The business side of the music industry is often overlooked but crucial to the success of the sector. Behind every successful artist or band, there is an army of talent agencies, music labels, studio owners and promoters who have important roles.
The renowned Gene Simmons of the band KISS, once remarked: “it is essential to take care of the business and for the business to take care of the artist.” The bustling multi-million-dollar music industry needs music managers and business owners as much as it needs its artists.
If you are great at planning and organizing, or good at crunching financial figures, you should consider pursuing an entrepreneurship career in the business field. This way, you get to pursue your passion for music and put your business acumen to good use.
Let’s dive into the benefits of a musical entrepreneurship career and some top-class ideas for your music business. You will also learn how a music business degree can help you in your career as an entrepreneur.
Why should you consider a career in music entrepreneurship?
You shouldn’t fear if you don’t consider yourself musically talented but still want to work in the industry. Becoming a music entrepreneur can be a great way to connect with your passion for music without having to train as an artist.
Here are the best benefits of starting your career as a business owner in the global music industry.
- You get to stay away from the fierce competition. The international music industry is bustling with talented artists who are waiting for their big break. It is quite challenging to sustain a long-term career in such fierce competition. A music business management career can allow you to work in the music industry without having to withstand such intense competition and stress.
- You can earn lucrative compensation packages. Music business managers and record owners are known to make enormous amounts of money as their businesses grow. According to UKtalent.com, an average music manager can make £37,500 at the start of their career.
- You get to work with prized artists and renowned musicians. Famous artists are almost always backed by competent managers and music agents. Becoming a music business manager can allow you proximity to your favourite artists and musicians in the industry.
4 Music business ideas that can help your music company take off
The global music industry is extremely varied, and there are scores of opportunities for all kinds of music business ideas. Here are some bankable music business ideas to get you started.
- Start an online business selling your old records
Do you have an extensive collection of music records or collectables? You can start a business selling music records or collectables online. This can help you ride on the ready-made popularity of music records to make good profits.
You can start by setting up an e-commerce website and listing the items for sale available to you. As your business grows, you will have more capital to source collectables from other collectors or vendors.
- Become a music agent
Can you make friends easily and pull strings effectively to make things happen? If so, the career role of an artist or music agent will suit you perfectly!
Music agents make a lot of money by helping new bands and artists improve their visibility and gain new audiences. According to Glassdoor.com, music booking agents make around £40,907 each year at the beginning of their careers.
As a music agent, you should acquire good organisational and networking skills to ensure that your clients get good gigs and contracts. Eventually, you can expand your freelance service into a music promotions organisation.
- Start music tutorials online
Offering online music tutorials or classes is perhaps the easiest way to get into music business management if you are already a musician. This way, you also get to work in your area of expertise while making a decent amount of money.
If you are a talented teacher, you will soon have a never-ending stream of clients and students clamouring to be taught by you. You can hire other competent teachers and eventually establish your own music school.
- Create a podcast for fellow music lovers
Creating a music podcast is a great business idea for people who are avid music listeners or enthusiasts. You can share your passion for music with other people and earn profits from brand deals and affiliate marketing.
A music podcast is also a great way to connect with other people who share your interests. Music podcasters with a huge number of subscribers often get to interview famous artists or renowned music producers.
Other viable business ideas include organising music festivals, becoming a music blogger, starting a DJ practice or opening a song licensing agency.
How can you start your own music business?
Starting and establishing your own music business can take years of hard work and patience. Here are a few tips that can help you shorten your journey to becoming a successful music entrepreneur.
- Choose your area of expertise and learn everything on the subject. Music business management is a vast sector with different career and business avenues such as record label management or audio production. Different music business streams require varied skill sets. Therefore, you need to decide which field you want to work in. You should also focus on enhancing your industry knowledge of your chosen sector to minimise competition and boost your business prospects.
- Ensure that your finances and paperwork are in order. Money matters in a music business are important to ensure that your business remains stable. Make sure that your business is registered and has all the necessary paperwork. You must also hire capable accountants who can structure your business financially and maintain a positive cash flow.
- Network with people to get the word out on your business. Your business will not get any clients if other people in the industry don’t know about it. Therefore, you will also need to network with other people to put out a good word about your business.
- Continue to put in effort even after your business gets traction. It is quite easy to abandon hard work and go astray once your business tastes success. But, the long-term growth of your company will require you to be consistent in your efforts to grow and promote it.
How can a music business management programme help you start your own business in the entertainment industry?
Starting a successful business in the music industry will require you to know everything from event management to intellectual property laws and governing works of music. Getting a foot in the door can be difficult, even if you are passionate about working in the industry.
A degree in music business management can teach you everything about handling the business side of a music company. A relevant degree can also help you learn about concert logistics, budgeting, record sales and event promotion. You learn further how to manage the careers of individual artists or bands and turn them into bankable entertainers.
Even if you are reluctant to start your own business, relevant music courses in London can ensure a wide range of career roles like the ones mentioned below:
- Music writer
- Music producer
- Music copyright administrator
- Brand/label partner
- Music publishing consultant
- Artist and Repertoire consultant
- Music merchandiser
The London College of Creative Media (LCCM) offers a great BA (Hons) Music Business Management programme that can be an ideal alternative. The degree can nurture your creative streak and complement your passion for music with future-proofed business and problem-solving skills.
During this course, you will learn all the tricks of music business management such as artist branding, growth hacking and social media marketing for your clients. You also learn the ins and outs of the industry, which can dramatically improve your career prospects.
Click here to learn more about the music management course at LCCM.