Music Entrepreneurship: Ideas & Secrets from A 6-Figure Music Business Owner
Written by Cameron Mayo
Historically, the music industry was a pretty rigid space. There were only a few ways to make any substantial amount of money and that generally meant getting signed to a major record label.
Today, however, we are in a very different music industry than even just 10 years ago. The individual artist has more power than ever and can create fans all across the globe from their own bedroom. A major record label is not required to turn making music into a living.
This article will share some tips on how you too can become a successful entrepreneur.
The best place to start is with your music. Let that be your sole focus until you have several songs that could be hits. Try getting as many of those as you can recorded at a local studio to establish a professional portfolio.
This is important because you need something to share. You need music to get recognized as a musician. Although live gigs are crucial, you need to have recordings available so that people can listen to you at home.
Your music will be the foundation of your new music business. For now, everything you do should be geared towards getting people to stream, share, and purchase your songs. Great songs will attract listeners, sell tickets to concerts, and help you build a fanbase.
Good music is the most important part of your business.
The next piece of advice is to play as many live shows as you can. Local gigs are the best way to get a local following and reach active listeners. People attend local shows to find new music to listen to.
Also, live music connects with an audience better than albums and music videos. People who see you play live are more likely to remember you and want to support your band.
Clubs, bars, restaurants, and local venues are all great places to book gigs. Playing live is also going to be the first chance you will get to make money. If you can, keep the money from gigs separate from your day job income. Save it for equipment or recording fees to keep your music growing.
Take some time to learn more about the business of music. Reading this article is a great start but you should find a couple music entrepreneurship books. They’ll explain concepts and ideas in great depth and will provide new ideas that you can apply to your own band. They are also usually jam-packed with music entrepreneur examples.
Another good way to learn is by attending conferences about music business and entrepreneurship. Learning from the ideas of others is a great way of improving yourself in all areas of life, but especially business.
WHO TO HIRE
Hopefully, you will eventually need to hire someone to help manage your music career. While the music world is a lot of fun, the business world is brutal and you will need someone to represent you. The first person you hire should be someone you trust and someone who believes in your music. If you keep growing, it’s time to make some specific roles and build a team.
Having an excellent team around you will make the difference between a thriving business and a struggling one. To build an excellent team, make sure that everyone in the business has a clear understanding of your expectations for them.
Be flexible and unafraid to try new things. The music industry can be subject to trends in just about every aspect of society: fashion, culture, religion, politics, etc.. Because it is becoming one of the most dynamic industries in the world, you will need to keep adjusting your plans to make sure you aren’t left behind.
It’s important to note in this section that you must also remain true to your brand. Evolving is great, but do not get redefined by each new trend. Adapt and show how your brand adds to it. If rap music is popular, but you are a country band, don’t start making rap songs just to cash in. You will likely get cast off as a fraud and lose fans.
REMEMBER WHERE YOU STARTED
The most important piece of advice I can give you, however, is to have fun and remember your beginnings. If you are able to hold onto the fun of music, it will show in your songs and the audience will love you for it. You are living the dream by creating and sharing your music with the world, so enjoy every moment.
To help you build a sustainable music business, you should look into organic music promotion for your songs. We will get legit, organic traffic to your music on SoundCloud, Spotify, and YouTube. Click below for more information!
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