Looks pretty glamorous huh? On the outside of course. There’s a lot great benefits but what about all of the heartache one has to go through in such a business. What business? The Music Business. Some just about selling their souls just to stay up. A lot are caught off guard. Not prepared for a complex business. Diving in instead of getting to “know the business in and out.” Refusing to take business courses or obtaining a degree.
Not keeping up with their revenue bad decision making. Learning more about the business is very important. Perhaps finding a mentor before entering the business or while in the business. So many have been ripped off because of their lack of knowledge about the business. Having a personal accountant is a great idea. A lot may become so excited when receiving their paychecks and start splurging. Think about the spending and remember the taxes.
Build solid relationships with people in the business. Be cautious because there’s a lot of trickery in the business. Learn about sales and promotion. “Keeping up with the record sales is important.” Ask to see reports. Attend the meetings and make sure an attorney is near. Always keep an eye out at all times. There’s a lot of game playing and some are still waiting to receive their compensation from promoters. Be stern.
Learning about contract is another important aspect of the business. Some become quite vulnerable in such a demanding business and may not find the right company. “Not being surrounded by the right people can cause a decline.” Every aspect of the business needs attention. Perhaps reading some music business books but it’s important to find stability if not it will be difficult to stay afloat.
There’s so many artists and entertainers who have lost so much because they were unaware of what it takes to maintain in the business. Finding out the hard way. Suffering major loses. Having difficulties trying to come back up again. So many may live luxurious lives but it certainly wasn’t easy getting there. For some there’s a lot to go through in order to achieve wealth.
Photo Credit: Pixabay Free to use Even Commercially
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It would be a painful experience to declare bankruptcy. It happens in a business world. There are times that it can still be saved. However, it is a slim chance to recover from the loses.
When one decides to go into business, he should really make a feasibility study of it first. It is important that you should have a sure target market or a niche for it.
It is also important that the location of the business is strategic especially when it will be dealing with selling.
Most importantly, is one should now how to run the business and not leave it to hired employees only.
Just my thoughts on business. . .