Growth Group | Accounting for Musicians

4 tips to create a hit in music business

hit in music business

The music business is tough.

Without a target, you can not create a hit. You simply do not know what you are aiming for. (Check out this post about setting realistic “hits” called Target Practice, and watch me shoot!)

Creating a hit in music involves more than just your art and talent. Many musicians do not do as well financially as they could simply because they do not stop and take a honest look at their music business every once and awhile.

If you seriously want to produce a hit, you should have some sort of plan, a budget, targets, and every so often you need to check how you are actually doing against the plan. Think of it this way, you can play rhythms accurately by just tapping your foot, but to keep a steady pulse and prevent from dragging your tempo, you use a metronome.

Here are tips from a music business accountant on how to create a financial hit, that can be used for all types of entrepreneurial businesses:

1. Make a Plan to Hit

I know it seems like a pain in the ask to plan, it makes you feel uncreative, eh? Think about it…your tour went smoothly and you were better prepared when your flight and hotel were booked in advance, ground transportation was scheduled ahead of time, and instruments and equipment were packed early. Yea, you know how to plan for making a hit too!

2. (Mic) Check Up

Sound checks are critical to the success of a performance, but the pre-show session with the sound tech is not enough. Throughout the performance the professional audio technician will periodically check to ensure the sound is being relayed to your fans perfectly.

Similarly, now that you’ve created a plan to help you hit financially in your music business, how are you doing? You should conduct a check up to compare your hit plan to the actual results of your music career. Just like with sound man, adjustments may be required throughout the process.

 3. Meet With Your Team

When practicing for a gig, you rehearse with your band, vocal coach, choreographer, and solo. To financially hit with your music, you should meet with your music accountant regularly (preferably monthly). Choose an accountant who specializes in music business who can help you plan, check up, perform, and even manage your team.

Taxes are important and part of making money in music means the IRS wants a cut. Having a music accountant specialist, like Growth Group, to save on taxes and plan for the future.

4. Perform Your Hit

You can plan, check, and meet ’til the cows come home (pardon, I am from Kansas), but if you don’t perform you have no results. Staying in the studio, always laying new tracks, will not create a hit until people hear your work. Get out and perform (sell) it, you’ll have a blast, receive fan feedback, and become inspired, creating new material to write into your songs.

Performances are the execution of your plan, how you carry out your vision and engage with your audience. Performing music will also help you figure out what part of music makes you money (revenue). Are you making the most from CD sales, digital downloads, merchandise, or performing?

These four tips for creating a music hit, will jump start you towards financial success in your music career. Remember, don’t make the music business harder than it has to be, plan, check, meet, perform, and repeat!

What are some of your tips for creating a hit with your music business?