Learning the Business Side of Making Music

Now that you’ve invested in a recording studio, as suggested by Jessica Peresta, you’re one step closer to starting your music career. However, what budding musicians often overlook is the business side of music. After all, it’s not called show business for nothing — having a successful musical career requires a certain degree of knowledge on how to manage a business.

So with that in mind, we will be discussing some key tips to help you navigate the business side of the music industry so you can finally begin your musical career.

Starting with a Business Plan

Every successful business begins with a business plan, and jump starting your music career is no different. A business plan is a document that details the objectives of a business and how it will go about achieving its goal.

In ZenBusiness’s guide to starting a record label they note how a business plan should include an executive summary, a company overview, a description of your product or services, a marketing plan and a financial plan. Even though you may not be starting a record label, a business plan that maps out your career as an artist shouldn’t be too dissimilar.

A business plan is your career roadmap, and it’s a good exercise as a musician to set your goals early on and making sure they’re SMART (specific, measurable, achievable, relevant and time-bound). This will help you put together a strategy to achieve the aforementioned goals down the line.

Knowing Your Financing Options

There are many funding opportunities available for artists. Organizations such as New Music USA, Foundation for Contemporary Arts, and the Alice M. Ditson Fund are all governing bodies that give out grants that you can leverage. Locally, you can check the Arkansas Arts Council and other government grants for more opportunities for instrumentalists, singers and songwriters.

These finances can help you pay for costs such as recording, producing and marketing. Another option you could consider is finding a sponsor or a partner in a brand you believe in. What’s important before you approach potential sponsors is that you have a solid portfolio that you can show them. This can come in the form of a YouTube channel, a website or even a Bandcamp page. Whatever platform you use, make sure it represents your brand and music in the best possible way.

Getting Help From a Record Label

Some musicians want to focus solely on the artistic side of making music, doing away with the business side of their careers. If this resonates with you, you might want to consider getting help from a record label. The Balance Careers suggests that there are conflicting views over the need for a record label, as there are a multiple of ways to release your own music and manage your own career. Yes the DIY route may work for some musicians, but having a record label also works for others. Record labels have a wealth of knowledge on the business side of things, as well as a budget to support your growth.

Having Everything in Writing

For DIY musicians, it’s important to get everything in writing. From the documentation needed to start your own business, to the ownership of your intellectual property (IP), to the contracts on all of your live gigs — you should have all of these signed and filed somewhere safe.

Contracts can help preserve partnerships and relationships between people you work with. Getting ownership over your IP ensures that nobody steals your music in the future. While these documents may seem like a big hassle, these written files can save your career. Not only that, they can save you from an expensive lawsuit in the future.