How To Earn More Money As A Musician

by Tom Hess


 
How To Make Money In MusicMaking money in the music business is simple. Anyone can do it, including you…even if you aren’t a world-famous rock star. Earning more money in your music career is about:
  • Learning basic money-making principles and applying them to everything you do in the music industry (more on this below).
     
  • Having other knowledge and skills outside of playing your instrument. This helps you add massive value to every project you work on and make it more successful.
     
  • Having a strong work ethic, so you can take the right actions that are needed to build a lucrative career.

This video shows how simple it REALLY is to make a lot of money in music.

Question: “But Tom Hess, everyone knows that most musicians don’t make a lot of money! If making money in music is easy, why aren’t more people doing it?”

Answer: Yes, many musicians do struggle financially…but not because making money in music is hard. Most musicians choose not to learn or do the simple things that make financial success possible. They might say they want to make more money, but their actions prove otherwise.

This makes earning money in music even easier for you. Why? Because you have very little competition in the music business (yes, you read this correctly). If you are serious about your music career success, the size of your real competition is very, very small.

These money-making principles help you build a lucrative music career:

How To Make Money In Music


Music Career Money-Making Principle #1: Think Like An Entrepreneur

You are a music business entrepreneur first, a musician second. You are in business of providing massive value to fans, bands, record companies, promoters, publishers, booking agents and other entities in the music business. “Providing value” means helping these people/companies get what they want. The more value you provide, the more money you earn.

Hint: Your musical skills are only one piece of value that helps you make money in music.

This guide explains how to think like a music business entrepreneur and get your fans to buy your music.


Music Career Money-Making Principle #2: Go The Extra Mile

When you get any opportunity in the music business, go above and beyond the basics you are expected to do (such as playing your instrument). Use all your talents and resources to make the entire project more successful and earn more money.

Examples of this include:
  • Helping your band’s promoter book more shows.
     
  • Helping your band or record company reduce expenses (through some creative thinking) or find new streams of income.
     
  • Thinking of new experiences to offer your fans that they want and are willing to pay for.

(Note: going the extra mile isn’t specific to musicians who play in bands or who work with record companies. It applies to YOU, no matter what you do in the music industry.)
 

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Music Career Money-Making Principle #3: Build Multiple Streams Of Income

Most musicians go into the music business looking for a job. They plan to make money through a single source of income, such as performing or recording music. There are several problems with this strategy:

  1. It’s harder to earn a lot of money through any single activity in the music industry …especially in the beginning of your career. (It’s not impossible, but it’s much harder.)
     
  2. Your income becomes less secure. You are in big financial trouble if anything happens to your one source of income.

You make way more money in your music career when your income streams are diversified. Earning money from multiple sources also makes your career a lot more secure.


Music Career Money-Making Principle #4: Know Who Your Fans Are

You must know who you are going to sell your skills, products and services to. This helps you turn your music industry value into music career income.

If you are about to release your record, you must have a list of fans who you expect to buy it. You also need a way to easily contact your fans any time you want.

If you are a studio musician, you need a list of studios, musicians and bands who may require your services in the future.

If you are a performing musician, you need a list of clubs, booking agents and promoters to contact. You also need a database of local fans whom you want to come to your gigs.

You also must build a relationship with your fans and make them excited about your upcoming release or show.

This music career test helps you improve your music promotion skills.


Music Career Money-Making Principle #5: Have Specific Goals And Plans For Reaching Them

You need a specific plan for reaching your music career income goals. Simply wishing to make more money doesn't help you achieve it. Start by answering for yourself the following questions:

  1. How much money do you want to earn every year in your music career?
     
  2. What streams of music-related income allow you to reach this goal?
     
  3. What actions must you take to put these streams into motion?
Answers to these questions help outline your plan for financial success in your music career. Your every action must move you closer to reaching the specific goal you have set for yourself.


Music Career Money-Making Principle #6: Separate Fame From Financial Success

Many musicians assume that being famous helps them make more money in the music industry. This is (usually) a myth. You can earn a very good income (6 figures per year) as a professional musician without being very famous. Fame doesn't guarantee a great income in the music industry. Many well-known musicians in big bands still work day jobs to pay the bills.

Understanding the difference between fame and financial success helps you stay focused on your most important goals.

Implement these principles to become a successful professional musician and earn a great living doing what you love.

This music career eGuide helps you to sell your music to your fans.

Earn a good living in your music career by joining this music business training program.

© 2002-2017 Tom Hess Music Corporation