One common misconception about being a musician or working in the music business is that you never make any money. Or, at least, not enough to survive.
Income diversity is key to achieving your goals and sustaining a career in digital music.
To ensure a long-lasting career, musicians and those working in the music industry need to have a variety of income streams. Many younger musicians don’t realize the many opportunities and work hard, often with very little money. Or they may feel defeated because touring and music release is so expensive.
That’s not to say that just signing yourself up for a few different odd jobs will keep you out of Mi Goreng-and-Vegemite-toast-country. We asked some of our friends who have achieved that goal to share their stories about what it took to make it happen.
1. YOUR ATTITUDE WILL PROBABLY SUCCEED, SO CHANGE IT
It’s about making your own decisions, not being controlled by someone else, living in your world, finding your way, and embracing the generosity of strangers. It’s about the adventure, the travel, and finding doors that only a life of uncertainty could open. You can overcome adversity, solve problems and reflect on how far you’ve come since you started.
You can form a band and share common goals, but remember that your careers are independent and should be taken care of first. Open to multiple income streams and utilize your talents in other areas (such as art in my case) to support your cause, be it financial or forwarding opportunities.
2. Be a MATE, but stay focused
It’s crucial to remain involved in all aspects of your endeavours, even if it is in a small industry. You will be the one kissing tomorrow’s arse if you kick your arse today. Being easy-going is more important than being skilled in this industry. Keep your word, and be positive. Positive vibes spread and bring about ten times more opportunities. Don’t forget your names. Everyone likes to hear their name. The more you treat people with respect, whether they are being late or acting like a diva.
3. STAY IN SCHOOL, KID
They claim that people who can’t teach don’t know how to teach, but they are wrong. Bill Palmer, a guitarist, musician and composer, earns six figures per year. Music education, which accounts for around 85% of his income, is his most reliable income stream.
4. DO NOT BE AFRAID OF CORPORATE GIG
It doesn’t matter how lucrative education is, and we must not forget the humble gig. Cover gigs, corporate gigs, and corporate songwriting and production are all signs of “selling out”, but this attitude is rapidly fading.
It is important to remember that the acts listed here have a high-respected profile in their scenes. This proves that corporate work doesn’t always mean that you will be criticized for your credibility.
5. THE ICING ON THE CAKE – BEYOND MUSICAL SALES
Yes, that’s right. Many budding musicians dream of earning a living from song royalties. However, this is often the most difficult way to earn real money. Bill Palmer says that original music sales are more like an ‘icing-on the cake’ income. “While it’s nice to possess, it’s not something I rely on,” he said. “If I relied solely on this, I wouldn’t be able to make a real income.”
6. LET’S GET FISCAL – MANAGING YOUR FINANCES
There will be many financial hurdles along your journey to being a For Real Full-Time musician. You need a smart, organized, and skilled saver to get to this level. To help you, we have a very useful Book-Keeping and Tax Course.
Even if you don’t have the brainpower to use spreadsheets and numbers to make forward projections and plan for the future, there is still hope. It would be best if you remembered that you are running a business. Keep your professional and personal finances separate and save for the future.