Anyone who read my last article on Effective Social Media Marketing knows that I like to use the music business as a way to explain ideas but the principles can be applied to any area of business or life for that matter.
One of the most difficult things about the music business, or any business, is finding funding; especially for students or people living on a minimum wage/paycheck to paycheck budget.
If anyone understands how to operate on that type of budget it’s me. When I was fresh out of college working part time at my old job [retail associate at the Baby Depot in Burlington Coat Factory in southside St. Louis for $7.30 an hour] I learned a valuable lesson in money management.
This is one of those ‘so simple I overlook it’ common sense kinda things but set aside money from your paychecks. Seriously…something as little as 10% adds up and can go a long way if used right.
Even if you’re only working part time making $150/week, 10% being only $15 which [hopefully] you can spare; that adds up $780 per year or $65 per month. And remember to PAY YOURSELF FIRST!
Is $65 dollars a month a lot of money? No.
Will that take you very far? That depends…
- Do you have business cards? (You can get 250 for $10)
- Have you printed any flyers? (500 are only $35)
- You can hire someone to design a CD cover for you.
- You can buy blank CDs, cases, and CD label paper for less than $65.
- You can just about file 2 copyright forms (your work IS protected, right?)
- Do you own the domain name for your website? Essince.com is less than $10/year.
The music business takes money…I don’t mean $50 here and $100 there…I mean it takes thousands and thousands of dollars at least to really make an impact but you need to start somewhere.
There are so many money saving techniques (packing your lunch/quitting a habit and putting the money you’d normally spend aside, etc) so please look up other techniques [online or at the library, both of which are free].
But the next time I meet someone who doesn’t have business cards printed, or at least a professional looking CD I’m going to ask him, “How much is your career worth to you? Can’t you spare 10%?
*To read my article on Effective Social Media Marketing click here.
I am an MC/blogger and founder of Royal Heir Entertainment which specializes in online marketing and music consulting.