Apart from the studio-focussed questions that need to be considered, such as:
- What type of music will you record in your studio?
- Will you buy new or second-hand gear?
- Where will you advertise and do you have a budget for it?
- How much will you charge?
- Will you rent it to other engineers?
- Is it in a quiet environment
I’ll throw a few more things to ponder for you (once you get over the initial excitement of starting your own studio, reality sets in). This is less relevant to studio-specifics and more related to business in general:
- Will you have employees?
- Do you need to start payroll? (Quickbooks can handle this for you)
- What about insurance: are you covered for loss, damage or theft? (equipment can be really expensive to replace).
- Have you signed up for Worker’s Comp?
- Are you insured for 3rd-party liability (what happens if a client drops an amp on their leg and breaks it, and then sues you for $500k?).
- Do you have a business license?
- Do you need permits to build live rooms and retrofits?
- Should you incorporate to limit liability?
- How will you invoice, keep track of revenue, track expenses and write-offs? (Freshbooks can handle this)
- Is your business name registered? Protected?
- Do you have a website domain name registered? (Siteground is an amazing hosting company where this site is hosted!)
- Who will design your website and social banners? Logos?
- Do you have to charge a local sales tax? How often do you have to submit it? (quarterly? Yearly?).
These are all the absolutely NOT FUN parts of running a studio. But they’re just as important as “How will you advertise”. Some of them might be the most important questions simply because they deal with the government. And the government doesn’t fool around.
Some resources for you: