The Business of Music: Turning Your Art into a Sustainable Career
In the music and creative industries, many musicians make the mistake of thinking talent alone will ensure success. They often focus on writing songs or perfecting their craft, leaving marketing, contracts, and financial management to someone else. This can be a huge mistake. Musicians who take control of both their art and business are the ones who ultimately succeed.
Although there are managers and agents who help with the business side, no one cares about your music more than you do. Managing your career is crucial. Whether you’re just starting out or have a solid following, learning about marketing and business management will help you sustain your success for years to come.
The Weekend Business School: Learning on the Go
You’re already on the road for gigs, so why not make the most of that time? Instead of scrolling through social media, use your drive to learn more about marketing and managing your band’s business. Listen to podcasts, read books, or brainstorm ideas to improve your career. Every hour spent in the car can be turned into a mini business school session.
Mark Manson’s My First Million Podcast is a great example. The mindset shifts discussed are perfect for creatives. Listening to this type of content helps musicians realize that there’s more to a music career than just playing music. For instance, the episode “How to Find the Mindsets That Work for You” with Derek Sivers, creator of CD Baby, shows how to shift your mindset to approach your career strategically.
Learn the Basics of Marketing
Music marketing isn’t just about posting on social media. It’s about understanding your audience, creating a brand that resonates with them, and using different tools to grow your reach. Many musicians overlook how much they can learn from just a few books or podcasts. You don’t need to become an expert, but understanding the basics of marketing can help you avoid common mistakes and get your music to the right audience.
Social media is a powerful tool for musicians, but it’s not just for posting album covers and tour dates. It’s a platform where you can tell your story. Share behind-the-scenes footage, engage with fans through live Q&A sessions, and talk about the creative process. The more authentic content you share, the more you’ll connect with your audience. And the stronger the connection, the more loyal your fans will be.
Understand the Business Side to Avoid Getting Taken Advantage Of
Understanding the business side of your career is crucial, especially if you’re self-managing. Many musicians believe their manager or agent will take care of everything, but the truth is, you need to stay informed. You need to understand contracts, revenue splits, and how to manage your finances. Failing to do so could leave you vulnerable to bad deals and missed opportunities.
One notable example is Willie Nelson. In 1990, Nelson’s assets were seized by the IRS due to a significant tax debt caused by mismanaged earnings and bad advice from his accountants. The IRS accused him of hiding income in tax shelters. Nelson had to settle the debt and release an album, The IRS Tapes: Who’ll Buy My Memories, to help pay it off. This situation highlights how easily an artist can be taken advantage of without a solid understanding of their business.
Derek Sivers, creator of CD Baby, is a prime example of someone who successfully combined creativity with business. Sivers knew that to build something successful, he needed to understand both sides of the industry. His success with CD Baby shows how important it is for musicians to take control of their business and career.
Educating Yourself Makes You Harder to Exploit
By educating yourself about the business side of your career, you protect yourself from being taken advantage of. When you understand how the industry works—whether it’s marketing, finances, or contracts—you put yourself in a position of power.
Confidence is key. If you’re well-versed in the business side of things, you’ll have the knowledge to push back when someone tries to pull a fast one on you. This is especially important when dealing with executives, managers, or marketing professionals. The more you know, the less likely you are to be taken advantage of in meetings or negotiations.
Practical Tips for Musicians
So, how can musicians start managing their careers like a business? Here are some practical tips:
Learn Basic Business Skills – Understand how the business side of the music industry works. Podcasts like My First Million and books like The Lean Startup provide great insights on building a brand, scaling your career, and understanding your audience.
Use Your Travel Time – Instead of wasting time scrolling through social media, use your travel time to listen to business podcasts, read articles, or take an online course. A long drive can become a mini-business school session.
Understand Your Contracts – Never sign anything without fully understanding the terms. Don’t rely on your manager or agent alone. Have a lawyer who understands the music industry review contracts before you sign.
Invest in Your Brand – Your music is important, but so is your brand. The way you present yourself online and at gigs can affect how people perceive your music. Spend time developing your brand—consider everything from social media aesthetics to how you engage with fans.
Keep Track of Finances – Even if you’re not a financial expert, it’s crucial to track your income and expenses. Use tools like Excel or apps designed for musicians to help you manage your finances.
Your Band is Your Business
It’s easy to think of your band purely as an art project. After all, you’re creating music, expressing yourself, and doing what you love. But the reality is your band is a business. Yes, it’s art, but you also need to be smart about how you run your career. Artists who succeed in the long run understand that creativity isn’t enough—they need to be business-savvy, too.
You don’t need to become a financial expert overnight, but understanding the basics of money management is essential. Ignoring this aspect can lead to big mistakes, and many artists have learned this lesson the hard way.
Take Willie Nelson as an example. His IRS issues in 1990 were the result of mismanaged earnings and bad financial advice. He eventually had to release an album to help pay off his debts. This mistake could have been avoided had Nelson taken control of his finances earlier.
While you might not face the same issues as Nelson, this example shows the importance of managing the business side of your career. You can’t afford to leave it to someone else.
Standing Out in a Sea of Imitators
As you build your career, never forget that what makes you marketable is your ability to be unique. You don’t need to copy what other artists are doing. Don’t try to fit into a mold. Embrace what makes you different—whether it’s your sound, your background, or your creative process.
Standing out means taking risks and doing things your way. Don’t be afraid to be bold. The more authentic you are, the more people will take notice.
Robert Plant’s Wisdom: Standing Out from the Pack
Derek Sivers shares a quote that shaped his approach to music and life. He recalls how Robert Plant or Jimmy Page of Led Zeppelin said the reason they stood out from the pack was because they weren’t part of the London scene. They lived in the countryside in Wales, away from the influences of London’s music scene. They listened to Arabic music and experimented with mixing Arabic scales with blues, which helped them create something unique.
This is a powerful lesson. You don’t have to follow trends to stand out. Mix influences in unexpected ways, explore new sounds, and be yourself. It’s your originality that will make people take notice.
The Importance of Mindset
At the end of the day, mindset is everything. Musicians need to shift from being solely performers to becoming creative entrepreneurs. Like any business owner, musicians need to have a strategic approach to both their art and their career. Balancing the creative side with the business side will help you avoid burnout and set you up for long-term success.
If you’re still skeptical, listen to The Koerner Office Podcast for more insights into running a successful business—whether you’re an artist or an entrepreneur. They cover deep business concepts that can help any creative person think more strategically about their career.
MUST Listen Just for Fun:
For something lighter—check out Episode 158: The Case of The Missing Hit from the Reply All podcast. It’s a captivating, humorous episode that will keep you hooked from the start. Perfect for when you need a break from business talk!
