What if…you DO quit your day job? What would happen if you dove full-time into your music career? They say that life is too short not to follow your dreams but it’s important to be able to financially support yourself too.
The Facts
The money is there. The music industry raked in a cool 22 billion last year alone. Even in tough times, the music and entertainment industries do well – sometimes even better in difficult days because people need diversions.
Another fact is that there are many starving musicians. Not everyone can make it in the music field, even great artists. If you are going to go into the industry as your sole source of income, it would do you good to take heed of some of the tips below:
Diversity
Don’t put all your eggs in one basket. Maybe you love playing gigs at a local hotspot but it’s best not to limit yourself to just the one venue. What if the place unexpected shuts down or they get upset over something and fire you? You would be at risk of loosing everything. It’s up to you to find ways not to buckle yourself in.
Making Money from Music
There are countless ways you can make money from your music. Not all of them even involve playing music. You can do multiple gigs or at least have some in your arsenal for a backup plan should money run scarce.
Writing about Music
If you are talented in writing too, you can write about music on the side. Press releases are always in demand and being a musician, you’ll attract other musicians who need writing completed. You can even write a book and self-publish it if you have a good mind to. There are freelance platforms you can join and sell from. On some, orders come to you but on others, you bid on assignments if and when you are wanting to work.
Teaching
Are you a gifted teacher of music? Grab some students and rake in some extra bucks. You could even do some lessons online. You are truly your own boss when you are teaching on your terms because you can work on your own schedule and decide yourself how much to charge.
Streaming and Online Music
Digital music is almost a fool-proof way of making money as a musician. You may have been warned that the profit margin isn’t great on streaming services but that’s not always the case. When you spread across several platform, it adds up.
Live Performances
There are always venues that are looking for talented musicians. Check local bars and night clubs. You can also sign with festivals that are being held. Concerts are another avenue for paid performances. To extend your reach even further, be willing to go out of town or even out of state to perform. Don’t forget that weddings, funerals, and other events are options for income too.
Digital Merchandising
Merchandising is a wonderful way to bring in big bucks. Have some T-shirts printed up and market them along with your music. Stickers, mugs, bags, and caps are excellent forms of merchandising. Sheet music, concert videos, and posters have been known to bring in money too. Sell them online on your website and in person as well.
Networking
If you have an instrument that you’re especially talented at playing, you can play for other artists. You’ll find these types of jobs by either joining live performances of other artists, by recording with your instrument in the studio for them, or by recording on their live tracks. A huge perk to networking is that you get to meet other musicians in the industry.
Songwriting
Do you write music? If so, why not write for other artists? It’s great to write music for yourself but when you sell it to other artists, you’ll have cash in hand whereas you only get paid for your own songs when the music sells.
Crowdfunding
Crowdfunding is a popular way to market your music. If you don’t have enough funds upfront to produce your music or a Facebook short or whatever project you have in mind, you can go online and run a campaign to get financial backing. It’s a good idea to offer an incentive to those who help out such as a signed copy of your next vinyl record or something else of monetary or sentimental value.
Commercials and Entertainment
Commercials always need music. Be on the lookout for ads where musicians are needed for commercials or put out your own ad stating you are available to audition for commercials. You can also checkout avenues to take your music to television and movies. By making it known that you have an interest in these areas, word will travel and you might be surprised what opportunities present themselves.
Sponsorship
If you don’t have another job other than your music, you may need help getting music projects funded. By attaining sponsors, you’ll have the means to make your music videos, records, and streaming productions. If you already have a nice fan following, your chances of getting a sponsor or multiple sponsors will increase.
Street Performance
Taking it to the streets brings on new meaning when you literally play your music on the streets. While it may sound like something only vagrants do, there are many locations where seasoned artists play right beside the starving ones.
Vinyl and CD Sales
The trend is streaming music and videos but that doesn’t mean you can’t put out some CDs and vinyl records in the mix. The more you have out there, the better your chance of surviving off the revenue from your music is.
Substantial Income with Stability
When you are ready to spread you wings and embrace all the resources that are available to you as a musician, you’ll be able to make a good, stable and steady income through music avenues of all kinds. By customizing your strategy to encompass all your talents, including but not limited to playing music, the sky is the limit.