Turning your music hobby into a business isn’t an easy task, however; it’s a very fun and profitable experience. The music industry revolves around who and what you know. Taking on the challenge of learning the ins and outs of the music business will give you an edge when it comes to maintaining your brand and business. Getting help with areas you don’t know can give you the boost you need to succeed. Learning important tips and tricks will determine the longevity of both your music and business success. Below I have listed the top 3 tips on how to turn your music into a business.
Business Tools Are a Must
It’s no secret that it’s very hard to run a successful business without having the proper tools or the means to get them. Fortunately, there are many tools you can find online, both free and paid. Music streaming services such as iTunes, SoundCloud and YouTube all aid in getting your music to a large audience of people. These services make it possible for fans to connect with you from all over the world, you need to remember that it is a business. Social media platforms such as Facebook, Instagram and Twitter make it possible to update your supporters in real-time about new music, shows and more. Lastly, email marketing services such as Mailchimp and Topspin make it easy to compose fanbase mailing lists.
Treat Your Music as a Product
When running a music business, it’s important that you aim to make music for your fans as opposed to yourself. What do your fans really like? What are the current events or styles? Answering these questions will test and push your talents as far as they can go. While keeping your music authentic is a definite must, the ability to adapt is also very important. Print media works great for promoting events. Learn the psychology of ads and how you can make a product both artistically satisfying as well as profitable.
Invest in Yourself Always
The most important tip to remember is to always invest in yourself. If you sell music streams or artist/band merchandise, 85% of the profits should go back into your business. Reinvesting in yourself will help you reach the next step of success. Investing in quality audio equipment, web promotions and business cards/flyers are a great way to bring more attention as well as money into your business.
Transforming your music hobby into a business takes courage and persistence. Bring your music out of the shadows and into the limelight, everyone’s waiting!
My number one tip would be to remember that you are a brand and you need to always present yourself inline with your brand.