Are you interested in doing business in music industry, even though you are not a musical artiste? Then below are the top 20 small business opportunities in the music industry.
The music industry though lucrative, is quite challenging. If you are considering going into the music industry just to make some quick bucks as a musician, then you should have a rethink because tons of people go into the music business yearly with the same intention but only few ever make it big. There are so many people struggling to enter into the music industry and become famous but how many people ever make it to the point of stardom?
Music business is good business but it doesn’t always have to be about being a performer and churning out hits from time to time. There are several other businesses that you could do in the music industry and make as much money as being a musician. I have outlined top 20 business ideas in the music industry and I am sure you could choose one out of-:
20 Music Related Small Business ideas & Opportunities for 2020
1. Setting up your own record label-: If you have been singing for years without a breakthrough, maybe it’s time to drop the mic and head back to the drawing board. Setting up your own record label could give you just as much fame and recognition as being a musician. Your job would be to help talented musicians by financing their careers and earning an agreed commission from whatever earnings they make.
2. Writing songs for artists-: A lot of artists are gifted singers but cannot write their own music. This is why they buy lyrics or hire people to write songs for them. If you are good with song writing, you can make money from writing songs for other musicians. A popular artist was recently quoted as saying he makes up to $10,000 for each song he writes for an artist.
3. Booking Agent-: When individuals or corporate organizations have shows to organize, they need to find ways to contact artists to come and perform at such shows. This is not always easy because artists are generally very busy people. As a booking agent, you would serve as the link between people who need to hire artists and the artists and you would earn commissions for each deal you broker.
4. Disc Jockey-: The disc jockey is literally the life of the party. He is responsible for setting the mood at the parties by playing good music which guests can dance to.
5. Band Management-: You can either be a band manager or an artist’s manager. The difference is that a band manager works with a band of musicians while an artist manager works with solo artists. Your duty would involve presenting, promoting, projecting and protecting your clients.
6. Recording studio-: All the background work involved in making music is usually done in a recording studio. You could set up a recording studio and hire a good sound engineer and then charge artists hourly for using your record studio.
7. Rehearsal space rentals-: This is especially useful for bands and dance groups. Of course they would need somewhere to learn and practice what they have learnt. So, if you have some space that you are not using, why waste it when you can make money from it by renting it out as a rehearsal space?
8. Music Event planner-: These are people who put together musical events, shows, awards and the likes and earn money from the tickets sold out during the event.
9. Music Teacher-: A lot of people wouldn’t mind parting with some money in order to learn how to play certain musical instruments. Someone like me wouldn’t mind a voice trainer to help me brush up my singing skills. If you are talented in these playing instruments or singing, you can easily set up your own music training school. And the good thing about it is that it can be done from the comfort of your home.
10. Talent Manager/Hunter-: Ever watched a talent hunt show where different people had to display their singing talents with one person selected as the winner at the end of the day? That’s another Business model for you if you have enough money to spare.
11. Music Promoter-: Some artists have really good music collection but do not have the necessary funds to promote the songs and put them out there for the public to hear. As a music promoter, you could seek out such people and use your own funds to give them the exposure that they need and of course, earn commission from doing so.
12. Musician/Artist-: Let’s not forget being a musician too. You can make lots of money from being a musician if you find a good record label to sign you and a very good manager.
13. Selling Equipment-: I would like to use Dr. Dre as an example in this context. Dr. Dre is a rapper who decided to venture into the world of producing musical gadgets. He made millions of dollars from making his own headphone pieces known as “ Beats by Dre’’ This headphones alone made him a whopping $110 million in 2012 and in 2014, Apple made a move to purchase Beats for $3.2billion. You could be the next Dr. Dre too.
14. Dance Choreographer-: No music video is complete without some dance steps to spice it up. If you are a good dancer, you can set up your own dance choreography business where you would provide dance services to artists. You could also teach people how to dance such as salsa dance, wedding dance and hip-hop to mention few.
15. Video Vixen-: These are the pretty girls you see in music videos. You don’t necessarily have to be a video vixen yourself. Just assemble a team of beautiful video vixens and start an agency service.
16. Music Therapy-: Music therapy is an emerging business that is gaining more popularity. Music therapists work in places like psychiatric hospitals, prisons and nursing home. People who set of this kind of business are of the opinion that music is useful and relevant in the process of healing and brain development.
17. Sound Engineer-: A sound engineer also known as an audio engineer is responsible for mixing songs and producing nice beats to go with the songs.
18. Music video director-: Just like there are movie directors, there are also music video directors who create stories and sometimes shoot videos to go with the music.
19. Music blog-: If you love writing and you love music too, you can fuse both interests together and start a music review blog where you would discuss happenings in the music industry, criticize new songs and discuss everything that has to do with the music industry.
20. Entertainment Lawyer-: You can also become an entertainment lawyer, helping to resolve disputes which have to do with the music industry.
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