Monday, October 11, 2010

5 Risks you need to take in your music biz


"Jay-Z is one of the most financially successful hip hop artists and entrepreneurs in America"

When no major record label would give him a record deal, Jay-Z and two of his associates started their own record label, Roc-A-Fella Records.
Jay-Z would not be as successful as he is today if he hadn't taken risks in his musical career. No one's risks have paid off more.



Here are 5 risks that are well worth taking to advance your music business and succeed in Today's Music Biz.

Incorporate.
This means register your music business at the state level. There are several types of business structures. You’ll have to research to find out which is the best for your situation. If you are still not sure, hire an attorney who knows corporate music business law. IRS.gov/business is a good place to begin your research. It’s not difficult to register, but there are fees associated with it.

File your taxes. Now more than ever before, there are benefits such as tax exemptions for small businesses. Some tax benefits are specific to the music business. It’s best to hire a tax professional who is knowledgeable in Music Business tax laws and provisions so you can take advantage of all the exemptions available. Make sure you prepare though out the year by saving any receipts related to your Music Business, including travel, equipment, and business meals just to name a few.

Brand yourself. Make sure your image is consistent with your message. Then stay consistent. If you are a record label owner, think about what you want your label to stand for. If you are a musician or band, you are your brand. Make sure to represent.

Reach out. You never know what opportunity is on the other side of a click. Fans need to connect with you, so use the resources available to you to communicate with them. I check out many artists, just because they sent me a nice email or a dm on twitter and we usually end up interviewing them on our BlogTalkRadio Music Biz Podcast. Today’s music biz is about relationships. So always remember to be professional. Nothing on the internet is private.

Write your goals. This is the most important of them all. It could be a very important aspect missing from your music business. Writing down your goals and visualizing what you want to accomplish brings you one step closer to achieving them.

What risks have you taken or are considering taking in your music business? Do you write down your goals? Tell us what you’re trying to accomplish in Today’s Music Biz. Please comment below.

1 comment:

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