The music business offers a great deal of pleasure and with it can also come a great deal of dissatisfaction if the business of music is not adequately catered for. Much care must be applied to generate the necessary interest and financial benefits in an effort to enrich the business for stability and future growth.Here are the commons mistakes that should be avoided at all costs!
- Working For Nothing. A lot of studio owners find that when they begin their business a lot of poor artists will suddenly emerge out of the wood work for help with music that is going nowhere. When I said poor artist I do not mean it in a derogatory way but rather to earmark people who do not like paying for services and nor able to deliver that killer vocal! Your involvement with 5-10 people in this group is enough to ruin your business. They neither can pay or sing; the double whammy to instant failure! Stay away from them! Read my other studio articles and you will learn the best percentage of free work and the client categories necessary for a successful business.
- Working In The Studio Without Corresponding Marketing Work. No business survives without marketing and in the same way any type of music business needs to be marketed to get the best possible results.As someone who has worked as a university Lecturer and Work Placement Tutor, one of the secrets some music businesses enjoy is the use of students on work placements. I always get my clients a student to work with them who can do the necessary work they themselves have no time to do. For other studio owners, perhaps it would be more beneficial for you to partner with a marketing person rather than an individual who knows the use of studio equipment like you. This might be the initial option at least!
- Working To Pay Bills. Sometimes I come in contact with people who have moved their studios from home to a work unit prematurely. All of which requires additional expenses. I have known of people who are not good studio engineers that occupy units that cost so much money that their lives revolve around paying the bills on the units. When do you move from a residential place to a business unit? The answer; when you have enough clients paying your bills and you can afford to pay your rent at home as well as the studio, then you are ready to move. The fact is eventually many people are more concerned about the music they leave your place with than the business unit you operate from. Unless you are recording the next Janet Jackson, Pink or Oasis album and they will be coming to lay vocals at your premises, you really need to put your business head on and work on the income minus expenses equals profit model!
- Working Without Contracts. As much as we may dislike major labels with a passion; there are several things worthy of emulating from major labels. A major label is unlikely to invest 1000′s of pounds in anyone without first signing a contract. Yet most independents still work without contracts and when things go wrong they will go around lamenting about the worst behaviour of the human race.The truth is we need to get our business in order. If you are working with a client whether paying or unpaid, take them through your terms of service so that all are clear about the necessary details. If you agree to work with someone who is not paying and you own part of the copyright to the work, get it registered with the PRS and PPL (for UK Musicians) never leave things to chance. The human being has conditioned themselves to forget details to their favour, a bit like the banks do. It seems the bank computers always make mistakes to the banks favour! Jokes apart, the only person I will not sign a contract with is my wife!
- Working Without A Good Administration System. Earlier in my business life my accountant told me that every business has 3 major areas- Product Creation, Product Marketing and Sales and Product Administration. Many creative people, major in the first section of the cycle. Sometimes it takes months to send out an invoice and another 60 days to get paid because people do not know how to chase up unpaid monies. How can a business survive with this kind of administration? I had a thought today that one of the reasons some businesses failed in the recession was because they were not solid businesses and could only thrive during economic boom; riding on the good times wave! (What are your thoughts?) My advice is, develop a solid business! Work on the 3 major areas of business.
- Working Too Many Long Hours. I have only one statement to make in this section – hard work is good and necessary – too much work without exercise and good rest can ruin you. We are not like a mixing desk or a piece of Logic software that can endure consistent, constant use. Even they are subject to crashing and damage
- Working For One Income Source. Studio hire fees can be the major way a studio owner gets paid in the beginning but it should not be the only source of income a studio generates. Look out for other work that can be just as lucrative and add value to the business. For example:
- Engineering for a talent show. Can be paid and bring people into the studio
- Partnering with a talent show
- Writing songs – can be lucrative
- Working with good artists
- Recording jingles
- Releasing compilations
- Publishing songs
I am sure there are others you can think of if you try! Let your sources of income increase so that when one tap is shut the others keep you singing all the way to the bank!
There are many ways to make money with your music and build a lasting career in the music business but you need to have the business “Know How.” Visit http://www.musicbusinesstools.com for a free Music Business Management course.
Article Source: http://EzineArticles.com/5039344
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