Becoming a music entrepreneur

Although the world at large has continued to shift from the industrial age to the data age, the music industry has lagged behind. When the book industry began to move online, Amazon.com was ready with its easy-to-use Kindle platform. Thanks to that, they see very few cases of piracy and illegal downloading.

When music went digital, everyone’s initial exposure was Napster, which could basically be equated with piracy. Since then, several honest and legal online stores (such as iTunes) have sprung up, but it took anyone quite a while to develop an app or program to match the ease and convenience of file sharing.

That is the reality we still find ourselves in today. Sure, music continues to be bought, but the demographic that became familiar with free music continues to prowl the online world looking for a flyer. Many other people have also been drawn to the allure of instant gratification.

the big opportunity

Record labels are not in a position to consider taking big risks with artists. There was virtually never a time when every single garage band got signed, but sadly, even development deals have become a thing of the past, unless we’re talking about some of the indie labels or upstarts in the world. labor of love The major labels won’t look at you unless they feel you could be immediately marketable.

Even so, you’ll find independent musicians creating six-figure figures from their:

• youtube channels
• Live entertainment
• Licenses and Investments

There are some undeniable possibilities in these sectors, but many musicians will also find these prospects questionable.

Going viral on YouTube requires hard work and perseverance, and chances are you’ll just have a bit of luck (cute kitties can help, too). Achievement on stage takes coordination, a strong work ethic, and recognition. You’ll find an increasing number of placement possibilities popping up by the day, but not only is there fierce competition, representatives are often only looking for a single genre of music at any given time, and you may not have any concept of what. what do they want. you’ll be looking for the next one.

However, this does not mean that these are the only opportunities accessible to musicians determined to earn a living within their passion. Many of the good results we see these days come from one of the three areas already described, but a growing number of new ideas and alternatives are emerging from the woodwork. If you consider yourself ambitious and have a burning desire to have full control over the music you create, you might consider music entrepreneurship.

A possible alternative

Most musicians depend on their music careers to get the results they’re trying to find; monetary or otherwise. They work a day job to pay their bills, and take what’s left and put it toward their music career, praying and dreaming of the big break.

What if, instead of working a job, a musician built an asset (or multiple assets) that created a substantial passive income stream that not only covered the bills, but allowed for the full funding of their music career?

After all, what would be the two things that hold most musicians back? money and time. The time problem can usually be solved with enough money. The cash problem could be solved by spending time on a vehicle that has the potential to keep paying off in the long run.

Embracing the entrepreneurial spirit

Is musical entrepreneurship idealism? Well, becoming an entrepreneur requires a new mindset, and it’s usually not easy. However, you may Find examples of people who have built businesses as a way to pay for their passions. If they can do it, then what does it mean that an artist can’t?

The big question, it goes without saying, is what do. A musician should take an inventory of his abilities, talents, and knowledge and carefully consider what type of organization or asset he might build.

It may be worth thinking about possibilities within the industry, such as starting an agency, label, marketing company, or possibly a print and design service. However, it is essential to be aware of the fact that services and businesses of this nature are a dime a dozen and unless your offer is specifically special and valuable, you could end up spinning your wheels rather than creating a asset.

If you find that you have skills and knowledge that could be applied to companies outside of the music industry, then you may want to consider giving them a try. If you’re a solid writer, you could write, buy, and flip blogs. Maybe you could get real estate and rent properties. Perhaps network marketing would be a viable option for generating residual income. You could grow your personal image and business skills in the process.

What is needed

The company trip is not for the faint of heart. Building an effective business is nothing more than a choice, but to think that it will not require patience, perseverance, hard work and sacrifice is merely naive. Music may need to take a back seat to your business for a while, while you reach your financial goals.

Becoming an entrepreneur involves becoming a problem solver and solution seeker. An entrepreneur is always looking for ways to overcome problems, and difficulties will inevitably arise. This is really where a bit of ingenuity and also the openness to learn from the examples of other entrepreneurs is incredibly beneficial.

Deciding to grow to be an entrepreneur implies growing as a person. If you’re not a reader, it’s time to start reading. If you don’t listen to podcasts, start subscribing to relevant ones. If you don’t attend seminars and workshops, make the decision to attend as many as humanly possible.

time and money

If you’re sick and tired of not having control over time and money and the ability to make the music you really want to make, then music entrepreneurship may be just what you’ve been looking for. If you’re ambitious and ready to make big changes in your thinking, that would be a strong indicator that you’re ready.

The journey does not end here. This is just the beginning. If you’re serious about entrepreneurship, you’ll need to seek advice, coaching, and mentoring. You will have to commit to perseverance and daily action. You will have to be good at setting goals and reaching them.

However, when you have the freedom and control of time and money, it is possible to make music on your own terms. You would be free to realize all your musical dreams.