Running a Business Archives - Page 5 of 7

25Sep 2017 by Galen

Can you incorporate your stream without doxing yourself?

Can you set up an LLC for your stream without revealing private information? So, is it possible to set up an LLC for your stream without revealing your private information? The short answer is yes, it’s possible to make an anonymous LLC. There are a ton of factors that go in to the decision and process, so let’s get started. This article is focused on US law and business norms. If you are outside of the US this likely doesn’t apply to you. I am not a lawyer. If you’re going through a decision around business entity formation and where/how you shield your information you should contact an attorney. If you don’t have an attorney, reach out to me and I can point you to someone. I have run it…

21Aug 2017 by Galen

What if your stream loses money?

Running a Business, Taxes

What if your stream loses money- deducting business losses It’s never fun when your business loses money. However, it’s a fact of life for many businesses, especially in their initial years of operation. Once the machine is running smoothly you’re all set but until then it can be hard! Let’s look at what you can do if your stream loses money in a year. If you need a refresher on tax basics, check here or here! As always, I’m not an accountant so if you feel you may need to take a loss work with a tax professional. Let me know if you need a referral! What counts as a business loss? You have a business loss when the income from your business is less than your expenses. This could…

14Aug 2017 by Galen

Deducting Home Office Expenses for Streamers

Running a Business, Taxes

Can Streamers Write Off Their Home Office? Unless you’re as high profile as the folks at N3RDFUSION I feel safe guessing that you stream from home. It’s super convenient and relatively inexpensive. However, did you know that you might be able to write off your home office for business purposes? I first and foremost want to say that I am not a CPA or tax attorney. While this article is a good guide you should consult with your tax professional (you have one, right?) before taking the deduction. Also, this applies specifically to the US. If you’re outside the US you may have something similar but I won’t know about it. Does your home office qualify? The IRS is pretty leery of people taking advantage of this opportunity. They…

17Jul 2017 by Galen

The Importance of Defining Success as a Streamer

Running a Business, Stream Tips

Defining Success We all want to be successful, right? The dictionary has only positive entries: the accomplishment of an aim or purpose, the attainment of popularity or profit, a person or thing that achieves desired aims or attains prosperity. Sign me up! Except… what am I signing up for? How do I define success? Consider what gives you meaning/purpose [caption id="attachment_666" align="aligncenter" width="359"] Hopefully not this[/caption] In my humble opinion, you define success for yourself based on what gives you meaning or purpose. The good news is that makes success different for each of us. The bad news is that it makes success different for each of us, meaning it’s easy to judge someone else for not achieving what you would call success. So what gives you meaning? Yes you…

03Jul 2017 by Galen

Disability Insurance for Streamers

Personal Finances, Running a Business

Disability Insurance for Streamers Last week's talk on health insurance was super important. However, disability insurance is even more important. I'd say it's one of the most important but least well known topics I’ve covered yet. Think about it: what would happen to your streaming business if you weren’t able to stream? If you’re a full-time streamer or you’re considering going full time DO NOT SKIP THIS ARTICLE. I promise you, it’s more likely than not to save your ass. What is disability insurance? Disability insurance protects your ability to earn income, even if illness or an accident prevents you from working. It’s been called accident insurance or income replacement insurance in the past. So what kinds of things can be covered? Cancer, car accidents, broken hands or jaws,…

19Jun 2017 by Galen

Top 7 Money/Business Books for Streamers

Personal Finances, Running a Business

Top 7 Business/Money Books for Streamers Lists normally aren’t my thing, but I think it’s conducive to this kind of article. This week we’re covering 7 of my favorite books that are highly relevant to managing your business and personal finances. The list started at 4 books but quickly grew, mostly because I love books. I had to force myself to stop at 7 so this wasn’t way too long to read. Running a business You aren’t the first to run a small business and you certainly won’t be the last. There are a ton of books out there that could help you work a little more effectively, but these are my favorites. Each covers a slightly different aspect of running a business. I would be shocked if these weren’t…

12Jun 2017 by Galen

In-Kind Income for Streamers

Running a Business, Taxes

In-kind Income for Streamers Isn’t that a really, really interesting name for an article? I promise you, while the nitty gritty of this topic is boring the overall message is really important. This is an area that most streamers get wrong. Heck, most don’t even know this is a thing. Think about what that means. You can do better than most other streamers! Let’s dive right in lest you fall asleep before you get to the meat of the matter. What is in-kind income? In-kind income is income paid to you as a good or service instead of money. There are two basic examples of this that are highly relevant to streamers. First, if you get a game for free to promote it you’re getting a good (the game) in…

05Jun 2017 by Galen

How Streamers Should Analyze Risk

Running a Business

Last week we looked at analyzing opportunities as they come your way. This week we're going to look at risk, the flip side of opportunity. Analyzing risk is similar to analyzing opportunities, though there are some parts that are easier and some that are more annoying. Risk So I already said that risk is the other side of the opportunity coin, but what does that mean? A risk is exposure to danger or loss and there's an entire industry dedicated to risk management. It could be the risk of going full time streaming and depending solely on your business for income. It could be the risk that you suffer some sort of disability that means you can't work. Heck, risk can mean death, stock market losses, high taxes, or pretty…

29May 2017 by Galen

How Streamers Should Analyze Opportunities

Running a Business

Every day as a small business owner you have awesome opportunities presented to you. The best part is that you’re the one who gets to choose which of those opportunities you pick and which you let pass by. Do you have a system in place for evaluating them as they come or is it just by your gut? Let’s take a look at how you can analyze opportunities and make the most of them. Opportunity So what is an opportunity? Anything you make of it! But beyond the peppy talk, an opportunity is a chance to do something. It could be that you find another streamer who could become a great collaboration partner. It could be that a brand reaches out to you with a potential sponsorship or affiliation deal.…

22May 2017 by Galen

The “Doing Business As” Process

Running a Business

Do you stream under your own name? I’d guess not. One of the first steps in setting up a sole proprietorship (the type of small business you are!) is filing for a Doing Business As (DBA), also called a trade name or fictitious business name. This is the form that you file with the state government, at least in the US, to show that you’re conducting business but not in your own name. Remember, just the act of conducting business creates the sole proprietorship business in the government’s eyes. Essentially, if your name was Kevin Bacon but you streamed and earned income under CaptainSparklePants it might be a good idea to register that name with the state. Until that point the government assumes your business name is the same as…

Category: Running a Business