For many reasons, the music industry isn’t the easiest sector to start a business in.
If your target audience consists of musicians, many of them don’t have much by way of expendable income.
If you’re an independent studio or record label, it may not be as easy for you to profit from streaming royalties and other revenue sources as it is for major labels.
And because it’s such a fun and creative industry – at least from the outside looking in – it’s also competitive on just about every level.
Here are some things you need to know about starting a music business.
Fundamentally, It’s Just Like Starting Any Other Business
It’s good to be aware of the unique industry challenges and how they might affect your ability to create a successful business.
But fundamentally, building a music business is not that different from building a business in any other sector. You need to find a need, create a product or service that alleviates the problem, and then market your offer to the people who need it.
Information can be a bit of a hard sell in today’s information-rich environment. But if you can curate the best of the best and put it together in a compelling eBook or course at a price your audience can afford, you may find your footing.
That’s a key point worth remembering – you must tailor your offer to the unique needs of your audience.
Every Business Needs To Be A Publisher
This is a bit of a blanket statement and may not apply to every business case. But most businesses would do well to become a publisher in their industry and share ongoing updates, news items, curated content, and tutorials or how-to guides to serve their audience.
First of all, this keeps your followers engaged. It gives them a reason to keep coming back to your website, and it gives you something worth sharing on social media.
Second of all, content helps you attract more leads. You can grow your email list on an ongoing basis by matching compelling opt-in offers to your content.
Third of all, publishing helps you sell more. This does not mean that every blog post of yours should be a sales letter. Rather, by building trust with your audience on an ongoing basis, you’ll develop enough rapport with them to move them down your sales funnel to where they’ll want to buy from you.
You can achieve good results with advertising and other marketing endeavors too, but publishing has many benefits (such as authority), that are hard to ignore.