10 Easy Steps for Starting Your Music Business at Home

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March 16, 2022 Business

With recent events throwing traditional job markets out of whack, it’s never been easier to start your own business, especially if you’re a musician.

Whether you want to jumpstart your career or earn some cash with the hobby you love, now is the perfect time to make your own music business, thanks to the tips we’re sharing today.

10 Steps to Get Your Music Business Going

The road to success is never assured, but thanks to the internet, it’s never been easier to get your foot in the door.

Step #1: Find Your Voice (or Your Instrument)

Are you an aspiring singer, or a DJ? Do you play bass, or are you a one man band? Whatever your skill is, the first thing to do is find what you’re good at, and what you like to do.

The way to stand out is to understand yourself and your musical talents. This will help you steer your business in the right direction, and hopefully give you a slice of the pie.

Step #2: Know Your Market

Once you’ve found your brand of music, it’s now time to do some market research.

Should you be selling a harmonica-themed t-shirt? Or perhaps making a talk-box Tiktok? Maybe you could create a website selling theremins. Anything goes with the right audience.

After all, your niche music interests can be sustainable if you find a loyal audience that invests time, money, and good relations with you and your business.

Step #3: Strategize

Any good business needs to start with a good business plan. Unless you plan on convincing investors, your business plan needs only to be a page long.

It should be a step-by-step guide on how you can make your business a reality. It should have the logistics locked down and the time-table down pat.

The right business plan will allow you to prepare your business in a SMART, sustainable way. It should help you to hit the ground running and get you on the right path.

Step #4 Set Up for Success

At this stage of the game, it’s the right time to feel around. Dip your toes into making YouTube videos or make digital mock-ups of your music-inspired T-shirts. Experiment.

If you’re going to invest in making music to sell or stream, building the ideal home studio is essential. You’ll need all your recording equipment, video equipment, and the right monitors.

Studio monitors are a must-have, giving you the ability to hear your music in all its glory, and help you produce quality sounds. Check out some of the best starter studio monitors here.

Step #5 Find the Right Output for You

Once you’ve experimented, canvassed supplies and figured out your business strategy, it’s now time to focus on your product or service and make it happen.

You must now choose your specific venture to focus on. If it’s making music for distributors, get recording. If it’s being active on social media, it’s time to make content.

Whatever you’re doing, make sure to focus on one activity at a time. This saves you time, effort and expenses, and prevents you from burning out before you’ve even started.

Also, aim to streamline key processes from day one, letting you get more done in the time available to you. So for instance using a music distribution app to get tracks you’ve created out there will fit this strat.

Step #6 Go Social

As a musician, your main goal is to get yourself and your brand out there to share your talents and make money. Social media has helped turn nobodies into household names.

While it is best to reach as many people on as many social networks, the best practice is to choose your top platforms and connect with an audience there before further branching.

Platforms that pay creators like YouTube or personal crowdfunding/subscription like Patreon can help you pay the bills, while Twitter and Instagram help you build up a fanbase.

Step #7 Run a Business… Like a Business

We know you want to live like a rockstar, but a business is a business. You need to be savvy and disciplined if you want your venture to survive, let alone succeed.

It is important to balance the budget, and if you need to hire an accountant or a financial adviser, do it. If you need to employ video editors or music producers, look into that too.

Only a serious, committed, and consistent acumen out of you and your potential crack team of assistants can keep your business afloat and get it running smoothly.

Step #8 Get the Word Out

Once you’ve made your product (videos, performances, merchandise) or service (online teaching, instructionals), it’s time to let the people know about it.

Get on your social media and post about your business. Open official pages and contact emails. Get in touch with sponsors. Tell family and friends to tell family and friends.

The sooner you spread what you’re selling, the sooner people can start buying. The more people you reach, the more people will be enticed to buy.

Step #9 Crunch the Numbers

Part of running your business is analytics. You need to constantly keep an eye out on how the market is responding to your products or services.

Plenty of online tools allow you to monitor traffic to your site, interactions on your public pages, your monthly revenue stream, and more. Utilize them to see if you’re doing well.

Step #10 Stay the Course

Finally, success comes to those who have a stand-out idea, put their heart and soul into making it happen, and say yes to the opportunities that arise as a result.

Success takes time. Build incrementally, because one day, your growth will be exponential. Until then, stay consistent. Improve your outputs. Learn new skills, and take care of the fans.

Making Your Business a Reality

All-in-all, the key to starting your music business is to hone your craft, find your business idea and bring your business to life. You should commit and come prepared to win.

If you’re safe with your money and daring with your ideas and execution, then your business will be off the ground in no time.