If you’ve always loved music, and are looking for a way to turn your hobby into a business, you should know that there are more opportunities to make money in the music industry than ever before. While working in an area related to your passion is its own reward, there is also a significant amount of money to be made if you are clever.
Be aware, however, that the industry is extremely competitive. Making it as a musician, in particular, is extremely difficult because of the huge number of people who try to do this yearly. More than anything it requires good habits and a lot of hard work. Luckily, working in the music business doesn’t have to involve being a performer. There are plenty of other roles in which you can make it big. Let’s take a look at a few.
Set Up Your Own Record Label
If you’ve got some experience in the record industry, connections in your local scene, or just know what you like and think other people will appreciate it, you could always start your own record label. While this may sound like a huge task, nowadays the initial work and investment required is not so large. You can start small, promoting bands online, before you even start to think about printing CDs.
Start a Music Guide
Starting a blog – or even a whole website – about the music you like, or the equipment you use, is perhaps the easiest way to make money from your passion. You likely already have a huge amount of knowledge about either listening to or making music, and setting up a website nowadays is super easy. Lots of entrepreneurs got their big break in this way, with Mark Mueller being a great example to follow.
Writing Songs for Other Performers
A mistake that many musicians make is not making the most of their songwriting ability. Writing songs for other performers is not only a great way of getting your music heard, it also presents unique challenges that can help you grow as a songwriter. And if you are good, there is a huge amount of money to be made in this way – some of the most successful songwriters can be paid thousands of dollars for each song.
Become a DJ
An alternative approach, if you are attached to performing, is to use your musical knowledge to become a DJ. You may think that DJs predominantly play electronic music, but there is a huge demand for DJs playing all kinds of songs and tracks. If you’ve got a large record collection anyway, you might as well be making some money from it.
Become a Booking Agent
Then again, you can always work behind the scenes. A booking agent is basically the person who books bands for gigs. If you’ve got connections in your local music scene, and especially if you know some up and coming bands that would love to get more gigs.
Set Up a Recording Studio
If you don’t think you have enough time to run your own record label, or just want to focus on producing great music rather than marketing it, setting up a recording studio is a great idea. The up-front cost can be prohibitive for some, of course, but if you’ve got the spare cash the time spent setting up a studio can be very rewarding.
Run A Rehearsal Space
An even simpler way of making money in the music industry is to set up a rehearsal space. Bands, solo musicians, and dancers need a huge amount of space to practice in, ensuring that well-provisioned and run rehearsal space is always in demand, and always commands a high fee.
Become an Event Planner
Event planners can demand relatively high fees, whether they work on weddings, festivals, or simple put together concerts. Again, becoming an event planner is a great way of using the knowledge, skills, and contacts you already have. You can even start your own music event from scratch, especially if your town or area is in need of a decent festival.
If you’ve been around in the music industry for a while, and know your equipment, buying and selling this on ebay or similar can be a pretty lucrative business. Spend a weekend touring yard sales, picking up vintage musical equipment and instruments, and then see how much you can get for them.
Become a Music Teacher
Last but not least, you can use your musical skills to teach others. Nothing quite beats the feeling of helping a student progress from absolute beginner to a superstar, and teaching music is about as close to being a performer as you can get without making it yourself.