Why You Must Reinvest in Your Music Career
How to keep growing
This post is part of The Renegade Musician Series.
Most musicians make $50 at a gig and promptly go to celebrate at Denny’s after the fact.
Ouch. That one hurt a little, even for me.
Look, how you spend your money is up to you. But a Renegade Musician has a higher sense of purpose when it comes to their finances.
If there’s something they don’t know, they find a resource that can help them. They seek out answers instead of expecting them to magically appear at their doorstep.
If all your money is going towards booze, food, and afterparties, you may as well go back to college (for the college experience). You’ve got to reinvest the income you’ve earned into your music career if you want to have any hope of growing. That’s what it means to treat your music like a business.
I was once chatting with a Calgary singer-songwriter at a gig I had organized, and he said people often wondered how he was able to release an album each year, especially considering the rather high cost. He said the reason he was able to do it is because he saved every penny he earned from music. I don’t know too many musicians who can say that. Even I wasn’t that savvy back then.
But you don’t just want to be savvy. You want to be shrewd, because a Renegade Musician knows how to manipulate circumstances to their advantage, maximizing every deal they cut. They play to win, and as much as possible, avoid or minimize loss.
Get involved in your financial life and reinvest in your music career. Eventually, you will have the kind of buying power most musicians only dream about. You’ll be able to take out Facebook ads, rent out community centers or churches, hire session musicians. There are so many possibilities. Let your imagination run wild.
If you save up a year’s worth of income (not expenses, income), you will never feel pressured to take on projects you don’t want to take on again. You’ll be freer to pick and choose and have the financial strength to live the life you want — a life full of freedom, joy, and adventure.
Most musicians don’t have depth of vision. That’s why they can’t see that far ahead. It’s why they settle for instant gratification instead of long-term fulfillment.
There’s a time and place for living it up. But I’m of the opinion that every celebration should have a purpose. If all you’re doing is partying because you’re alive, as many do, you haven’t done anything to earn or deserve that moment. But if you work hard and attain your goals, there’s a reason to celebrate. You reinforce good habits by rewarding the good habits you want to keep. Even when it comes to something seemingly insignificant like celebration, Renegade Musicians are intentional and discerning.
If you keep reinvesting, you can keep growing.
If you spend your money foolishly, you kill your seed money. Your seed money needs to be reinvested in your business.
Take advantage of The Most Incredible Back to School Sale while you still can.
Originally published at https://musicentrepreneurhq.com on October 5, 2022.