Don’t Give Up on Music: Mistakes to Avoid When Making Money as a Musician
Reported by: Laurie Abner/
Sometimes, keeping your instruments tuned is no easy task. Especially when it comes to people's careers, most industries have felt the effects of recent events. If you happen to be a musician, you probably suffered an impact when venues and bars shut down. To continue to make money while the world returns to normalcy, there are some moves you need to avoid. Today, Cultured Focus Magazine shares some tips to keep you on track.
Don't Give Up Your Music
The music industry has definitely taken a significant hit thanks to the pandemic. In the past, live music was the backbone of the industry. To bounce back, musicians have to find better options to make money. However, you do not have to turn your back on your art to continue to make cash.
Even if you cannot perform in large venues right now, you can continue to work in the music field. Consider live streaming performances. With streaming and other internet options, you can have a more extensive reach. Even online, you can play on a small stage, take breaks to tell stories, or interact with the audience.
Don't Put All Your Eggs in One Basket
When trying to monetize your music, don't invest all of your time and energy into one thing. For example, you can start a YouTube channel to reach a broad audience, but it shouldn't be your only focus. When creating a channel, it can take time to gain a following and develop a plan to attain your goals.
As a musician, The Crafty Musician points out that you can monetize your skills by providing a service to others. Become a virtual assistant to other musicians or teach music to others. If you love to write music, you can sell it. You can compose music for video games, stock websites, and more.
If you already have a following, start a Patreon or other website in addition to your other freelance opportunities. A Patreon allows your fans to pay for content remotely and to support you. Also, working different jobs can create some financial confusion come tax-time so do yourself a big favor and invest in an online bookkeeping tool to help keep it all straight.
Don't Overwork Yourself
Looking for financial solutions can be a burden on anyone's mental health. While finding new ways to make money may be a top priority, remember to care for yourself during the process. Life as a musician may look different from a few years ago and waiting for life to return to normal can feel endless.
Whether you find new freelance opportunities or plan to start your own business, you need to take time out of your day to focus on yourself. Try to stick to a schedule. People who have daily routines tend to have better mental health overall. Integrate working out into your daily routine. Take the time necessary away from technology and work-related activities to take care of yourself through physical activity.
If you want to start your own business, you’ll find that choosing the correct business entity can alleviate some of your stress. For example, forming a limited liability company protects you from personal liability and the debts of your business. According to the IRS, an LLC provides various benefits, including less paperwork, more flexibility, and tax advantages. Since all states have different rules, you need to check the regulations ahead of time. If you do not want to do all the work yourself, using a formation service to form an LLC can take the burden off and help you avoid lawyer fees.
To find success in the music industry, you cannot give up on your art. While the ways people engage with musicians have changed, you can still find ways to make money without giving up the dream.
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