Music is entrepreneurship. It’s simply that. Anyone who’s ever chased the elusive dream of “making it”, and been heart broken when they didn’t, may not have a business plan. Artists have a really hard time with those types of guidelines.
These business plans are needed. Please do not neglect where music fits in industry. Think about where music is played live, where recorded music is played, how much it costs to buy, how much it costs to record, how much it costs to buy live tickets, how much instruments cost, how much training you need, how much it costs to take music to a potential market.
Put these costs and more together, and it’s a business. It’s entrepreneurship, and the artist is the product.
Now, let’s say you love it when musicians go full time, because they are following their passion. How much does that cost? How long will it take to be making a salary? It is well documented that it takes start up business (and musicians are businesses) 3-5 years to earn salaries. 3-5 YEARS! And this is AFTER you’ve got the other business processes in place (which may take a while if you’re young).
Good business counsel would recommend that an entrepreneur would currently have 3-5 years salary saved just in case they can’t take a salary for that long. That’s on top of the other start-up costs (gear, training, products, marketing, etc.)
The music industry is not as destitute as people complain it is. We just need more people to make real strategic decisions when entering the industry. Music is a revered art and a huge cultural phenomenon, and there is a place in our society for it, and it’s worth something. It is.
Next time a friend, child, loved one, or random stranger tells you they’re going to follow their musical dreams, don’t just pat them on the back and tell them they’re great for doing what they’re passionate about. Ask them for their business plan and buy them a book on entrepreneurship.