Useful Tips for Starting Your Own Theater Company
Live theater in the USA is finally awakening after an extended lull of approximately 18 months. In order to keep the arts alive, it is imperative to continuously create career opportunities and develop business within the industry. One way to achieve this is to start your own independent theater company. Breaking into the theater scene is not easy though and requires an enormous amount of hard work and dedication. Here are a few simple tips to follow that will help you realize this dream.
Do Your Homework
Starting your own theater company can be a very rewarding endeavor. In order for your company to be everything you want it to be, you need to be prepared to do a considerable amount of research. Apart from deciding which business entity is best for your theater company, you will also have to consider your financing options. You will have to open a small business banking account and ensure that your company is registered at town, state, and federal levels. Thankfully, not all the research you need to conduct will be of a mundane nature. Your homework also includes deciding on a name for your theater company, finding like-minded people in your community to assist you, and deciding what your very first theater production will be.
Get Properly Insured
Although insurance is an absolute necessity for a theater company it is often overlooked. There are a number of insurance policies worth looking into. While you are not legally obligated to take out general liability insurance, it can be of great benefit when you find yourself coming face to face with property damage, legal defense, and personal injury. Other types of insurance to consider include commercial property insurance and commercial auto insurance. Worker’s compensation insurance is compulsory in the USA and can reduce your liability for illness and injury that is connected to your theater company. It provides employees with a range of benefits relating to disability and loss of income. If you don’t feel comfortable signing up for any long-term policies, the team at Cerity recommends opting for a service provider that offers workers’ comp insurance on a month-to-month basis that can be canceled at any time.
Don’t Quit Your Day Job Immediately
When you are just starting your own theater company, don’t put pressure on yourself to quit your day job right away. While you may intend for your company to be your sole income source, it may not happen right away. Take the time needed to build a solid foundation for your company that will help ensure its longevity. It would be ideal if your current job allows you to cut down on your hours gradually. If this is not possible, however, you can always look for a second part-time job to help you pay the bills while your theater company is still getting off the ground.
Starting your own independent theater company is a great way to help keep the performing arts alive. As long as you allow your passion for theater to drive you, your new company is bound to be a resounding success.
