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5 Steps to Financial Success for Musicians

Maybe you’ve always dreamed about making it as a musician - but you don’t know if you could ever make a living solely from working in music. With inspiration from the blog of Janie Gallegos, you might be surprised by how many musicians with diverse styles succeed in this industry. These tips will walk you through everything from writing up a business plan to promoting your music to booking your first performances. #music #gig #success

Develop a Business Plan

You might think of yourself as an artist first - but it’s time to start thinking of yourself as a business professional, too. Cultivating your creativity is important, yet you also need to come up with a business plan outlining your objectives for achieving financial success within the music industry. Within your business plan, you should include details about your band and music style, financial projections and budgeting estimates, your likely audience, which venues you want to target, and how you plan to network and promote your music.

Create Your First Demo

When you reach out to booking managers and other industry figures, you want to make a great first impression. You can accomplish this by creating a polished demo EP. Planetary Group recommends choosing four distinct songs that you enjoy playing to show off your range and then having them professionally mixed and recorded at a local studio. It’s a good idea to assemble your EP before playing live shows so that enthusiastic audience members can look you up and check out more of your music.

Market Yourself With Visuals

As a musician, it’s tempting to assume that the quality of your work will determine your success - but without great marketing, you might miss out on valuable opportunities. You’ll need to set up a website for your music, as well as social media profiles to connect with your audience.

Make use of online tools to help you create graphics that can alert your fans about new music, merchandise, or upcoming shows. For example, you can use online templates and tools to help you promote these things using banners, which you can then share across social media as well as your website. The best part: some banner templates are free, meaning you won’t have to spend any money to create these memorable and informative graphics.

Find Your First Gigs

For new musicians, there’s simply no substitute for more performing experience. To book your very first gigs, The Balance Careers recommends looking up local venues that book up-and-coming bands, putting together a promo package with your demo, approaching venue booking managers directly, and researching the payment deal that the venue offers so that you have a realistic expectation of how much you might make off of the event.

Side Gig Opportunities

As a new artist, it’s unlikely that you’ll be able to make a living solely off live performances, demo or album sales, streaming payments, and merchandise sales right away. In fact, this process can take many years. In the meantime, you’ll probably want to hold down a side gig or two in order to pay your bills and invest in your band’s future. You may want to create a YouTube channel where you can share music lessons and perform covers, provide social media management services for other artists, or teach music or songwriting lessons. Side gigs like these will allow you to make extra cash while deepening your creativity.

Becoming a working musician isn’t easy. But if making music for a living is truly your dream, you’ll get plenty of joy from this journey. With these tips, you’ll be able to navigate marketing and promotion, business management, and demo creation.

Want to stay updated on the latest music news? Check out the blog by Janie Gallegos! Browse the blog today to learn about inspirational new music, underground bands, and more.

Photo via Pexels

Check out more stories from Patrick by clicking on the link below. His website includes tons of interesting fun facts and information!

Author: Patrick Young

#musicians #music #fun #blogger #love #money #success #news #musicnews #business #plans #gig #play #inspiration #dedication #motivavtion

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