Music is a great way to make a living and can be a fantastic lifestyle choice. It is, however, important to clearly look at all the options, and with the number of musicians ending up broke or looking for more risky forms of money-making, it’s imperative to have some business acumen if you’re interested in music for money. Regardless of how good the music is and how you enjoy it, if it’s not run like a business, the chances are it won’t be able to sustain you. This article provides some simple tips for the budding musician and businessperson.
The basics are noted below
Think long term; if you set out to last and plan as such, then you just might. Never think of the music business as your last song, it is all about the next song, and as such, you need to build your brand like any other business and think of the long term. Many successful business people and musicians also ensure that they study something separate from the music or build their own business. A good example is the offerings available at Marian University that will allow you to do more after music and more with your music.
The structure is vital; having the right people in the right positions will be paramount. Remember that as the singer, you don’t have to be in charge all the time, allow your management to be in control and to do their job. As long as the roles are clear and everyone knows what they should be doing, everything should run smoothly. It’s this structure and tole clarity that many music setups don’t have. Without the correct business structure, it can feel like everyone is doing everything and the chance of ongoing and continuous disorganization and mistakes is much more likely.
Protect the asset; burnout is real and if you structure a business around the talent, then be sure to look after the talent. Many musicians burn out from too many shows, too much fun, and way too much partying; this is changing, and the lifestyle has begun to consider health and well-being; it just makes financial sense.
Develop a music-related side hustle. Using the studies mentioned above, its best to develop a genuine side hustle that the musician can rely on and related to the music itself. The possibilities are endless, teach music, write about music, marketing, and more; if it is related to music and you can learn and grow in your own music as you, do it, then it’s a terrific idea for a side hustle. It must, however, be able to sustain you when the music can’t.
Building a successful music career isn’t going to be just about the music; if you want to be successful and build a life around your music, you need to be versatile, and it will be in the planning and preparation that you will be able to create this success. So, think as if there was no box and enjoy the challenge.