As a live entertainment technician working in corporate events, it can be challenging to manage the technical aspects of the job while also handling the business side of things. In addition, many individuals in this field are independent contractors. As a result, they must take on the roles of lawyer, accountant, and business manager. However, which of these three is the most essential for a live entertainment technician to have? Let’s explore.
What does a Lawyer do? – Importance and Tasks
Lawyers can be incredibly helpful for a live entertainment technician. They specialize in contracts and legal issues, which are crucial for an independent contractor. A lawyer can help you set up your business, review contracts, and ensure you follow all the legal requirements. A lawyer can also help negotiate contracts and protect your interests in the case of any disputes. For example, they can assist you with issues such as intellectual property rights, copyright infringement, and payment disputes.
Due to the cost, hiring a full-time lawyer is often not feasible for an independent contractor. The average hourly rate for a lawyer ranges from $200 to $500, and they may charge more for specialized services such as contract negotiations. As a result, many live entertainment technicians may only consult a lawyer as needed.
What does an Accountant do? – Importance and Tasks
An accountant can be an invaluable asset to an independent contractor. They can help with bookkeeping, billing, taxes, and financial regulations. For example, an accountant can help you prepare your taxes and ensure that you follow all necessary financial regulations. An accountant can help you budget and forecast your finances, giving you a better idea of what to expect in the coming months. They can be especially helpful for an independent contractor who may experience fluctuations in income.
Hiring an accountant part-time is an excellent option for independent contractors who cannot afford to have one on staff full-time. The hourly rate for an accountant ranges from $150 to $400, depending on their experience level and the complexity of the work.
What does a Business Manager do? – Importance and Tasks
A business manager can be helpful for independent contractors who want to focus on the technical aspects of their work. They can handle administrative tasks such as scheduling, invoicing, and customer service. A business manager can also help with marketing, branding, and advertising your services to the right people.
Hiring a business manager may only be feasible for some independent contractors. The average hourly rate for a business manager is around $25 to $50 per hour, which can quickly add up.
Ranking the Importance between a Lawyer, Accountant, and Business Manager.
So, which of these three is the most important for a live entertainment technician? Of course, it ultimately depends on the individual’s needs and priorities. However, having an accountant is the most critical for most independent contractors.
- With an accountant, it can be easier to manage the financial aspects of your business, which can quickly become overwhelming. In addition, an accountant can help ensure that your taxes are in order and that you follow all necessary financial regulations.
- While a lawyer can be incredibly helpful for contract negotiations and legal issues, an accountant for day-to-day operations is more necessary. However, consulting with a lawyer is essential to deal with legal issues or concerns about a contract.
- A business manager is helpful but may only be essential for some independent contractors. If you are starting, learning the business and administrative tasks yourself is better.
Part-Time Options for a Lawyer, Accountant, or Business Manager.
Fortunately, there are part-time options available for each of these roles. In addition, many lawyers, accountants, and business managers offer their services as needed, making them more affordable for independent contractors. For example, many accountants offer bookkeeping services monthly, allowing you to manage your finances without hiring a full-time accountant. In addition, a lawyer may offer contract review services as needed, allowing you to get legal assistance when needed. Business managers may be more challenging to find on a part-time basis. Still, it’s possible to find virtual assistants who can help with administrative tasks such as scheduling and invoicing. In addition, virtual assistants can work remotely, making them more affordable than hiring a business manager to work in your physical office.
Tasks an Independent Contractor Can Take On
As an independent contractor, there are several tasks you can take on to save yourself money. For example, you can learn how to do basic bookkeeping and manage your finances yourself. Many accounting software programs, such as QuickBooks and Xero, are user-friendly and allow you to manage your finances without hiring an accountant.
- You can learn how to negotiate contracts and review them yourself. While a lawyer can be helpful, resources are available online to help you understand contract language and what to look for in a contract.
- You can learn how to do basic marketing and branding yourself. Many online resources, such as social media marketing and email marketing, can help you learn how to market your services effectively.
- Hiring a part-time lawyer or business manager on an as-needed basis can also be helpful for contract negotiations and administrative tasks. However, it’s important to weigh the costs and benefits of each before making a decision.
As an independent contractor, there are several tasks you can take on to save yourself money. For example, you can do basic bookkeeping, contract negotiations, and marketing via online resources.
Resources for Independent Contractors
As an independent contractor working as a live entertainment technician, it’s important to access resources to help you manage your business. Here are some resources to consider:
- Online courses – many online courses can help you learn the skills you need to run your independent business. Udemy, LinkedIn Learning, and even the software companies that provide bookkeeping apps have courses to keep you financially organized.
- Trade associations – such as the United States Institute of Theatre Technology (USITT) and the Entertainment Services Trade Association (ESTA)- can provide networking opportunities and mentors to help you run your business.
- Freelancer resources – websites such as Freelancers Union and the Freelancer’s Guide can provide you with resources and support to help you run your business successfully.
By utilizing these resources, you can gain the skills and support you need to be successful as an independent contractor in the live entertainment industry.
Final Thoughts
Being an independent contractor in the live entertainment industry can be challenging, but it can also be rewarding. You can manage your business more effectively and focus on your technical skills by having the right support and resources, such as an accountant, lawyer, or business manager.
Remember that as an independent contractor, you can choose the projects you work on and the clients you work with. In addition, you can create a successful and fulfilling career as a live entertainment technician by building your reputation and networking within the industry.
An independent contractor working as a live entertainment technician can benefit from having a lawyer, accountant, and business manager. However, for most independent contractors, having an accountant is the most essential. They can help with bookkeeping, taxes, and financial regulations, which are crucial for day-to-day operations.
At Event Technicians Resource Group, we provide resources and support for those looking to learn about work as live event technicians. Here on our website, eventtrg.com offers access to online courses, trade associations, and other resources to help you succeed in this exciting industry.