How to Start a Sound Company
A sound company may have any of the following services such as live sound, studio recording, remote recording, sound reproduction rental and sound production. You can start a sound company on your own or go for partnership, association, or limited liability corporation. You will need to register with the state to start a business and obtain a tax identification number from the Internal Revenue Service (IRS), irrespective of the business type.
Prepare a business plan for your sound business. Assess your competitors, local economy, core competitors and marketing plan. This will help you in evaluating and organizing your company and plan for the future. Include the overview of the sound industry and your company, details regarding competitors, a marketing plan explaining your approach to promote and attract clients, pro forma financial statements and legal documents such as sample contracts.
Locate a space for your studio. In case you’re starting a sound production company, you will need to record live bands and will need a well-outfitted studio with sufficient rooms. Even if it is a sound rental company, you still will need a place to store your gear and equipment. Insure your equipment and office. Your business plan will help you to get the necessary funding, if you need it.
Register your company with your state. This will protect you from liabilities. You need to file separate tax forms annually and protect your personal assets from lawsuits.
Speak to your local IRS field office and get the details. Alternatively, apply online at the IRS website and get an Employer Identification Number (EIN) for your business. You will need to answer some questions regarding your sound company. A number will be issued to you for filing tax forms, based on your answers.
Promote your company by designing and printing fliers, posters and business cards. Attend some music-related events as well as seminars in your locality to build on your network and spread awareness about your company. Advertise in the local radio and add advertisements at music stores.
Offer discounts initially to attract clients. Make sure that you maintain your quality standards at all times. Encourage your clients to recommend your company to their subordinates.
Hire sound engineers and producers to assist you in recording. This will build your company and its success. Have a strong and consistent presence in local events.