There are some key things about the business of music that aspiring musicians must know in order to get noticed in today’s ever-changing music industry. Hypebot Senior Contributor Clyde Smith has taken the liberty of excerpting the top 5 tips from an informative article by Marcus Taylor of Venture Harbour (An online marketing tool for the music and entertainment industries), that he thinks musicians will find of use in building their businesses.
1. Do the next best thing – every day.
“Every day, ask yourself what is the next best thing the team can do to drive your business forward. The answer tells you where you should be concentrating your efforts and where your focus should be. That question can be applied to the organization overall but also to each team member, and especially yourself. Do the next best thing, and don’t do anything else until it’s done. Then ask yourself the question again. Repeat until you reach your goal.”
Mike McCready, CEO, Music Xray
2. Know how to pivot and readjust your business.
“Don’t over plan. Things don’t always come together exactly as anticipated, and the most successful entrepreneurs are those who know how to pivot and readjust their business as things develop.”
Allen Bargrede, Executive Director Rethink Music at Berklee College of Music
3. Listen to your customers, not your critics.
“Listen to your customers, not your critics. Only invest your efforts into something you enjoy, and don’t outsource anything until you fully understand the principles of that task yourself.”
Lee Parsons, CEO, Ditto Music
4. Focus on the bottom line & network constantly.
“Maintain a focus on the bottom line, follow up on execution, follow the money, build your brand and network constantly. The music business is a challenging place to make a career, but a fun and potentially profitable one if you have a clear vision of what you want to do and gather the resources and connections to make it happen.”
Mark Frieser, CEO, Sync Exchange
5. Follow your own path, not others.
“Know your competition but focus on your own product and how it can be best delivered to achieve market fit. Follow your own path and not others, everyone achieves success in different ways.”
Stan Mcleod, Co-founder, Bandwagon