Stay in the Spotlight, Not in the Books: The Business Manager Advantage

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.

What a Business Manager Can Take Off Your Plate

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:

Agents
Attorneys
Auto brokers
Contractors
Executive directors for philanthropy
Insurance agents
Investment advisors
Mortgage brokers
Pension administrators
Personal managers
Project managers
Real estate agents
Royalty auditors
Valuation experts

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.

Secure the daily and short-term tasks

Get the routine activities flowing so you can ensure your business thrives. For example, your business manager can:

Oversee and inform your budget to make sure you get what you want and need without overspending.
Discuss appearance requests to ensure the engagements you accept are worth your time, deliver ROI and will expand your brand.
Track revenue and taxes from the locations where you play or perform to ensure you get paid correctly and meet your local, national and potentially global tax obligations. They also help you take full advantage of the tax code to reduce your taxes.
Manage any vendors and contractors. They can pay vendors, administer payroll and handle general bookkeeping.
Register employees for workers’ compensation insurance and paid family leave.

Pave the path to long-term financial success

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:

Moving to your dream home. They can handle negotiations with the real estate agent, lenders and title attorneys and other necessary paperwork. Plus, they can oversee vendors who furnish, decorate, maintain and clean your home.

Purchasing a vehicle.

Getting all necessary insurance. Whether it’s homeowners’ insurance, coverage for your car or health insurance for you and your family, your business manager can research the best options for you.
Financial planning. They can work with your financial advisor to develop a long-term savings and investment strategy that enables you to live in the manner you’re accustomed to and still enjoy financial stability for the long haul.
Philanthropic endeavors. If you’re interested in giving back through charitable contributions or establishing your own foundation, your business manager will research and manage the process and work alongside your accountant to advise you about tax implications.
Estate planning and defining your legacy. They can help you make sure that your family is financially protected and your intellectual property and image are safeguarded in the future.

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.

Considerations for influencers and musicians vs. athletes and entertainers

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.

Steps to Take Before Hiring a Business Manager

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:

What do I want to delegate? Your sport or creative endeavors are your priority. But maybe you’re used to handling some business affairs. Consider where you need help with your finances and “back office” structure — setting up behind-the-scenes functions such as accounting, bookkeeping, administration and payroll.
How much do you want to participate in the business side of building your brand? For example, after you create great content, you need to market it to your target audience. This can involve research, strategy development, promotion, advertising and direct audience engagement. Do you have the time and interest to be involved in it?
What sort of communication are you expecting with your business manager? What will make you feel confident about working together? How will you measure success? This is important because you want to feel reassured that your business manager will communicate in a way that fits with your style. Also consider how much access you will have to them and how often you want updates.
How responsive will they be? You need a business manager who’s there for you. Do they have a full team to support you so that nothing falls through the cracks?
Start with a referral, if possible. A referral from people you trust is probably the most secure way to find a business manager. If you can’t get a personal referral, consider individuals who work at larger, established, entertainment-focused firms, as they tend to offer more stability and security.

Explore How a Business Manager Can Change Your Life

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.