the business side of freelancing. They reflect on the joy of setting others up for success and the challenges of navigating multiple roles and identities. They also discuss the difficulties of managing client expectations. The conversation explores topics such as trusting intuition and process, the approach to landing new clients, resistance to pitching and RFPs, the value of not dancing for jobs, the importance of having the right people, the value of advocates and relationships, breaking the rules and challenging the process, financial success and goals, effective communication and feedback, income streams in the film industry, balancing gratitude and ambition, playing bigger games and expanding opportunities, navigating the industry and finding value, creating a transparent and supportive community, and navigating budgets and expectations.

Takeaways

• Freelancing in the creative industry is like riding waves, with periods of high demand and slow seasons.
• Creating financial buffers and managing overhead is crucial for surviving slow seasons.
• Balancing flexibility and low overhead allows freelancers to have more control over their work and take on projects they enjoy.
• Learning about the business side of freelancing is essential for long-term success.
• Setting others up for success can be a rewarding part of freelancing, but it can also be challenging to navigate multiple roles and identities. Trust your intuition and process, and don't be swayed by how others do things.
• Focus on building relationships and advocates who can help remove obstacles and break the rules.
• Avoid wasting time on pitching and RFPs, and instead focus on understanding the client's needs and providing solutions.
• Value transparency and open conversations about rates, budgets, and creative approaches.
• Diversify income streams and explore opportunities for teaching and sharing knowledge within the creative community.

Chapters

00:00
Introduction and Background

01:28
The Freelancing Waves

05:23
Creating Financial Buffers

07:08
Balancing Overhead and Flexibility

08:31
Learning from Slow Seasons

10:20
Transitioning to Freelancing

12:12
Riding the Waves of Freelancing

14:31
Managing Financial Buffers

20:09
Navigating the Freelance Journey

23:26
The Impact of Social Media

26:48
Shifting Focus to Business Learning

28:13
Finding Joy in Setting Others Up for Success

30:27
Navigating Multiple Roles and Identities

34:09
Challenges in Client Expectations

36:03
Trusting Intuition and Process

36:28
Approach to Landing New Clients

37:24
Resistance to Pitching and RFPs

38:18
Value of Not Dancing for Jobs

39:10
The Importance of Having the Right People

40:08
The Value of Advocates and Relationships

41:06
Breaking the Rules and Challenging the Process

42:00
Financial Success and Goals

44:19
Effective Communication and Feedback

46:48
Income Streams in the Film Industry

49:40
Balancing Gratitude and Ambition

50:04
Playing Bigger Games and Expanding Opportunities

52:16

Interested in coming on the show, or know someone who would be a good fit? Email us here - [email protected]

Follow the show on Instagram - @thesolocreativepod