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.

Internet Music Promotion:

Success in today's music business requires Internet Music Promotion. Over the last few weeks, Kasondra K, "Ms. I.T.", has presented examples of how Musicians like Katy Perry and Soulja Boy Tell "em are using Internet Promotion to win the ears, eyes, hearts, minds and dollars of listeners.

How can you ensure that your Internet Music Promotions will be successful?

• Get Your Story Straight
  
  Love or hate Justin Bieber, no one can deny that it really is his world right now. Justin Bieber has a story that melts the hearts of his Fan's. Justin's story goes like this; White R&B singer has a dream of being a music superstar. He is discovered by accident on YOUTUBE, by a former Record Label Executive, signed to R&B superstar Usher Raymond's Record Label, and would go on to top the Billboard Charts as well as his teenage Fan's hearts.

Although Marshal Mathers goes by many names, his story stays thesame. Matters, aka "Slim Shady" and "Eminem", was a dissatisfied dishwasher and cook from Detroit, Michigan. He was broke, with a troubled past and a young daughter to raise.In spite of his odds, Mathers had dreams of being a rich and famous lyricist.

At first, Mathers battled perceptions of being another vanilla flavor of the month. Overtime as his lyrics started sharing who he was a real-person struggling with issues millions of people could relate to. His shattered relationship with his mother, his jaded view of relationships, and his struggle to stay sane in a world that felt it only appreciated insanity.

One day, his demo tape is discovered by Hip-Hip Producer Dr. Dre. White Rapper goes on to top the charts, win a Grammy for his Debut CD and sell millions of albums world-wide.On Eminem's latest release Relapse, Mathers tells more gritty stories. He addresses why he went into recovery (from a unknown addiction). He declares that he's not afraid to take a stand, and he gives listeners his view on hot topics like domestic violence. Once again, Mr. Mathers and his stories have journeyed to the top of the Billboard Sales Charts.

The Moral of these two stories is; telling your story allows people to understand who you are as a person.

• Don't Be Afraid Of Being An Underdog
  
  Both stories above, have a common main character - the Underdog. Everyone loves an Underdog. We are naturally fascinated by those who want to overcome the odds. The more the odds are stacked, the bigger the interest in the story. The Daniel vs. Goliath style tale creates suspense and compels those watching to cheer for the Underdog as his or her story unfolds.

So, what is your story? How do you see your life? How do you feel about where you are as a Musician? If you are feeling down and don't see your life as where you want it to be, that may be good news. You can use your troubles to motivate music lovers to become your Fan's.

You are welcome to tell us your story. Leave a comment below and tell us about the odds that you feel are stacked against you. You may find as you type that your story starts to take shape.