To improve your finances as a music producer you may have to explore multiple income streams. Financial savvy producers make money in a collective of ways. You might want to explore all avenues when it comes to monetizing your music and career so that you can live unencumbered when it comes to finances. By doing so you will be able to live on your terms and focus on the most important things in your life. Here are 10 ways to have better finances as a music producer.
1. Budgeting
Budgeting your music career from equipment, personnel, travel, and studio time will lead you to have more control over your life. Setting a budget every month with how much money you plan on spending towards your music career and sticking to it will allow you to maximize your current income.
2. Know How Much It Costs
You may pay for a wide array of services around your music. Know how much things cost ahead of time compared to other people's pricing will give you a better understanding to make wise spending decisions.
3. Make Do With What You Have
We are with you when you see the latest and greatest come out. Chances are that it will help a little, but make do with the already solid equipment that you have. Average listeners have no idea that you spent $699 for the latest version of Omnisphere or the best reverb plugin you can buy. If it already does the job improve your skills which will make it sound that much better.
4. Save On Marketing
Marketing your already published music is a necessary thing. You do not need to pay a team of people to market your music for you. Put in the leg work yourself up until the point where you feel it is time to hire someone. Comment, message, and leverage other accounts in the most genuine giving way and people will be happy to give you a shoutout.
5. Reinvest
When you profit from your music it is an exhilarating feeling. This money should be used to reinvesting back into improving your music career and investing money into your investment account. This grows for the betterment of your finances and your career.
6. DIY
At the beginning of most successful careers, you have to wear multiple hats in order to gain the traction you want to have. You are the producer, musician, artist, engineer, marketer, and accountant. This is effective from a financial standpoint but it is not self sustaining over the long run. When you get to the point of full time maturity than it is time to hire people to handle tasks that are not suited towards your strengths.
7. Diversify
Having your money being invested back into your music career, your stock portfolio, and other passive income streams will diversify your finances. If one of these streams is going south one month or year, you have the other ones to pick up the slack. This is a great strategy when it comes to long term growth of your finances. Learn more about how we can help you create more passive income!
8. Earn More
Savvy music producers have ways to bring money in from multiple income streams. Leverage what is working to build more of these streams. If you have a tutorial channel that generates thousands of views, start to create new ways that also provide the same solution to your viewers that you currently solve for them to make more.
9. Experiment
There are more and more ways for music producers to make money. TikTok, Beatstars, and even Youtube were barely formed ten years ago! Find out where your audience is and create a presence on that platform. If you are in on the early stages of a new platform with your audience you will be able to make a killing with it.
10. Financial Goals
You have to have a road map to where you want to be financially. Whatever the number looks like per month and per year for you to be able to live your desired lifestyle, write it down. Start to think about people who already are at this goal. What did they do to get here and can you copy more or less their strategy. Plan backwards where you need to be at certain stages in order of achieving this goal.
Conclusion
Take these tips on becoming a financially savvy music producer to be able to live and do the things you want to do in your life. Have a clear focus on what it looks like. Then fill in the actions to get you there step by step.
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