In November I had the opportunity to join over 100 music producers during iStandards’ Beat Camp in New York City. You might think, what is someone who runs an online accounting service doing there?
Well, besides loving the music scene; as a personal accounting consultant focussed on creative industries, with many clients in the music industry I figured I could learn a lot from the people there which could benefit my clients!
When your music business is up and running and you have started recording, you need to have clear cut agreements and expectations in place to ensure there are no disagreements down the track when songs take off and money starts to come in!
Here are the tips about beats & budgets from the pro’s I met in NYC:
1. It is extremely important to train yourself to record sticking to budget from the very beginning. This will save a lot of money in the long run for yourself and also avoids disagreements if you take longer and decide to charge for this.
2. Have a clear understanding of responsibilities and put in place agreements that include detailed information about payments.
3. Keep a creative vibe and cut out stress! Your time is irreplaceable, so make sure that you have create an environment for yourself in which you can focus on your craft. This might mean using someone in your team to look after administrative tasks, paperwork and agreements.
4. Think big picture and build long term relationships. When you need to decide how much your should charge for your music, be flexible and fair. It is worth thinking about long term benefits as opposed to short term gains to create a strong foundation and success for your business.
5. According to Grammy award winning producer S1 you should create a plan of action.
Take the time to write out your short-term and long-term goals to help you focus on the steps you need to take each day.
When you look back after 1 month, 6 months or even a year you’ll be astonished by the work you have achieved and how all of the small steps add up.
6. When you are in the studio working on a new track you might get a creative block from time to time. When this happens it can seem extremely hard to finish the track, but legendary producer, Illmind says it’s always best to finish what you start, rather than have a library of unfinished tracks. Focusing on your budget, its also more economical to spend your time completing your best work rather than going back to old projects when the passion is gone.
7. It shows that you’re serious about your work when you invest in attending events, such, as iStandard’s beatcamp. J-Hatch encourages upcoming music producers to constantly work on their development.
I love that I get to work with a lot of creative and innovative entrepreneurs who showed have turned their passion for music into something they can do on a daily basis and support themselves and their families…
***Get in touch if you would like me to give you a hand with your music business***