The fear of not making enough money has stopped many people from pursuing a musical career. As a result, many musicians have ended up abandoning their dreams for non-music related jobs. However, there are several people who have taken the risk and are enjoying great success in their music careers. The key to making money in this industry is seeing yourself not just as a musician, but as a business. Your talent is the product that you have to offer promoters, publishers, record companies and your fans.
The following are some tips which will help you earn enough income as a musician:
#1 Have multiple streams of income
Many musicians only depend on one source of income such as recording music or performing. Though this has the potential to generate good income, it can be quite challenging, especially if you are just getting started in your music career. The most stable way of making significant money in music is by having several independent income streams. For instance, if you are a recording artist, you could also make money as a songwriter, performer, producer or magazine columnist.
#2 Add value
The music industry has become fiercely competitive over the past few years. Whether you teach music, sing backing vocals, play instruments or produce music, there are many other talented people that clients can choose from. Therefore, if you want to stand out from the crowd and make more money, you need to go the extra mile and offer added value that others are not willing to. This could be in terms of your mindset, work ethic or personality. When working with clients, you should leave no doubt in their minds that you are the best choice they could have made amongst the competition.
#3 Understand your fans/market
Many musicians don’t take time to think about who their fans or market are. Consequently, they end up developing skills or releasing products which no one is interested in. Therefore, to make money in the music industry, you need to know who your customers are. For instance, if you are planning to release an album, which people are likely to buy it? If you are a session musician, which bands, singers or studios would need your services?
#4 Have clear goals and strategies for attaining them
To make money in the music industry, you need to have specific goals that you are working towards. Ask yourself questions such as:
- How much money do you want to make every year?
- What music-related streams of income can you tap into to achieve your goal?
- How can you add value to others?
- What can you do to minimize the risk of loss?
While it is important for musicians to spend time polishing their talent, it is also just as important to think of how they can make more money using their skills. Being famous is not all there is to music. Every musician needs to learn how they can maximise on their talent and turn it into a successful, money making enterprise.