The easiest way to make money in the music business (continued)

Continuing from last week’s article…

7) Equipment rental

I know, you would never think of parting with your new, expensive gear – even for a few hours. But surely, you have some equipment in your arsenal that you’d be comfortable renting to someone. This way, he or she gets to use the component for a reasonable fee, and you end up with an extra income source.

8) Audio birthday cards

Offer a special service whereby paying customers come in and record a personal greeting to a loved one. You could promote it as being a much more appealing gift than a typical, boring greeting card.

9) Audio restoration

Are you good with digital audio editing software? If so, find customers who need to restore old vinyl albums or want to convert scratchy analogue audio programs to CD.

10) Mastering

Recording and mixing individual songs is just one part of the process. Before a full CD is replicated, all of the tracks need to be mastered so the whole collection has a cohesive, high-quality sound. Teach your customers the importance of mastering and offer that as an added source of income.

11) Morning radio show jingles and song parodies

“I know this one can work because I’ve done it. Several years ago there was a local morning show team that paid me $100 to $200 a month to write and record song parodies and goofy jingles for them. It wasn’t a huge amount of money, but it helped fill some financial gaps – and it was quite fun!” – one music commentator recalls.

No matter where your special niche in the music business lies, there are literally dozens of related ways to earn extra cash. In her Making a Living Without a Job book, Barbara Winter suggests not trying to launch all of your new money-making ideas at one time. Pick the one you’re most passionate about and get it going first. Once it’s up and running, begin another profit centre. Then another. Before long, you’ll have a good number of these revenue centres working for you.

Note: Over time, however, you’ll find some of your activities losing steam (or yourself losing interest) and it’ll be time to drop them. That’s why it’s a good idea to always be thinking of new income-producing concepts.

In his book, No More Cold Calls, marketing expert Jeffrey Lant describes building what he calls the “mobile mini-conglomerate” – another phrase for this multi-pronged way of earning a living.

He suggests some of the following tactics for regularly developing new money-making opportunities:

1. Keep an idea file. Whether it’s in a notebook, file folder, shoebox or on your computer, have one designated place where you store all of your ideas for making extra money. This will pay big dividends and ensure that you don’t lose or forget your best ideas.

2. Start an expert file. Whenever you meet someone who may be able to help you in the pursuit of a money-making venture, make sure to ask for his or her name and contact info. This especially goes for people and companies with whom you might be able to work out lucrative cross-promotions.

3. Collect articles, books and publications about money. In addition to music-related publications, make sure and expose yourself to a variety of titles on marketing and personal finance. As you read about success stories in other industries, always ask yourself, “How can this good idea be applied to my interests and skills in the music business?”

4. Get a brainstorming partner. While you want to train your mind to be on the lookout for new opportunities, working by yourself all the time has its limitations. That’s where having a brainstorming partner or two comes in handy. Ask your most creative and open-minded associates to join you in a think session, in which the main topic is coming up with new money-making ideas. You may be pleasantly surprised with the workable concepts that pop up during these meetings.

5. Keep records of what did and didn’t work. Creating another income stream can be exciting and challenging. But if the new profit centre isn’t producing, you’ll just be spending your limited time and energy in vain. Keep a log of your start-up expenses, specific actions taken, and the bottom-line results of your efforts. Use this information to determine whether the new income stream is worth continuing.

If you’re completely satisfied with your current income level, congratulations. You’re in a select group. But if there’s any discontent regarding your finances, the multiple streams approach may be the best answer to help you overcome a cash-flow deficiency.