As an athlete, entertainer, musician or content creator, your time is devoted to training, playing, rehearsing, performing and making. To help you focus on building a high-profile career, you probably have a team of professionals who handle “as-needed” activities, such as brokering deals, reviewing contracts or filing year-end taxes. But what about your everyday business tasks, or developing a strategic plan for your long-term goals?
That’s where business management comes in. A business manager can bridge the gap between art and enterprise by handling your daily and long-range business activities to make sure you pay your bills and taxes, manage your finances well, generate steady income and protect your assets, so you can live comfortably, securely and responsibly.
A business manager’s job is to set up the structure around you to ensure your personal and professional success. Picture a wheel with the hub at the center. A business manager is that hub, connected to a network of trusted professionals who make up the spokes of the wheel and can be tapped for support, including:
Your business manager guides you in personal and professional decisions. They help you build a strong financial foundation and grow. Most importantly, they’re committed to your success so you can reach each of your personal and professional goals, be it fame, fortune or philanthropy.
Think of a business manager as a wingman for your life and business, ready to support you in whatever you need. Here are some of the ways they can help give you back time.
Get the routine activities flowing so you can ensure your business thrives. For example, your business manager can:
Long-term planning is just as important as getting your business operating smoothly. What are you thinking about for your future? Are you considering major asset purchases? How will you handle investing, financial planning, philanthropy, retirement, insurance, trusts and wills?
Your business manager can help you with steps like:
The more you understand your finances and how to build and operate your business, the more you can set yourself up for success and weather any future storms. So, you need to remain an active participant and communicate openly with your business manager. The earlier you start the dialogue, the more effective your business manager can be.
As a content creator (or “influencer”) or musician, you’re self-employed. You develop your own material and often tour or speak publicly, but you have the least organizational structure behind you. That’s where a business manager steps in to create and run your “back office.”
As an athlete or entertainer, you often have an organization like a union that supports you with legal representation, health insurance and pension plans. But is participating in these programs in your best interest? A business manager can advise you on that.
If you’re an athlete or entertainer who wants to expand your brand into the social media landscape, business managers can guide you and pave the way for a career in this evolving space. It might include endorsement deals, spokesperson roles or something else. Whatever the opportunity, you’re pivoting to a new platform where each posting or comment can have a significant impact on you — professionally, personally and financially.
A business manager will play an important role in your life, so it pays to do your homework before hiring one.
Create a plan for what you want your business manager to do. Before you start the interview process, think through your needs and how you will work together. Questions to guide your planning include:
There are only so many hours in a day. What would it mean for your life — and your career — if you didn’t have to spend time on routine business tasks or worry about your future? Learn how our business management experts can help you build a thriving enterprise and free you to focus on your creative or athletic endeavors.