How to Treat Your Artistic Career Like a Business
The most common mistake artists make is to not treat themselves as businesses. You should start your career as an artist just like you would start any other business, with clear goals and a business plan to take reasonable steps to move towards them. All goals are achievable with the right planning and hard work placed behind them.
Quick Summary
Artists often fail by not treating their careers as businesses. Establishing clear goals and a business plan is essential for success. Understanding costs and potential profits helps in creating a financial strategy, while professionalism and punctuality can enhance opportunities. Artists should remain realistic, avoid overreaching financially, and treat their craft seriously. To grow, they need to perform regularly and continually seek opportunities, turning every experience into a chance for i
Whether your goal is to play stadiums or simply to have some fun in your free time, your artistic career can be profitable. If you are putting out a quality product, take yourself seriously and treat yourself as a professional business. Learning a few simple ways to keep yourself focused will help you stay on track.
Mission: Possible
Create a business plan complete with a mission statement. Know where you want to go. This will keep you focused and help others align with your cause as well. People are more likely to go with you on a journey if you have a road map.
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Do the Math
Analyze what it will take for you to make a profit. Take into consideration costs such as supplies, travel, and promotion and figure out what you can currently afford. Once you do this you can start planning on how to find investors or what to cut out for the time being. Knowing your own bottom line will help you to start creating a financial plan towards making a profit.
Be Smart If You Borrow
While it’s true that most artists start with very little overhead, it is possible to create a solid product for less when you’re starting out. With the right technology, artists can create everything from movies to albums in their own homes if they know what they’re doing. However, if you have to borrow money
Don't Overreach
So many artists get in to trouble when they reach too far too quickly. Adhere to your business plan and check in with your finances regularly and realistically. If you treat your brand as a business and make educated choices, you will start to build a following and make more money. Don’t take the new influx of cash as an excuse to spend more right away. Continue to plan and invest in yourself wisely.
Be a Professional
Treat everyone with respect and be punctual to meetings. You should also do your research when entering into any business situation. Don’t expect others to tell you how things are done. You can be taken advantage of this way, and it also makes you look like you don’t take yourself seriously if you’re not doing basic levels of research in how your business should be run. No one will take you seriously if you don’t do it yourself. If you’re looking for a manager, learn what a manager should be doing for you and how much money you should realistically be paying them. The same goes for anyone you bring on to your team, do your research and compare offers before aligning yourself with anyone.
Create Opportunities
Take every opportunity you can to perform or practice your craft. Whether it’s at friends' parties or in your own living room, practice truly does make perfect.
Building Your Brand Identity and Online Presence
In today's digital landscape, your brand identity extends far beyond your artistic output. Successful artists understand that their brand encompasses everything from their visual aesthetic and messaging to their values and personality. Start by defining your unique value proposition – what sets you apart from other artists in your genre? This could be your storytelling approach, your production style, or your connection to specific themes or communities. Your brand should be authentic to who you are while also being marketable and memorable.
Your online presence serves as your digital storefront, often providing the first impression potential fans, collaborators, and industry professionals will have of your work. Invest time in creating professional profiles across relevant social media platforms, ensuring consistency in your visual branding, bio, and messaging. Quality matters more than quantity – it's better to maintain an active, engaging presence on two platforms than to spread yourself thin across five. Consider platforms like Instagram for visual storytelling, TikTok for viral content, and LinkedIn for industry networking.
Develop a content strategy that balances promotional material with behind-the-scenes content, personal insights, and engagement with your audience. The 80/20 rule works well here: 80% of your content should provide value, entertainment, or insight to your audience, while only 20% should be direct promotion of your work. This approach builds genuine connections with your audience and establishes you as more than just someone trying to sell something. Track your analytics to understand what content resonates most with your audience and adjust your strategy accordingly.
Revenue Diversification and Multiple Income Streams
Relying solely on one income source is one of the fastest ways to financial instability as an artist. Successful artistic businesses develop multiple revenue streams that complement and support their core creative work. For musicians, this might include live performances, streaming royalties, merchandise sales, teaching or workshops, session work, sync licensing for TV and film, and even brand partnerships. Visual artists might combine original artwork sales with prints, commissioned work, workshops, and digital products like online courses or tutorials.
Passive income streams deserve special attention in your business strategy. These are revenue sources that continue generating income with minimal ongoing effort once established. Examples include royalties from streaming platforms, licensing deals, print-on-demand merchandise, digital downloads, or online courses. While these streams require significant upfront investment of time and energy to create, they can provide crucial financial stability and allow you to focus more time on creating new work rather than constantly hustling for the next paycheck.
Consider the lifetime value of different revenue streams when making decisions about where to invest your time and energy. A single sync placement in a popular TV show might pay more than months of streaming royalties, but building a consistent streaming audience provides more predictable, long-term income. Similarly, while custom commissions might pay well per hour, creating products that can be sold repeatedly often provides better long-term returns. Regularly evaluate and adjust your revenue mix based on what's working and what aligns with your artistic and business goals.
Legal Protection and Intellectual Property Management
Protecting your intellectual property is crucial for maintaining control over your artistic work and maximizing its revenue potential. Start by understanding the basics of copyright law in your jurisdiction – in most countries, your original works are automatically copyrighted when created, but formal registration provides additional legal protections and makes enforcement easier. For musicians, this means registering both the composition (lyrics and melody) and the sound recording. Visual artists should document their creative process and maintain records of when works were completed.
Consider trademarking your artist name, band name, or any distinctive logos or slogans associated with your brand. This prevents others from using similar names that could cause confusion in the marketplace and gives you legal recourse if someone attempts to profit from your brand recognition. Research existing trademarks before settling on a name to avoid conflicts, and understand that trademark protection is typically limited to specific categories of goods and services.
Establish clear contracts and agreements for all professional relationships, including collaborations with other artists, venue agreements, management contracts, and licensing deals. Don't rely on handshake agreements or assume that working with friends eliminates the need for written contracts. A well-written contract protects all parties by clearly defining expectations, responsibilities, payment terms, and ownership rights. Consider consulting with an entertainment lawyer for significant agreements, but also educate yourself about standard industry practices and contract terms so you can identify potential red flags.
Strategic Networking and Relationship Building
Building meaningful relationships within your industry is perhaps one of the most valuable investments you can make in your artistic career. However, effective networking goes far beyond collecting business cards or social media followers – it's about creating genuine connections with people who share your passion for the arts and who can provide mutual support, collaboration opportunities, and professional growth. Start by identifying key players in your artistic ecosystem: other artists at similar career stages, venue owners, producers, music supervisors, gallery owners, critics, and industry professionals who work with artists like yourself.
Approach networking with a mindset of giving rather than taking. Look for ways to support other artists' projects, share opportunities that might benefit your network, and offer your skills or resources when appropriate. This reciprocal approach builds trust and establishes you as someone who contributes to the community rather than simply extracting from it. Attend industry events, showcases, and conferences not just to promote your own work, but to learn about trends, discover new artists, and engage in meaningful conversations about the industry.
Maintain your professional relationships through consistent, authentic communication. Follow up on conversations with personalized messages, remember details about people's projects and goals, and stay connected through social media and in-person interactions. Create a simple system for tracking your professional contacts, including notes about how you met, their current projects, and potential collaboration opportunities. Remember that today's emerging artist could become tomorrow's influential industry figure, so treat every connection with respect and professionalism regardless of their current status.
Financial Management and Tax Considerations
Proper financial management distinguishes professional artists from hobbyists and is essential for long-term business success. Start by separating your personal and business finances with dedicated business bank accounts and credit cards. This separation simplifies tax preparation, makes it easier to track business expenses, and adds legitimacy to your operation. Implement a bookkeeping system from the beginning of your career – whether using software like QuickBooks, FreshBooks, or even a detailed spreadsheet. Track all income sources and categorize expenses such as equipment, marketing, travel, education, and professional services.
Understanding tax implications is crucial for artists, as the creative industry presents unique challenges and opportunities. In many jurisdictions, artists can deduct business expenses including instruments, recording equipment, marketing costs, travel for performances, and even a portion of home studio expenses. Keep detailed records and receipts for all potential deductions. Consider quarterly tax payments if you're earning significant income as a self-employed artist to avoid large tax bills at year-end. The feast-or-famine nature of artistic income makes tax planning especially important.
Establish an emergency fund specifically for your artistic business to weather slow periods and unexpected expenses. Aim to save enough to cover 3-6 months of essential business expenses. Additionally, consider setting aside a percentage of each payment for taxes (typically 25-30% is a safe starting point), equipment replacement, and business development. If you're earning irregular income, create a system for smoothing out cash flow – perhaps paying yourself a regular salary from a business account that you fund during high-earning periods.
Frequently Asked Questions
How do I create a business plan for my music career?
Start with a clear mission statement defining your artistic goals and target audience. Include financial projections covering equipment, recording, promotion, and touring costs. Set specific, measurable milestones like releasing an EP within six months or booking 20 shows annually. Research your local music market and identify potential revenue streams including streaming, merchandise, live performances, and licensing. Update your plan quarterly to track progress and adjust strategies based on what's working.
What financial planning should musicians do before starting their career?
Calculate your break-even point by listing all expenses: instruments, recording equipment, studio time, marketing, and travel costs. Determine how many album sales, streams, or gigs you need to cover expenses. Create separate business and personal bank accounts. Set aside 20-30% of earnings for taxes and equipment maintenance. Build an emergency fund covering 3-6 months of expenses before quitting your day job to pursue music full-time.
Should musicians borrow money to fund their music career?
Borrow strategically and only for essential investments that generate revenue. Prioritize cost-effective home recording setups over expensive studio time when starting. Consider equipment financing for instruments that retain value. Avoid borrowing for promotional activities until you have a proven fan base. Always have a detailed repayment plan before taking any loan. Many successful artists started with minimal overhead using bedroom studios and free promotion through social media platforms.
How can musicians avoid overreaching financially in their career?
Stick to your original business plan and resist lifestyle inflation when income increases. Reinvest 70-80% of new revenue back into your music business rather than personal expenses. Set specific financial milestones before upgrading equipment or hiring team members. Review your budget monthly and track all business expenses. Avoid booking expensive tours or recording sessions until you have guaranteed revenue to cover costs plus a 20% buffer for unexpected expenses.
What does it mean to be professional in the music industry?
Always arrive on time to rehearsals, meetings, and performances. Research industry standards for contracts, royalty rates, and management fees before signing agreements. Maintain clear communication with band members, venues, and business partners. Keep detailed records of all income and expenses. Treat every performance seriously, whether it's a small coffee shop or large venue. Present yourself professionally on social media and in all business correspondence.
How do musicians create opportunities to practice and perform?
Start with free venues like coffee shops, farmer's markets, and house concerts to build experience. Network with other local musicians for collaboration and show-sharing opportunities. Use social media to document practice sessions and attract potential bookers. Volunteer for charity events and community festivals. Create your own showcases by organizing house concerts or renting small venues. Join open mic nights regularly and consider busking in high-traffic areas where permitted.
When should musicians hire a manager or other team members?
Hire a manager when you're earning consistent monthly income and have more opportunities than you can handle alone. Research standard management fees (typically 15-20%) and ensure any manager has proven experience in your genre. Before hiring anyone, understand exactly what services they'll provide and how they'll increase your revenue. Start with freelance professionals for specific tasks like booking or social media before committing to full-time team members.
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