Joey Schaljo is a voice actor extraordinaire, renowned for her live announcing at events like the New York Marathon. She's also a horticulturist, which makes her connection with Kim even more special. But for this episode, we focused on Joey’s financial savvy, particularly for freelancers and voice actors.
Essential Financial Tips for Freelancers
Investing in Your Business
The first question we tackled was, "How much money should I invest in my freelance business?" Joey emphasized the importance of not going into debt for your business. She advises spending what you can afford to not miss. If spending $500 on a microphone is going to hurt you financially, then it's better to wait and save up. The key takeaway here is that starting your voiceover business shouldn't be a painful financial process. Don't go into debt trying to fund your business. Instead, save up and spend wisely.
Importance of Education and Training
While starting out, it's crucial to prioritize education and training over other expenses. Investing in coaching and learning the craft is more important than spending on invoicing software or social media scheduling tools. Once you have a solid foundation, you can then consider upgrading your equipment or marketing tools. The idea is to build a strong base before expanding your spending.
Emergency Fund and Savings
Before you start aggressively investing back into your business, make sure you have an emergency fund. This is crucial for financial stability. Once you have your emergency fund in place, you can start being more aggressive with your savings and investments. Look into high-yield interest accounts or money markets that are FDIC insured for your savings.
Setting Up Your Business
Joey also highlighted the importance of getting an EIN (Employer Identification Number) to avoid sending your social security number to clients. This adds a layer of protection and professionalism. Additionally, setting up separate checking and savings accounts for your business helps keep your finances organized and makes tax time much easier.
Ongoing Investments
As your business grows from a side hustle to a full-time job, your investment strategy should evolve. Generally, businesses reinvest about 20-30% of their profit back into the business. This can include upgrading equipment, marketing, and continuous education. However, always remember to spend within your means and avoid debt.
Return on Investment for Online Casting Platforms
Determining where to spend your money, especially on online casting platforms, can be tricky. Joey suggests doing thorough research and asking other talents about their experiences. Your decision should be based on your specific needs and goals. For instance, if you're just starting out, an online casting site can provide valuable exposure to auditions. However, if you're focused on a specific niche like animation or audiobooks, you might need to invest in more targeted opportunities.
Avoiding Lifelong Student Syndrome
One important piece of advice Joey shared is not to become a lifelong student. While continuous learning is essential, it's important not to get stuck in perpetual training mode. At some point, you need to start applying what you've learned and actively seeking work. Even seasoned professionals need coaching to stay sharp, but the focus should be on maintaining and enhancing skills rather than endless learning.
Joey's Personal Journey
Joey's journey into voiceover was unique and inspiring. She started with an MFA in acting and transitioned into voiceover after a friend asked her to do some unofficial political campaign ads. Her first real taste of success came from these gigs, which led her to seek formal training. She found a voiceover studio conveniently located across the street from where she lived, which marked the beginning of her professional voiceover career.
Joey's financial advice for freelancers and voice actors is invaluable. From smart initial investments to continuous education and strategic spending, her tips can help anyone looking to start or grow their freelance business. Remember, the key is to invest wisely, avoid debt, and continually sharpen your skills. By following these guidelines, you can build a sustainable and successful freelance career.
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