When you invest in your music career, there are stereotypes musicians fall into. There’s the starving artist, Rolls Royce touting rap star, or synth geek with a studio full of equipment. There are others you can think of. But, the point I make, is how they relate to money and what they deem an investment of their time or resources.
So, why should you invest in your music career?
If you’re serious about investing in your music career it’s worth understanding that there will be hurdles. But, you will also find opportunities along the way.
As a musician, there are many routes through which you can pursue a career. The scope of career routes for musicians is a whole topic in itself. I will be looking into the mindset of investing in your music career rather than directions.
First, the main reason for investing in your music career is to put time and money into a project. The aim is to reap long-term benefits in the future.
Second, the time investment of developing new skills and learning from your mistakes. This creates transferable skills and knowledge that you can apply to many areas of your life.
Finally, financial investment creates tangible assets. You can pay for a bigger social reach. Plus, hire & build a team around your music career.
How To Choose What To Invest In
There are a few ways to invest in your music career, some are easier for those with more time. Other investments suit musicians with more resources to hand.
For those with more time, some simple things you can invest in are;
- Reading books, blogs, or articles to teach you about the music business
- Practicing your craft (e.g. songwriting, performing)
- Going to networking events and making connections
- Learn how to use current equipment you have to its fullest capacity
- Develop & put in place business skills around your career goals
- Watch useful tutorials online (Don’t fall down content rabbit holes!!)
For musicians who are ready to invest in their careers you can;
- Make sure you have the right equipment to perform your music to a professional standard. NOTE: DO NOT FALL INTO THE TRAP OF GEAR ENVY AND BUYING THE LATEST GADGET. THE SIMPLEST SETUP WINS!
- Have a budget for paid online advertising platforms
- Work with experts to build & manage your website
- Hire a virtual assistant to manage your emails & social media accounts
- Collaborate with a professional music producer
- Pay for courses or personal coaching to learn skills & build a better mindset
What does investing in your music career mean to you?
So, from my few suggestions I’m sure you can figure out what investing in your music career means to you.
From my experience, the best approach is to assess where you are now and where you want to go. To begin, work with what you have. From there develop skills and apply them to monetize your music. Learn from your mistakes, and repeat. You can create value with the skills that you enjoy or have competence with. When you’re ready outsource what is a burden or difficult for you.
Over a few years and decades, you’ll start to amass a collection of equipment, skills, and connections. With consistency, you’ll reach a crucial tipping point. This is when you’ll realize you can support yourself with your own music career.
This is the whole point of investing. You put time and money in now to reap a greater reward later. So, how will you next invest in your music career?