MusicIsMyBiz

No matter what your particular niche is when it comes to music, the ultimate goal is to make a living doing what you love. Making a living from music requires more than just talent.  It requires dedication, drive, perseverance, and a burning desire to succeed.  Unfortunately, most musicians’ brains cease to function once they cross the threshold from creating art to running a business.  It’s a delicate balancing act, but music is still a business.  So, we must learn from the business world?

Create a Business Plan. A business plan can range from simple to complex, but they merely function to keep us on task.  They clearly define our business structure, who is in charge, and how decisions are made.  They serve to define our goals, especially fiscally, and helps to identify how to reach them.  It helps you in your search for funding, and helps lenders know how you intend to pay them back.  Your local small business administration can help you to develop your plan.  There’s even software to help with the task of creating a business plan.

Create a Marketing Plan. A business plan is not enough to succeed.  You need to know how you will get your music, products, or services to the masses.  That requires a marketing plan.  These help you to know what avenues you will use to advertise your products or services, create budgets, and build your brand.

Build a Team. No man is an island.  Only few people can perform every single duty when it comes to running a successful business.  Even fewer of those people keep their sanity.  So, develop a team of people who can help you succeed.  It’s difficult, but don’t be afraid to Recruit fans to help you promote.  Outsource tasks like printing, cd duplication, photography, or graphic design (even more so if the tasks aren’t your strong suit).  Hire a bookkeeper and tax professional.  Even hire a roadie and recruit someone to work your merchandise table–vital if you want to preserve your strength for gigs!  Outsourcing to trusted professionals only serves to help you maintain a professional appearance, which is crucial in business.

Keep the Books. If you’re making money from your music (or anything for that matter), you can bet Uncle Sam wants his share.  On the up side, though, being in business affords you certain tax deductions of business expenses.  Be sure to keep up with all of your income and expenses.  It’s not enough just to write them down; you MUST be able to show proof in order to receive your deduction.  So, keep your receipts, log your mileage for business-related trips (including odometer readings and purposes for the trip), and organize your income and expenditures.  Intuit’s Quicken Home and Business edition is a great way to stay organized, but it’s always a good idea to consult a tax professional for preparation and general advice.

Focus on Customer Satisfaction and Loyalty.  Keeping your fans happy (and coming back again and again) is what will keep food on your table.  Engage them.  Show some interest in them as people and not just as numbers or dollar signs.  Foster their trust and loyalty and then the sales will follow.  Here’s a related post on building a loyal fanbase.

These are just some simple guidelines to help you succeed with your own music business endeavors.  Comment and tell us what helps you succeed!

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