How To Phase Out Your Day Job And Get Into The Music Business Full-Time
by Tom Hess
Having a day job gets in the way of your music career success. A day job takes up your most productive hours during the day and pays very little money (in most cases). This makes it hard to build multiple streams of music career income and reach your goals in the music industry.
These steps help you quit your day job and make a smooth transition into your music career.
Step 1: Determine the bare minimum amount of money you need to survive each month. This amount is (hopefully) much lower than your total income.
Go through your budget and find all things you waste money on that add no value to your life. Eliminate all expenses you can live without (chewing gum, morning coffee, eating out at restaurants, cable TV, etc.). Minimize all expenses you need to live (rent, food, electricity, internet bill, mobile phone bill, etc.)
Step 2: Pay down your debt as fast as possible (if you have any). Use the money you save from reducing expenses to get rid of debt faster.
Step 3: Save a portion of your income each month. Being debt-free helps you build up significant savings faster. Continue saving until you have enough cash for 4-6 months of living expenses (from step 1).
Step 4: Begin creating streams of music career income. They can include:
- Your record (make sure to have a database of fans to sell your record to).
- Studio work.
- A steady schedule of gigs.
Do as much as you can to prepare these income streams while you are still working your day job.
Note: make sure to NOT replace one day job with another. Your music career income streams must be diversified, dependable, passive and/or leveraged. Leveraged income allows you to earn a high amount of money in a low amount of hours. Teaching music lessons is a great way to earn money in music that meets all these criteria.
Important: do NOT spend any of your music career income yet! Save it on top of the income you save from your day job.
Step 5: Create an action plan you will execute immediately after you quit your day job. This action plan must be congruent with your music career income streams and your long-term goals. This helps you to not waste any time and grow your career faster.
A music industry mentor helps you create such an action plan and implement it in your career.
Step 6: Quit your day job after you have enough cash reserves. Begin taking immediate action to implement your music career action plan. This helps you transition into your music career with minimum risk and greatest chances of success.
This music career article shows you how to grow your music career income faster and become a successful pro musician.
Learn how to make a living in the music business.