First Step in Doing Music Full Time

13Apr11

Many, many, many people dream of making music as a way of making a living. Many people, OK MOST, do not know where to start. I think the VERY first thing you should do is figure out what it would really take to make music your full time gig. So what is the first step??
Here it is, you gotta do this or you are starting a grat adventure blindfolded with no map.
Cue drum roll….
Step One: FIGURE OUT HOW MUCH MONEY YOU HAVE TO MAKE TO MAINTAIN YOUR CURRENT LIFESTYLE

Boom. Easy, but many people don’t really know what it would take.
Questions you need ask are:
1. What is my current pre-tax salary?
2. Is my employer paying for my health insurance? If so, how much would it cost me if I had to pay it on my own?
3. Do I have at least a couple months of salary saved up?
4. Have I thought about what kinds of equipment and travel expenses I will have?
5. Will I need money to advertise my music service?
6. How much does it cost to maintain my websites and online presence?
7. Are you ready to work your ass off and maybe have months where you make $0?
8. What is your average revenue intake per gig or project? Divide your total money need by this average and that is how many gigs you need to land to reach your goal.

You really need to take a good hard look at your financial picture and expenses. AND….IT IS OK IF YOU HAVE A DAY JOB. I actually encourage you to keep a day job until your music income surpasses it, or you honestly do not have time to do a day job anymore without hurting your music career. Day jobs can offer you a revenue stream that can actually help you focus on being creative instead of scrounging just to pay the rent and live off of credit cards. DO NOT fund your music with credit cards. I think that is a huge mistake. If you don’t have the money for something, figure out a way to earn it.
I still work a day job and enjoy the fruits of both my music business and my job. More money = more toys.
Do you have a day job?

~ Chad
Song Demo producer

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