Who wouldn’t want to create music for a living?
Many artists and music producers dream about being able to quit their job and do what they love 24/7. Sounds amazing!
Being able to make a living with music isn’t that simple though.
Here’s 5 things you should consider before diving head first into making music production your full-time job.
1. It’s A Job
Music is a job like any else. It has to pay the bills.
You need to have a game-plan how you will earn money on a consistent basis. The passion and drive for music is not enough if you don’t have an idea how the music will cover the monthly expenses.
Music as a full-time job isn’t only about the fun stuff either. It becomes a business.
Sometimes you have to do things you don’t like (accounting, taxes, marketing, customer acquisition, customer relationships, meetings etc.). You may even have to take on client projects you don’t want to do because you have to make money.
It’s always possible to hire someone to do the boring stuff but that requires cash. It’s common that you will take care of everything on your own in the beginning.
2. Importance Of Passive Income
Figure out a way to make recurring income from your business. It’s also called passive income.
Passive income is almost like a paycheck you will get on a consistent basis no matter what you do. It will make life much easier!
You should never rely solely on client projects and trust that a client pays in time. I can’t even remember how many times my clients have missed payments that I desperately needed. It’s more of a rule than an exception.
Recurring income can be anything from royalties to customer subscription plans.
For example: If you offer mixing services, you can give your loyal customers a monthly subscription deal. For a monthly fee they will get any of their songs mixed they need.
3. Savings Account For Emergencies
Anything can go wrong at any moment…
Have a savings account with money set aside for emergencies. Trust me, you don’t want to be in a situation where you receive an unexpected bill of thousands of dollars having no idea how to pay it.
The savings account will help you not to worry as much. If a client misses a payment, you don’t have to lose your head because you know you have savings that covers your upcoming bills.
4. Health Is The Key
When music becomes your main source of income, health is the most important thing. Everything is run by you. There’s no one to cover for you if you get sick or anything that nature. You may even have to work when you’re sick.
Music is a creative process. That means you have to be creative all the time. You can’t have writers blocks that last for weeks or even longer. You need to get creative on command. In order to achieve that, you need to take care of your health and form daily habits to be creative and productive when needed.
5. Should You Make Music Full-Time?
Creating music as a full-time job is great when you find your own way of doing it. It can be extremely rewarding. But, is it necessary to make it a full-time job?
When music becomes an actual job, your outlook on music can change. I have to admit that sometimes I feel obligated to make music, as weird as that sounds. Everyone has to pay the bills and when music is your main source of income, you have no choice. You may partially lose the freedom in creating.
I don’t want to sound all doom and gloom but frankly, it’s important to think about.
Many of the most talented music producers I know have made the decision of not making music their full-time job for this exact reason. They lost the passion for music when it became too much for them to handle. Now the same people have part-time jobs and they’re happier than ever.
What’s your plan? Do you dream about making music for a living? Leave a comment below 🙂