Posted on April 3, 2023, 12:00 am
If you have a hobby you love, like making music, you might consider turning it into a business. However, finding a way to turn your passion into a money-making machine can be tricky. The key to success is research and advanced preparation. If you aren't sure where to start, the below guide has you covered. Read on to learn the steps needed to transform your musical hobby into a real career that pays the bills.
Develop a business plan
It's usually best to start your musical career off as a side hustle. You can do it part-time and then build it up slowly. This also gives you a chance to do market research and determine your target audience and their needs. Then, use this information to write a business plan. This document details how your business will be structured. Elements to include are a company description, market analysis, product and service description, and operations plan.
Get any funding you need
You may need external funding to get your music business off the ground. For example, if you decide to teach music, you might want to rent a space to hold lessons. Tally up all of your potential overhead costs first. Then, consider what funding sources you want to use. CNBC outlines some possible options, like bank loans, SBA loans, crowdfunding platforms, online lenders, and family and friends.
Set up an e-commerce website
A website is a great way to promote your musical work. You can also sell products or services through your website by setting it up as a unified e-commerce platform. A commerce software solution like this one can help create an engaging shopping experience across multiple channels. When picking a tool, look for traits like customization, secure payment processing, inventory management tools, and data analytics capabilities.
Use social media to promote your creative work
Social media can be a great way to promote your music. Maximize the impact by linking your social media accounts back to your website. Focus on platforms that embrace audio, like Instagram Reels and TikTok. YouTube is also recommended for musicians. Best practices for musicians on social media include interacting with your fans, cross-promoting with other artists, and planning when you create instead of when you post content.
Look to online music platforms to expand your reach
Social media is just one online tool you can use to raise your profile as a musician. You can also share your creative work on streaming platforms like Spotify or SoundCloud, for example. If you want to get more live gigs, check out a platform like Musician Casting. This tool helps you easily book gigs and further your music career. You can register as an individual musician or a band, and connect with labels, managers, producers, and more.
Network with other musicians
Your networking efforts don't have to be limited to the online world. Find opportunities to get out and meet other musicians in person. Simply going to gigs is one option and an easy way to meet other people who are interested in music. DIY Musician provides additional tips for networking in the music industry, such as having business cards on hand when you attend events and always following up after you meet someone.
If music is your passion, consider turning it into a legitimate job. With advanced preparation, like writing a business plan and setting up an e-commerce platform, you'll improve your odds of success. A career in music doesn't have to be out of reach.
Get more tips for establishing a successful music career from the blog.
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