We have entered into a brand-new world, a world where anyone and indeed everyone is now an artist. You even get brands setting up their own artists and we have witnessed the emergence of the AI artist, many of which have amassed thousands of followers on social media. But what does that mean for YOU? How can you run your own music business? How do you make money from your music?
In this overview, I want to point out a few things for you. Firstly, it is YOUR business, and you can run it anyway you like. Secondly, now is not the time to defer to experts, to build a “team” or to have an ever-expanding entourage of yes men. Stop thinking like the majors and start to think like lean mean independent machines. I would strongly recommend you download the app, Music Inc. We have mentioned it on here before but in a nutshell, Music Inc is a game where you create your own label, sign artists and then seek to make money whilst battling the scourge of piracy. It will teach you more about the industry than any course will. Independence means you jump in at the deep end and learn as you go along.
To run your own music business, we are going to recommend you do the following. Feel free to skip that which does not apply to you.
- Set up your music business – This could be a company, sole proprietorship or partnership (if you’re a group) Please contact a local accountant who can give you proper advice regarding this.
- Get a job – You need some regular income from which you can invest into your business.
- Set up a fundraiser – You can use crowdfunding, host an event or contact friends and family.
- Get a business loan – As long as you’re sensible, don’t over borrow and are in a position to repay any loans, this could be a vital way to inject some cash into your music business without giving away any equity.
- Set up your own studio – You need your own studio set up which could be as easy as using your existing, laptop, tablet, desktop computer or day I say it, your phone.
- Download the Music Inc app and play play play!
- Sign an artist – initially this should be yourself. Sign yourself as a producer/artist and you’re ready to go!
In the next article, we are going to dive deep into setting up your own recording studio, using gear that we have used ourselves, and as such, we can prove how effective they are. It is important that you own the means of production. You need to have your own recording studio and with modern computer technology that means owning a decent, but not necessarily expensive, computer. Add a few external devices such as a microphone, headphones, audio interface and MIDI controller, plus all the cabling, and you’re ready to go.
In the mean time click here for more information about the Music Inc app. See you next time!