Keeping Your Music Industry Money
Everyone asks “How do you make money in the music industry.” We have a better question, how do you KEEP money in the music business? Every artist, recording studio, and record label has heard the rags to riches stories from numerous celebrities, but then you’ve also heard them go back to rags. What gives? You have the ability to make money in music, but do you have the business sense to keep it?
How much did you make last month? How much did you spend? If you want to keep the money you make in the music industry, you must know what numbers are involved. We recommend Xero as a great way to easily know your numbers. If you’d like a demonstration just contact us.
Each time you spend money, it should help you reach a result you’d like to accomplish. Was that lunch with a producer in line with getting you to recording an album? Did that new microphone help improve the sound of the instruments you record most?
Before you know whether to take an umbrella outside, you watch the weather forecast. While it still may not rain, you’re prepared for the expected weather. Likewise, you should set your expectations for the money coming into your music business, so that you can plan to keep it! Budgeting and forecasting are important, and much more accurate if you know your numbers as described earlier.
We know your stage performance is excellent, but how is your financial performance? Tracking your progress allows you to make adjustments to ensure your success. Without tracking your expectations, how do you know if you’re achieving your goals?
Get in touch and we’ll help you KEEP the money you make in the music industry.