How to Build a Financially Stable Music Career That Enables You to Stay Inspired
For most independent artists, the road to success isn’t always paved with red carpets and spotlights. There are a lot of struggles that are unique to creatives and challenges that you’ll have to learn to overcome on your journey. From lack of financing or time to experiencing creative burnout and losing inspiration, we’ll touch on how to tackle these common roadblocks. Consider this your guide to building a financially stable music career that enables you to stay inspired.
1) Invest in yourself.
Let’s talk about the elephant in the room: Money. For creatives, talking about finances probably gives you the ick. But the cold reality is that social currency is king and in order to turn your music into a career, you need money.
Like any business, there are startup costs to launching a music career. Between gear, recording, visual assets, touring, marketing, merch, hiring a team, and everything else that comes with building your brand, it adds up fast. Treat these costs as an investment in your future self, and don’t obsess over ROI. Realize that your investment may not see a return for years, but without taking that risk, you’ll never know. This will be key to building a path towards a financially stable music career.
When you’re just starting out, the best thing an independent artist can do is build your portfolio. You are creating value that will pay dividends later. Your music is your business equity, and having a volume of work is crucial for the longevity of your career. The work doesn’t end once you’ve paid those startup costs. You have to keep the business running by planning for the future. Create now to set yourself up for success down the line for a financially stable music career. You might save money by cutting corners in the creation of your records, but is it REALLY paying off if you aren’t achieving the quality necessary to turn heads?
Beyond investing time and money into refining your art through building a great catalog, education is the best place to invest early on (and always for that matter). The modern independent artist needs to position themselves as more of a Swiss-Army Knife than a Samurai Sword. Spend time researching the path and actions of other successful artists. If you’re considering spending money on a service or product, ask yourself if it offers you knowledge that will serve you indefinitely. Sometimes the value of working with a more expensive professional goes beyond just the work or service they provide. Ask questions, get feedback, and learn as much as you can from everyone around you. For more considerations around investing in your holistic music career, download my Artist Strategy Guide PDF. (See pages 14-16)
2) Set aside savings.
Set aside a cushion to accommodate temporary setbacks or transitions. From damaged instruments to canceled gigs, there are a lot of things that can go wrong, so it doesn’t hurt to have an emergency fund. I suggest a target of 6 - 8 months worth of personal expenses. Think of this money you’ll be setting aside as an investment in your future career, because it very well could be if things take time to grow or life throws the band a curveball.
Budgeting is an essential step to building a financially stable music career. Learn how to budget and see if there are areas where you could cut back your spending. Don’t blow your money at the bar every weekend. Buy used gear and learn DIY maintenance. Pickup odd jobs like teaching music to kids or repairing friends’ instruments. Being able to save up just a small amount each month will add up over time.
It also helps to have a separate bank account for your music income—remember that successful musicians treat their band like a business. Getting your bookkeeping systems in order before you start making serious money can save you a TON of headaches, time, and money in the long-run. There’s nothing worse than scrambling to understand tax filings, or worse, being audited…
3) Make (don’t “Find”) the time and space to create.
“I just don’t have the time.” It’s an excuse everyone falls back on. You’re always going to be busy. There is always going to be a distraction, something else demanding your attention. It’s difficult to balance the responsibilities of your day to day life—going to school, taking care of your family, working other jobs—with carving out time to get into your flow. However, this “time scarcity” mindset is often less a matter of overwhelm, and more an issue of Prioritization.
Inspiration can be fickle, yet having chunks of time to tap into that well of creativity is crucial to maintaining a state of deep work. Do what you must to facilitate time and space to create. Write it into your schedule to keep yourself accountable, whether that’s physically putting it on the calendar or setting an alarm for yourself. Structure your creative time by going into it with a plan and a goal. What are you going to deliver at the end of that time, whether it's 30 minutes or a few hours? Minimize distractions by turning off your notifications. Communicate to those in your life the importance that you’re uninterrupted.
Figure out when your most productive time is. If you’re tied to a 9 to 5, you might squeeze in some creative space on your lunch hours, before bed, or on the weekends. If your job involves a commute, make use of that time. With tons of educational resources online like podcasts, audio books, and courses, you could be learning something new each day to advance your career as an independent artist or improve your music.
Finally, remember that songwriting and creative energy aren’t always timely. If you find yourself in a flowstate, follow it until the end. Read more about how to achieve a healthy work-life balance as a musician here.
4) Plan in cycles.
Winging it is the worst thing you could do when it comes to releasing music. Set tangible goals and plan in cycles. Start by sketching out a three month release cycle for your music releases, tours, and marketing / promotion efforts. Your plans may change along the way, but this is a good starting point. Plan for larger build-up periods between offers, and take into consideration that royalty payments, e-commerce settlements, may take 3-6 months or longer to clear. The sooner you can stop living hand to mouth as an artist, the sooner you can start making smarter decisions using the willpower of delayed gratification.
5) Seek outside influences for inspiration.
Everyone experiences creative burnout or writer’s block from time to time. Let go of perfection and trust the process. If you can, embrace the imperfections and obstacles. When you’re struggling to find inspiration, step away from the expectations that are making you frustrated. Open yourself to feeling inspired from the world around you. Maybe that’s talking to a friend, going for a walk, reading a book, or listening to an album that inspires you.
If possible, put yourself in environments that allow for inspiration while making money. Flexible freelance gigs are a great opportunity that allow you to explore, research, and digest new material consistently. Many creatives end up drawn to the service industry as well. Working as a server or bartender at night leaves your days open to create, and provides an opportunity to socialize and connect with others. Don’t be afraid to amass “career capital” skill sets in an effort to afford you more control over your schedule and lifestyle in the long term. The key is finding a flexible employment situation that allows you to take time off as needed and even offers you time to build up new skills that will help drive your financially stable music career.
6) Lean on your relationships.
It’s possible to take a DIY-mentality to an unhealthy extreme. You don’t have to go it alone. Prioritize social connection and building long-term relationships with people and groups you can ACTUALLY trust. The sooner you can begin identifying these lanes of trust, the better off you’ll be. It could be an online forum, mastermind groups, or even a producer / engineer.
Lean on your network for support when you need it. There is a lot to learn about building any small business. Discover the magic of collaboration and reap the benefits of their previous experiences. Sometimes all you need is another person willing to offer candid, unbiased feedback, or someone who draws out your creative spirit in a productive way.
You are a product of the people you surround yourself with most consistently. Notice if there are people who claim to support you, but their actions speak differently. Take stock of this. If you’re in this for the long haul, you’ll need the energy and positivity they might be draining from you. Find the people in your life that are actively doing things you find meaningful. Spend your time with those friends who build you up, inspire you to grow, and actually support you in taking those leaps.
It is 100% possible to earn a living while doing something that you love. Building a financially stable music career comes down to being smart with your money, time management, planning, and looking outside of yourself for resources and inspiration.
For more music promotion and career growth mindset tips, download my FREE ARTIST STRATEGY GUIDE. Looking for one-on-one advice? Schedule a call with me.