Music is a business like any other one. That means that, in order to succeed you will need to put in some effort, time and money to invest. Not only that, but just paying attention to how many musicians don't ever achieve financial success you should pretty much accept that the possibility of failure is very real.
In fact according to this research, 91% of artists are completely undiscovered and mega-sized and mainstream acts represent only 1.1% of all artists in the world. That means that music is, like most other businesses, a very competitive and difficult market to get into.
Does this mean that you should get a job in the 'real world' and give up on your dreams? Well, no... And yes.
You shouldn't give up on your dreams just yet, but if you don't have a job you should get one and if you do you should keep it until the day comes when you can support yourself with your music business.
This is true for any kind of business. Unless you have enough money saved to support yourself for several months, or maybe even a year, you should never give up financial security to work full time on a business that is not giving you enough money to survive.
I strongly believe that if musicians applied to their careers the same basic principles that successful businesses do, their chances of success would be dramatically increased.
As mentioned in my post Why Most Musicians Are Doomed To Fail most musicians have a childish mentality and refuse to regard their musical endeavors as a business.
This is too bad for them but it can give you a competitive advantage over most of them. While others blame "the system" for their lack of success you should be working to become a highly competent professional. While others try hard to create an aura of romanticism over their failures you should be aiming for success. While others give in to unhealthy habits with the hopes that they will make them more creative or inspired you should be practicing and honing your abilities in music and business.
Having a business, any kind of business, is not about being a sellout or selling your soul and the devil. It's about being financially independent. It's about freedom and responsibility. It's about taking control of your life without making childish excuses.
The day of the rockstar is gone. Nobody is going to magically appear into your life and give you a million dollars and a team of assistants just so you can get on stage and grace us with the honor of watching you perform live. The new day belongs to those who are willing to get their hands dirty and work hard for their dreams.
If you don't care about success at all and you wish to remain a suffering tormented "creative" soul, that's your choice. But if you want to build a successful business in music, if you want a career that is both creatively fulfilling and financially rewarding you should apply the following principles to your business. This are the principles that successful entrepreneurs apply in order to grow and thrive:
1 They Believe In What They're Doing
A strong belief in what you've created and the value it creates for people is one of the fundamental aspects of being a successful anything. If you don't believe that what you're doing is worth anybodies time, after a while you will begin to doubt yourself and your work. Achieving success requires you to stay focused and have a sense of purpose for a long time before you see any results. You can't do that if you don't posses a sense of pride for what you're offering to the public.
2 They Make Detailed Plans for Their Businesses
This one might be a bit difficult to implement for 'creative types' but it's an absolute must if you want to create, run and maintain any kind of business. Having detailed plans not only forces you to create a detailed step-by-step guide to achieve your goals, it also gets you into the habit of putting everything on paper and conducting researches about your demographics, market, power players, etc. A business plan gives you a sense of overall purpose and a detailed navigation route to achieve your goals.
3 They Know How To Manage Cash Flow
Having an understanding of accounting is one of the fundamental aspects of being an entrepreneur of any kind. It sounds a bit boring and it kinda is but if you take the time to understand it, not only you will exponentially increase your chances of success, but you will learn a skill that will help you for the rest of your life. Knowing exactly how much income you're receiving in a certain period of time, knowing how much you can invest and being able to pay yourself a salary so you can survive are all key aspects of cash flow management.
4 They Put The Customer First
Businesses that put their customers at the center of their whole operation, or artists that do this with their fans, have an incredibly higher chance of success that those who don't. The paying customer and the loyal fan mean absolutely everything to your business. They are the ones who make it possible for you to have a career. If you're not putting them in front and center of everything you're doing you're just doing it wrong. They're your boss, so treat them with the respect than they deserve.
5 They Take Advantage of Technology
This is a bit difficult to embrace for a lot of musicians, specially from older generations, but technology is your friend and you must make use of it whenever you can. The cool thing about websites is that even if you're a complete unknown you can have one that looks and feels as good as the one that the biggest artists in the world have. Take advantage of this opportunity to project an image of professionalism to your fans. A well designed website and online presence is a power move. Do it.
6 They Build A Strong Team
No one can succeed alone in this world. When you start a band you should keep in mind that you're building a business and that the people you should to work with should not only talented musicians but should also have potential as business partners. A team is not only the core group of people working in your band or company, it's also the people you associate with on the outside. Strong alliances with important players on your field is a must do if you ever want your music to be heard by a large group of people. Make sure to create and maintain strong relationships and alliances and you'll be on your way to creating a successful music career.
7 They Create A Unique Selling Proposition
You must think very hard about what is it about your music, your business practices and the way you present yourself that differentiate you from the tens of thousands of other bands and artists out there. A unique selling proposition is what makes your project stand out from the crowd. It's alright to have influences and people you admire in music and in business, but when you must give people something to recognize for. A distintic sound, the clothes you wear, the way in which you engage and provide value to your fans, your work ethics, etc. This are all things you must consider and work hard to plan and execute in your own unique way.
8 They Invest In Themselves
Top business people invest in themselves, particularly in their education. They attend seminars, buy books, courses, etc. Never stop learning and always be willing to invest money in the knowledge that will make you a better musician and a better business person. Don't limit yourself to learning music. Invest in your businesses, marketing and accounting education too. Join every club, newsletter, forum, website and association related to the music industry.
9 They're Good Negotiators
As your career develops you will have to deal with lots of different people. You need these people, you need them to do things for you. To do this you will have to master the art of negotiation. A good negotiation means that you can make every deal be a win-win situation to all parties involved.
10 They Know How To Delegate
You can't do everything yourself. The ability to multi-task is good in certain situations but to have and maintain a long-standing project you're going to need to delegate responsibilities to your team members. Just learn how to create an outline and a system so everyone plays their part according to their skills and talents. Don't micro-manage them, trust is an important part of delegating.
Conclusion
If you apply and incorporate this habits into your music career you will be far more likely to persist over time without getting discouraged and you will have a greater chance of success than most musicians out there. Don't miss the opportunity to become everything that you can become because you refused to incorporate and apply what we already know are effective habits based on false premises of what it means to be an artist.
The world is yours, go take it.
For more, follow me on @thevultureking
Good stuff man. I really like your content and the whole "be patient" vibe. I plan on releasing a whole bunch of other videos and posts like this too, to help musicians on the path of being successful marketers and entrepreneurs.
thanks man, I'm following you to keep trackof those posts then.
Good post.
Too many musicians give it "all" believing that their music will make them rich/ stars. The right thing is to focus where you're at and where you want to go + keep a tight budget!
exactly! thanks for dropping by
Hi @thevultureking here's another, get on Musicoin! For example, here's some interesting news for dj-based music genres, the first DJ mix that's blockchain-enabled. Tracks in the DJ mix get paid in seconds.
It's not very often I come across this side of the music business. Most of the time the information is focused on how do develop the artistic side, not the business side.
and yet it's so important!
Yes definitely. As a professional musician, you are the product you make a living from. With this comes a big responsibility to manage your "product" well, just like you would if you sold anything else.
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