I already have self-employed status, as I was encouraged through the Sheffield College to register three years ago, to account for any paid filming work I might gain, even as a student, however there was little support or follow-up once I left the college and started University, to provide extra assistance with things like finances and tax forms.
The first stage I had to go through at Sheffield Hallam was attend an informal session with 3 or 4 other students/ Alumni to register our interest in starting a business and to fill in a simple form stating our business idea and what stage in the business we are at.
We were then invited to a 4 hour workshop which provided teaching and input on 4 major areas of business development:
- Intellectual Property - types of intellectual property registration and legal rights and obligations
- HMRC- a presentation provided by HMRC regarding the practicalities of registering as self-employed or a limited liability company
- Finance- how to budget, invoice, pay your taxes and practical advice on the costs and rewards of growing your business
- Marketing- developing your brand, even as a self-employed individual- who do you want to sell to? What are you selling (your personal qualities and values as well as services)? How will people recognise you in a crowded market?
The workshop was informative, practical and gave a good foundation in 4 key areas of consideration.
I found the session on Finance to be the most helpful, for the stage that I am at and it confirmed that hiring an accountant would be a wise move, even as a self-employed practitioner as an accountant can help you save money by helping to fill in a tax return correctly- they will find things to claim tax back on that I wouldn't dare to. I have begun seeking recommendations for accountants.
I thin hiring an accountant can be an instance of 'staffing my weaknesses', they may not be a member of my creative team but they have knowledge and a gift that I do not have, but that can benefit me and my future business endeavours. I have to acknowledge where I am weak and account for those areas by finding people to fill them.
The Marketing session was exciting and Faye Smith, the woman who delivered the session, was an inspiration because of her confidence and enthusiasm for the subject. I have the opportunity to book a 45 minute one-to-one with her to ask for more specific help. Some of the her advice on branding yourself was helpful but I have to wonder how relevant it will be in the film industry specifically, where my 'clients' will be other filmmakers. I may need to place less emphasis on visual branding and more on communicating who I am uniquely and the qualities and values that drive me as a Producer.
Overall this was a valuable opportunity for progressing in my career and my plans to establish myself as an independent Producer based in Sheffield.
