It isn’t easy to build a business, regardless of the type of niche you go for. Building a business often takes years of experience and hard work, long hours, and the adoption of many different “hats”. This is true for all businesses, but perhaps even more so in the world of music business. The arts have always been a difficult type of industry to really make it in long term. A good starting place for you will be to go to one the country’s top music business schools. However, even with that, you need commitment and dedication, and you need to be prepared to work harder than ever before. The following two tips, however, may just be beneficial for you.
1. Do Not Reinvent the Wheel
You may think that your particular idea for music business is revolutionary. That is fantastic, but you have to be realistic and understand that, no matter how creative you are, there is now way that you can be 100% unique when it comes to everything – your business idea, your systems, your product development, your marketing.
And it shouldn’t have to be! Some of the greatest entrepreneurs will readily admit that they copy, and even steal, ideas from others. In fact, famous entrepreneur James Altucher’s most famous line is “That’s great; I’m stealing that!”.
Of course, there is a difference between copying and using, and outright plagiarism. However, you are developing here a system to generate income. Systems are there for the taking. Your uniqueness will shine through in your branding and how you market yourself. Use the ideas that are already out there, learn from the mistakes of others, and focus on the elements in which you have to be truly unique. If you research a cross section of successful businesses today, you will find that they all use similar management styles and business plans. Take the elements that work for you from others, instead of coming up with your own and having to hope they will work.
2. Become an Authority
The second thing is that you have to build yourself up to be an authority. You cannot rely on the launch of a new product to sustain you in full. Sure, if your new product, such as a band or guitar soloist, is really good, it will make you some money in the short term. But if your next product is a flop, then what will you do? You need to be able to earn a passive income from what you have. And yes, this means that, eventually, the business will run itself without you!
Stop continuously launching new products, in other words. People will grow bored and tired of you, instead of building up an excitement and buzz. Set yourself long term goals; not having to work for you money anymore is a good starting point. You achieve this by marketing not your products, but your brand. So go to speaking engagements and seminars, make contacts with others, write informative articles, and so on.