Navigating The Music Industry With An Entrepreneurial Mindset

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By: Sacha Walton, Business Strategist , CEO of SWI Management Group

For independent music artists, being successful means more than just creating and sharing your music—it’s also about learning how to be an entrepreneur. Having a creative vision is an essential component of being a successful artist, but developing a sound business acumen is key to keeping your music career thriving.

It’s important to start thinking of yourself as a brand and entrepreneur—after all, you’re selling yourself and your music. You are the service provider, and the music is the product. When it comes to developing your entrepreneurial mindset, the focus should be on becoming a valuable commodity.

To have a successful career in music, you must understand the power of business. Having a clear understanding of what makes you stand out from other musicians is essential for building your fan base. This could be anything from a signature sound or genre to something unique about your look and feel. Whether you are working with a team or producing all your music on your own, thinking like an entrepreneur can open doors to success.

“An Educated Artist Creates Leverage” – Sacha Walton
Beyond The Music: A Music Artist Entrepreneurship Guide

Independent music artists have an advantage in today’s music industry. Without a label dictating the release schedule or telling them what kind of music they should make; they have a great deal of control over their own success. To really take advantage of this freedom, however, independent music artists must start thinking like entrepreneurs. Approach your music career with a business mindset.

Here are some action steps to help you make it happen:

1. Have a goal: As an independent music artist, you should always be aiming to achieve something, whether it be a short-term or long-term goal. Decide on your end-goal, then create a plan of action on how you will get there.

2. Embrace the hustle: No matter how talented you are, nothing will come to you without hard work. Establish a disciplined work ethic to help keep yourself accountable and reach your goals faster.

3. Utilize networking: Networking is key for any entrepreneur and especially independent music artists. Reach out to other musicians and industry contacts to build meaningful relationships, collaborations and make beneficial connections.

4. Make use of social media: Leverage social media to create more awareness and visibility of your music. Consistently share your content and engage with your followers, it is a great way to get to know what type of content they respond to best.

5. Market research: Research the target audience and how to market to them. Plan out promotional tactics with an organized and clearly thought-out strategy, independent artists can better compete with signed artists.

6. Education: Most importantly, independent music artists should also invest in their music career by taking online classes, attending industry events and workshops, or reading up on business tactics. The more knowledgeable independent artists are about the business side of the music industry, the better prepared they’ll be to run their own businesses.

7. Analysis: Staying on top of music and business trends is also key to staying competitive. Studying analytics and developing new strategies is critical to growing your brand and staying ahead of the competition.

8. Diversify your income streams: An entrepreneur looks for ways to make money outside of their main income source. Establish a budget. Look for additional ways to make money off of your music, such as merchandise, crowdfunding, or even sponsoring deals.

By following these steps and adopting an entrepreneurial mindset, you can take your independent music career to the next level. having the right attitude is paramount. This means looking at failure as an opportunity to grow and learning to enjoy the process. Don’t be afraid to take risks, take charge of your career and you’ll soon reap the rewards.