Building a business is not easy, and it can take time to gain traction within your niche.
Unless you have prior experience, there’s going to be a lot for you to learn. You’ll have to wear many hats and work long hours.
But if you are committed to your long-term success, here are two important pieces of music business advice that will help you succeed in your music industry endeavor.
1. Don’t Reinvent the Wheel
So, you have a revolutionary business idea. Awesome!
The problem is that, as creative people, we tend to think that our approach to marketing, product development, and setting up systems also needs to be 100% unique.
Esteemed author Steven Pressfield was recently interviewed by entrepreneur and investor James Altucher, and he went on record saying that he’d “copied” and “stole” ideas from other sources. If you’ve listened to Altucher’s podcast, you know that he himself often says to his guests, “that’s great, I’m stealing that.”
Now, outright plagiarism is never good. But at base, business is a system that generates money – nothing more, nothing less. You can inject personality into your branding and marketing, but reinventing the wheel is time-consuming and generally ineffective. You can spend a lot of time spinning your wheels.
Look into what successful businesses are doing. How are they promoting their offer? What seems to be working, and what isn’t? What are they doing to connect with their target audience?
Take what works, and leave the rest. Don’t try to come up with your own strategy from the ground up!
2. Establish Your Authority
Here in the internet age, many entrepreneurs and business owners rely on product launches to sustain their business. And this might bring in a bit of money in the short-term, but it takes significant effort to maintain, because you have to keep making and launching more products to generate revenue.
A true entrepreneur is someone who passively earns money from their assets. Their constant involvement in the business is not required!
So, constantly launching new products is a shortsighted approach. It can also burn out your audience, who might get tired of hearing from you after buying one or two of your offers.
Instead, you should take a long-term approach to building your authority in the industry. Ongoing publishing (blog posts, articles, eBooks, reports, whitepapers, etc.), guest appearances, speaking engagements, past successes in business, industry connections, and other factors can help you gain more authority.
When you have authority, starting new projects gets easier, and more people will want to work with you. You’ll be able to charge more for your products and sell more besides.
In business, long-term thinking often leads to better results.