The New Music Industry - Adapting, Growing, And Thriving in the Information Age

6. Business Mentality

The cover-your-butt mentality of the workplace will get you only so far. The follow-your-gut mentality of the entrepreneur has the potential to take you anywhere you want to go or run you right out of business - but it's a whole lot more fun, don't you think? - Bill Rancic

Do music and business really go together, as in "music business"?

The short answer is "Yes", and frankly I don't know how else you could make it in music today. Whether you find someone to work the business side for you or you do it yourself (which will likely be the case early on), you'll want to understand the ins and outs of what this means for you and your band (whether or not you're in a band). People often say "work within your strengths", but I'm a believer in developing skills that move you forward, even if those aren't your greatest strengths.

I feel that the creative side and business side of music are less removed from each other than musicians tend to think they are. Business can and should be fun, and that's what's going to attract people to you and your music.

You have to believe in your own music enough to want to promote it. You have to create your own opportunities. You can't count on someone to come along and make everything right. You can't wait for the phone to ring. You should seek meaningful partnerships, but don't wait for the silver bullet. There is no cure-all.

Business mentality has brought great clarity to my own efforts, and I can't imagine not sharing what I've learned so far. I'm not a consummate business professional by any means, though I do aspire to be better every day.

Introduction to Business Mentality

Until I learned business principles, my music career efforts were scattered and unfocused. I chose to avoid difficult situations instead of confronting them. I spread myself entirely too thin. I would wait to be motivated instead of creating motivation within myself.

It took me a long time to realize this, but when you understand business mentality, you understand success principles.

Professionalism

Even as a musician, professionalism is important.

Do you have to wear a suit, carry a briefcase and slick your hair back to be in the music business? Absolutely not. There are plenty of successful industry people who wear casual clothing on their respective jobsites. As a musician, you get a pass in this area. However, that doesn't mean that you shouldn't conduct and present yourself professionally.

There are situations where it's inappropriate to ask for someone's opinion on your music. There are situations where it's inappropriate to call or email. Different industry people have different preferences for communication. Try to be mindful of that. Always observe guidelines, especially those that can be easily found on websites.

You will make some mistakes, and that's perfectly okay. You don't have to know all of the rules before you begin. Just remember to study and learn as you go.

As a creative person, I found myself prone to mood swings, and this was a bit of a problem in developing relationships. I would get discouraged and taken out all too easily by setbacks. You'll have bad days for sure, but you're in the music industry because you believe in your own ability to succeed. You can't let one or 10 or 100 or even 1,000 setbacks stop you. You have to remember that. If you wind up having a string of negative interactions in one sitting, try to end on a positive one.

Accountability is also a big deal. If you intend to be successful, don't be flaky. Be a person who can and will call if they're running behind or something comes up. Let your word be your bond. Show up when you say you'll show up. Deliver the product at the price you said you would. Be open for business seven days a week. Don't close down. Don't over-commit yourself; you'll find it challenging to deliver what you said you would if you add too much to your plate.

Also, make sure to take care of your personal hygiene. First impressions may not be everything, but it does count, and you want to make a good impression wherever and whenever you're meeting people. Remember to have a firm handshake.

Finally, remember to be relevant. I don't respond to emails that say, "Dear site owner, we think you have a really great project here, and think our services could help you." My name is plastered all over my website. If they can't even get that right, why do I owe them a response? Keep in mind who you're talking to, what they do, and why you're reaching out to them.

Finances

When it comes to finances, I believe it's important to create a separate chequing account for your music. That's the first step. The second step is learning to put away every cent you earn from gigs, merch, royalties and music sales. It's tempting and sometimes hard to avoid spending it on alcohol and/or fried foods after a show. However, money is necessary to sustain a music career. Music costs money. Recording costs money, replication and printing costs money, radio campaigns cost money and touring can – unfortunately – cost money.

It is absolutely possible to make money in music, so don't misunderstand me when I say this. However, the sooner you learn to properly manage your finances, the better off you will be.

As an aside, when I still owned a home, roughly $3,000 - $4,000 would fly out of my bank account every month. Maybe it would spring you to action, but I found that it took up way too much of my mind space. It was not motivating. It was hard to think clearly, and I would busy myself with too many projects. Lack of focus was the bane of my existence.

Learn to be frugal, especially in the beginning stages. Selling my house and moving into a basement suite was quite possibly the best decision I've ever made in recent years. I have a lot of peace, and I don't really think about money as much anymore. Alas, I don't have much of a home studio at this time (I do have all the gear and the ability to record), but the positive has definitely outweighed the negative.

There's a word for this: it's called streamlining. When I say be frugal, there may be some (in some cases many) unnecessary expenses in your life that you could cut back on. You could disconnect your cable TV. You could stop eating out. You could buy cheaper food. I think a lot of people avoid taking this step because they think it's going to be a permanent arrangement. It doesn't have to be. As your influence and income increases, you can increase your lifestyle again. However, I would never recommend doing this too quickly. Get comfortable with delaying gratification.

Long-Term Commitment

Give your music career five to 10 years of consistent effort (and be willing to go even longer). There's no magical reason for the number, but there are many examples of bands (like Billy Talent or Metallica) that didn't make it until close to (or until after) the 10 year mark. Moreover, it's a matter of commitment. If you're going to put a band together, you'll want to find people who can (and will) actually keep at it for that length of time.

This is also common business practice. It often takes about five years for an upstart company to be profitable. I believe the reason for this is that one's dedication has to be tested. If it was easy to succeed, everyone would already be successful. It takes perseverance. You have to keep putting in the work to build the foundation, even when nothing seems to be happening.

I have been in a couple of bands in which I thought all the members were committed, but in those cases I eventually found out that I was wrong. I took their words at face value. That may not have been wise. If you trust someone's words, you could be disappointed. Watch a person's actions and you will never be confused. I hope that doesn't sound too cynical, but if I had to do it all over again, I would have found committed people, even over talented people. We live in a day and age where people with marketable skills are sometimes (often) coming out on top of talented people.

However, there is no "perfect" situation. Some people will come, and some will go. Don't try to hold on to them. Instead, do your best to maintain a group of people who together have a common interest in realizing a vision. Create a support group around yourself.

Sacrifice

Here's a dose of realism; you can't be too scared of losing a little sleep, giving up some television or cutting back on your spending if you intend to be successful. Most if not all successful people have sacrificed for a window of time (also note what I said about streamlining). It has to be for a purpose worth pursuing, or you may lose momentum. You have to be clear about your motivation. Your why is more important than your what or your how.

I think Larnell Lewis spoke beautifully to this point on the podcast (to access this resource, go to: http://dawcast.com/the-new-music-industry-resource-list/).

As for me, among other things, I gave up cable TV. That wasn't really a hard decision. A lot of people watch TV and believe they are gaining useful knowledge. The average person in North America today watches something like five to six hours of TV every single day. If everyone's doing it and getting...