Tag Archive for: Music Think Tank

Photo by tradingacademy.com

Photo by tradingacademy.com

In today’s music industry, success isn’t just handed to you. Increasingly, the musician must view their career in the same way an entrepreneur views their startup company. You need to know what you want, how dedicated you are, and then make a plan not unlike a traditional business plan that will lead you to YOUR success.

With so many options in today’s music industry, success can mean different things to different people. Some people will be happy gigging their home town a few days a week and keep their day job. Others won’t be happy until they are playing stadiums in front of thousands of screaming fans. Some musicians may be happy living in the background composing music for films, while other’s want their single featured on the top 100 chart. Knowing what you want is the key first step in planning how to get there.

Shaun Letang wrote this great article for Music Think Tank that really sums up what you should be doing right now to plan your career. Here’s an excerpt of the article, but you can read the full article on Music Think Tank.

Define What Success In The Music Industry Is To You

Before anything else, you need to decide what your personal definition of success is. The reason for this is simple; if your idea of success is becoming well known in your country for being a talented musicians, you’ll need different steps to achieving that than you would if your aim was to earn a full time living from music.

So what is your final end game? What do you want to achieve? If you’re not yet sure, here are some common outcomes which a lot of musicians aim for. I’ve also included a (extremely generally) look at what’s needed to reach these goals:

  • Aim to play good music you and your friends will enjoy.
  • Aim to become well known at a local level. (Requires a lot of work).
  • Aim to become well known at a national scale. (Requires a lot of work and luck).
  • Aim to become well known at a international scale. (Requires a lot of work and a lot of luck).
  • Aim to earn a part time living from music. (Requires a lot of work).
  • Aim to earn a full time living from music (Requires a lot of work).
  • Aim to become wealthy from music (Requires a lot of work and a lot of luck).

Feel free to mix and match your goals as you need. For example, it may be your aim to be well known in your local area and earn a full time living from your music. This is an achievable goal if you know what you’re doing.

While it’s easy to assume that most people would want to become internationally well known and wealthy from their music, that’s not always the case. As someone who regularly talks to musicians all around the world, I’ve seen that different people want to achieve different things, and everyone has their reasons for their end goal. So no matter what your end goal is, be sure it’s clear in your mind and we can move forward.

Determine What You’re Willing To Do To Succeed In The Music Industry

This is where the whole ‘on your terms’ bit fits in.

So now you know what you want to achieve from your music career, the next steps is deciding what you’re willing to do to achieve these goals. No, I’m not talking about who you’ll sleep with to get to the top (I do not recommend this). Instead, you need to decide if you want to achieve your goals strictly through your personal brand as a musician, or if you’re willing to use your musical skill in other ways to pad out your income and get you better known.

Let’s say the goals in your music career are mainly driven by money. Making a part time living is something I feel most musicians with talent and good marketing knowledge can achieve. That said, only a % of those people will go on to make a full time comfortable living from their music alone. It is achievable, but it’s a lot harder than if you were to also use the talents you’ve acquired from the music industry for other forms of earning.

For example, if you were to start teaching up and coming musicians how to sing, rap or produce, you could earn more than you would from just playing gigs and selling songs alone. Teaching wouldn’t get in the way of you playing gigs; gigs are generally performed later at night, while your teaching lessons would likely be in the day. Furthermore, if you was to teach via a online video course for example, after you’ve created your product you wouldn’t have to actively be there to teach each new person that came along.

There are plenty of income streams you could tap in which are music related, but which don’t involve your personal brand as a musician. Other examples include songwriting for others, doing backing vocals for other musicians, doing skits for people in need of them (isn’t restricted to other musicians) and the like. Think about who you can help with the talents you have, and provide a service to them.

To read the full article, go to Music Think Tank.

What does YOUR success look like? Share in the comment section below.

Merchandise can potentially be a huge revenue stream for independent bands and musicians. However, knowing what to make, how many to make, what company to use, what to sell for, and how to let your fans know you have merch without sounding like an advertisement can be difficult.

Check out this extremely detailed guide to merchandise from Music Think Tank to get a better idea of how to create a viable merchandise revenue stream for your band.

What you should order and who you should order from

  • Music – CD’s are generally the best option for most artists because fans like having something tangible that they can take home (as opposed to a digital download) and take up less room than vinyl. They also have higher profit margins. Companies that I recommend for replication: Cravedog and Discmakers.

  • T-Shirts – The basic tee usually is a solid product to go with. You can usually get a better price and a more comfy product if you choose a lighter shirt, such as a Gildan 5.3 or 5.6 oz. More on how to get better prices below. These are some decent companies.

  • Stickers – Stickers are cheap, easy to produce, and can be used for promotion or selling. I order all of mine through Stickerguy.

  • Buttons – These are another easy, cheap product that you can sell for $1 each. I recommend the quality, pricing, and service from Busy Beaver Buttons. Or, if you have some upfront money, invest in a button maker. Badge-a-Mint makes a good one.

  • Posters – These are a staple. Most companies should give you a 12×18 poster for the same price as 11×17. I recommend Printing Conexions (let them know that Simon Tam sent you).

How to get better pricing for band merchandise

  • Begin a Partnership – I worked with a local vendor to get exceptional pricing and price terms by committing to a long-term partnership. I agreed to always consider them first when pricing options out and to order a certain amount of business. In return, I get the best pricing around and also 45 day net terms – In other words, payment for the products aren’t due until 45 days after I pick them up. It’s perfect when I need start up cash and merch for a tour because I can pay when we get back. You can also pitch a potential sponsorship deal.
  • Order in bulk – Most of the time, you really start saving money on shirts when you order at least 48 of them at a time.With stickers, it’s 250. With buttons, it’s 100. If you want to balance price per item and minimum quantities, talk to a representative about what optimal quantities are.

  • Order less designs – If you reduce the number of different designs, you can order higher quantities of each product. This in turn drives down the price per unit. Variety is good but often gives you a much higher start up cost.

To read the full guide, visit Music Think Tank.

Today, indie and DIY artists have the potential to bring in more money than ever before, but sometimes all the potential revenue sources can be overwhelming and difficult to manage.  This article describes the three most profitable revenue sources for indie musicians.

1) YouTube

Complain all you want about musicians making YouTube covers and goofy videos instead of being “serious”. The reality is many of them make a good living from this. Costs are minimal compared to professional studio time. Distribution costs are near zero. The casualness of the content also allows for more rapid creation than one might find for “official” recorded work.

Companies such as Maker Studios and Big Fra.me have grown to help these artists monetize their music with better-leveraged ad rates, production assistance, and channel cross-promotion. Once ramped up with a lot of content, successful artists in this area can clear mid-to-high five figures in revenue. Since they are often solo artists, they also don’t have to split it up much.

To find out the other two revenue streams, visit Music Think Tank.