January 3, 2000 -- Looking for a gimmick that might help get your foot in the door? I was going through some old file folders when I ran across a promotion I did many years ago. I'd tucked a couple of candy mints in an envelope. The headline to the letter said: "We Also Have Candy For Your Ears." What was nice about this promotion was that the package (sales letter, brochure, business card, and candy) was lumpy. For many people this kind of letter is irresistible to open. The candy falls out and they can't help but read the sales message. The promotion centered on a new music demo recently completed and available called "Ear Candy". The response to the promotion was acceptable; many people positively commented on the attention-getting "stunt."
January 10, 2000 -- Don't live in a vacuum. Make sure you invite people to contact you to talk about your music products and services. Make it easy for people to get in touch and make sure you extend them a warm welcome. Everything I produce carries my contact information so that anyone who needs to get in touch with me can do so easily. I really enjoy talking with people about their work and helping them achieve their goals. I usually benefit from these conversations, too. You can learn from my example. Tell people you want to hear from them and give them ways to get in touch. You'll meet some very interesting people from around the world, learn many new things, make some new friends, and possibly acquire some important music business contacts, too.
January 17, 2000 -- How should you focus your music business promotions? I suggest you put about 60% of your time, money, and energy into promoting to your existing customers. Next, set aside 35% of your time, energy, and money toward getting new prospects. Only set aside 5% to promote to the world because you will always be more successful when you promote to a targeted group of like-minded people. If you are just starting out, you'll have to flip the percentages (60% to new, 35% to existing) until things get rolling for you. Start with these basic promotional pieces: introductory sales letter, a generic flyer or small brochure about your offerings, a letter highlighting several recent successes (turn it into a news release or newsletter), thank you notes to follow up meetings and successful gigs, basic background material (biography, client list, description of products/services including prices), and a demo (if applicable).
January 24, 2000 -- A terrific strategy for your promotional Web site is to let its content supplement and complement your music products and services. For example, let's say your act just released a new CD. In addition to the usual where to buy, where to see the band Web pages, you should consider devoting several pages to the CD itself. Put in the stories behind every song. Write-up detailed bios on the band members (include influences, old pictures, etc.). Detail the technology that was used and how you arrived at a particular sound. Include behind-the-scenes snapshots (on the road and in the studio). Release alternate takes or demos in MP3, WMA, or Real Audio. In other words, let your Web site provide added-value to your fans.
January 31, 2000 -- I began doing my taxes for '99 and wanted to share some observations. There is a lot of bad advice out there. For example, if you purchased equipment and expensed it (wrote-it-off) for tax purposes and later you decide to donate it to charity, you can't write-off the donation, because you already recovered the full price in the original expense. I see this "donate-gear-to-charity-thing" all the time as a last minute tax strategy. It just doesn't apply for sole-proprietorships. Another often misunderstood tax trap is this: If you buy equipment and write it off, and later sell the gear, this sale generates income that must be reported on your Schedule C (ouch!). This doesn't apply to personal items, only business equipment that you expensed. I highly encourage you to seek the talents of a qualified tax consultant if you're new to the vagaries of business taxes.
February 7, 2000 -- Always give your best customers more than they ever would expect. Keep it simple, but add some value to the dollars they spend with you. For example, do an alternate mix of a score or jingle, make a few extra copies of a test mix on CD, ship a project by courier or overnight instead of regular shipping, and so forth. Every time you land a gig, brainstorm some ways you can go the extra mile. Also, make sure your customers know what you've done for them. Be subtle. Try something akin to this: "I took the liberty of creating a mix without the lead guitar, just in case you need some filler under the narration." You must build a strong relationship with your customers and reinforce your commitment to them through carefully controlled promotional efforts such as this. It is the surefire way to win loyalty.
February 14, 2000 -- I get many phone calls from people inquiring about my services. What I've discovered is that many are just tire-kickers and time-wasters. When you're young and green, and the phone rings, you're usually so thrilled that you'll cater to almost any prospect's whim. Well, after you've been burned by empty promises a few times, you'll know better. Here are four questions I use to separate the chaff from the truly hot prospect. Do they need your service? Can they afford your fees? Do they have authority to purchase your services? Based on what they tell you, can you deliver what they need, under deadline, and for the agreed upon fee? Don't be afraid to say no if a project is beyond your skills or not worth your time. Just make sure you explain why you are turning the project down. If you can, help them find someone who can deliver what they need.
February 21, 2000 -- After a particular investment of mine unexpectedly skyrocketed, I'm reminded of a story I once heard. A man was crossing a desert when an elder told him to pick up as many rocks as he could carry along his journey. The elder told the man he would be both happy and sad at the journey's end. The man did as he was told. When he completed his trek, he found that all the rocks he had collected had turned to gold. He was very happy with his new found wealth. And, as the elder foretold, he was sad, too. Why? Because he wished that he had picked up and carried more rocks. This is how I felt, too. I doubled by money on the investment and was very happy. However, if I had held on a little longer (three days!) I could have quadrupled my investment. And that made me sad. Success is often like that. You should always be content and satisfied with such profound returns. Regrettably, some successes still leave a nagging feeling of "if only I ..." This paradox is one of the hardest psychological hurdles to overcome. However, dealing with this positively will always help you better sustain your success. ... And no I won't tell you what the stock was!
February 28, 2000 -- I'm constantly amazed how many creative people ignore the need to invest for the future. Now my particular idea of investing goes way beyond merely saving money and depositing for growth in a bank, stock, bond, mutual fund, etc. While I know that form of investing is crucial to real success as a music professional, there are a few other forms of investment to consider. Since I advocate running your career as a business, the first place to invest is in your business. That doesn't mean running out and grabbing more gear. Invest in your business and make it grow. That probably means adding music products and services and also spending resources to promote them. The next place to invest is in your relationships, both business and personal. Nobody achieves success in a vacuum. You depend on people to help you achieve. Today is the perfect day to start building those crucial relationships. Lastly, always invest in yourself. Make yourself a better person by mastering new skills and savoring new experiences. Making all these forms of investment a part of your daily life is the true path to success in your life.
March 6, 2000 -- Just finished reading Joe Jackson's autobiography, "A Cure for Gravity," and I highly recommend you pick it up. Subtitled "a musical pilgrimage," Jackson thankfully avoids the mundane my-life-as-a -rock-star syndrome. Instead he shares his early life and all the people, places, and events that lead up to the release of his phenomenal "Look Sharp." It's a real, witty believable, and poignant musical journey where a working-class kid discovers himself and his life's purpose in his love for music. This is a fascinating book carefully weaving Jackson's biographical notes with his specific and candid thoughts on music (and the music industry). "Pop success ... is often a shallow kind of success. But it doesn't last. It can't. A few years of glory. And then what?" If you consider yourself a musical artist where music feeds your soul, you will find a certain kinship in Jackson's story. I know I found his life's trek entertaining, enlightening, and inspiring.
March 13, 2000 -- The question and answer format is an ideal promotional strategy. First, you recognize the problems your market wants to solve or the gains they wish to acquire. Second, you solve those problems or introduce those gains through your music product or service. Third, you address every sales objection in a clear, focused, benefit-filled way. Your buyers should be fully informed about what you offer, and more importantly, precisely how you can help them. Finally, you give clear instructions on how the prospect can get your music product and service and realize the benefits you've presented in the promotion. What's especially useful about this format is its versatility. It can be a sales letter, brochure, proposal, and a Web FAQ with little modification on your part. For an example of just what I mean, check out the promotion for my new Melomania music library.
March 20, 2000 -- Recently I needed an infusion of cash to cover some upcoming expenditures (namely tax payments and pension plan contributions). Rather than worry about it, I got on the phone and went to work finding sources for the money. First, I called some past clients and proposed new projects to them. Next, I asked for a short extension on a bill owed a vendor (this helped the cash flow temporarily). Then, I sent a simple promotion to some warm prospects making deals I knew they couldn't refuse. Finally, I redoubled my efforts to complete my Melomania royalty-free, buyout music library so that initial sales of this new product would provide extra capital. So, with a little hard work, a few creative strategies, and some perseverance I was quickly able to get the funds I needed before the deadlines. Remember this advice: Always keep looking for new business and make sure you build strong relationships with existing clients. If you get in a pinch, you'll already be prepared to execute a program that instantly brings in the business you need to keep going.
March 27, 2000 -- Managing your cash flow is often tricky when you run your own music business. The erratic income rarely aligns perfectly with rather regular expenses. One technique you might consider is the 'same-as-cash' deals offered by many companies. This is essentially an interest-free payment plan. You order the product for something akin to 3 payments of $29.95. The company takes your credit card number and charges you equal installments spread over time, usually once a month for 3-6 months. They bill you the same day each month, too, until the full amount is paid in full. Combining this technique with the grace period on your card can let you get gear or supplies today and pay for them over time (without incurring finance charges or interest). That gives you more time to earn (or collect!) the cash you need. Let me remind you that these strategies are ONLY for managing your cash flow. I'm a firm believer of paying cash for items and financing very little because debt is an impediment to choice and freedom. I never spend unless I either have the money or know the money is forthcoming (like an invoice due in the future, quarterly royalties, and so on). Unfortunately, sometimes your cash flow can get squeezed and you need to get creative. Try these ideas!
April 3, 2000 -- As a parent you can encourage your child's love of music and nurture her or his musical talents in a number of ways: *Listen to good music and recordings together; *Attend musical events; *Make music as a family; and *Praise your children for their musical activities and accomplishments. By developing both their music listening and music-making experiences, your children will become better listeners and develop a more fine tuned musical intelligence. Your school music program should also have opportunities for all students to: *Sing, move to music, and learn to play classroom instruments; *Develop skills in performing, reading, creating, listening to and describing music; *Learn to use music vocabulary and read and write music notation; *Develop enjoyment of and sensitivities to music; and *Explore music from a variety of cultures. From elementary school onwards, music study helps children acquire knowledge, skills, and attitudes that influence them throughout their lives. Children who participate in music learn coordination, goal setting, concentration, and cooperation. And they learn to appreciate music and its impact on their lives. Read the rest of the article here...
April 10, 2000 -- Are you contemplating adding new gear to your music business? Here's a five step process that can help you decide if it's the right move: Strategy, Research, Goals, Budget, Buy/Pass. Develop a strategy that lets you objectively evaluate your needs and wants, industry trends, client demands, and profitability. Can you make (more) money with this gear? Research the gear by carefully consulting the music trade press, your peers, reviews, and so forth. Set goals for the gear such as when you will get it, what you will use it for, and how you will charge for using it (or recoup your costs). Set a budget for the acquisition including how you will raise the cash or lease/rent the gear. If you decide the expense is worth it, buy the gear, otherwise pass this time around and move on.
April 17, 2000 -- What does it mean
to be wealthy? Is it just the salary you earn? Or is it something else? The
books, "The Millionaire Next Door" and "The Millionaire Mind", offer a clever
definition of monetary wealth. According to the authors, earning a large
income, and spending it all, is not being wealthy. They say building wealth
means saving and investing in such a way that you accumulate assets. In other
words, what do you have to show for your hard work? They offer this formula for
computing your expected net worth based on age, income, and savings. Expected
Net Worth = Age x .112 x Income. If you are at or above this figure, you are a
wealth accumulator; below the number and you are an earn and spend
person.
Here's how to compare your numbers. Do the math using your age and
income. For your annual realized income, just plug in the number from line 33
of your 1040 Federal Tax form. Next, compute your actual net worth and compare
this figure to the expected net worth figure. To find your actual net worth,
total up all your assets and subtract your liabilities from that number. Assets
include the value of your home, automobile, and personal possessions (including
your music gear!) along with your savings (bank, stocks, bonds, mutual funds,
etc.). Liabilities are your outstanding loans such as mortgage, car payment,
credit card debt, and such.
Here's an example: 35 x .112 x 40,000 =
$156,800. This example person should have at least a $156,800 net worth to be
considered an average accumulator of wealth.
Here's this character's actual
net worth. Assets: Home = $150,000, Cars = $15,000, Savings =
$75,000, Personal = $20,000. Liabilities: Mortgage = $100,000,
Cars = $5,000.
$260,000 - $105,000 = $155,000 actual net worth. In other
words this fictional person is only an average accumulator of wealth. Truly
wealthy people have an actual net worth that is 2 to 10 times their expected
net worth.
April 24, 2000 -- If you are well under the average wealth accumulator figure (see last week's tip), you'd better start now changing your ways. The best place to begin is to find out where your money comes from and where it goes. Take a month and write down every single dollar you get and every purchase you make. You will be surprised by the results. You'll see where every penny goes and what you have to show for it. To be truly accurate, do this for three months. That will bring up some unexpected expenses/windfalls and provide a truer picture of your finances. Once you see the numbers, find some ways to cut out frivolous spending and reduce your regular expenses. Now it's time to put those savings to work for you!
May 1, 2000 -- After the last couple of tips, you probably decided you need to make more money now! There are really only two forms of income: passive and active. *Active income is the money you make actively pursuing your music career. It is the profit from the sale of your music products and services. You sell a CD or you play a gig and you get paid. *Passive income is the money you make through your investments. Aside from their initial purchase (bank CD, bond, mutual fund, stock, etc.), you do very little to maintain them. Interest gets credited to your account, your fund goes up 20%, and so forth. It is this passive income that ultimately becomes the key to your financial independence. Gradually, over time, you will shift your income from the active sources to more passive sources. Ultimately, you want all of your income to come from these passive sources: savings, investments, pensions, Social Security, etc. The key now is to make more money, cut those expenses, and save as much as you can (investing those proceeds for maximum growth) and start building YOUR passive income sources. So: start saving today. Get into the habit of putting aside an amount of money you feel is possible. Even just $20 a week is something ($1040 a year!).
May 8, 2000 -- Let me expand upon last week's look at music career income. In the active category you should have several income sources or income streams from the sale of your music products and services. Keep in mind that there may be some active income streams that appear to be passive at first glance. The most obvious example of this is royalties. Your music plays on the radio and ASCAP or BMI send you regular performance royalty checks. This income requires little intervention on your part. An argument might be made that this is passive income because it functions as an investment of sorts. I disagree. Unfortunately, royalties are rather unpredictable and they rarely grow like other investments. In fact they usually diminish gradually over time. Therefore I suggest you consider royalties as the ongoing payment for your hard work. To earn those royalties requires you to continually promote your music actively. I see royalties as a way to diversify your music products and services into related income streams. You can only sell so much time, but royalties let you earn money from the repeated use of your music without you performing it again. Your ability to develop these related income streams is the key to maximizing your active income. With money coming in from multiple fronts, you really can bring down the bucks.
May 15, 2000 -- When you make a mistake Mom always told you to chalk it up to experience. I prefer the following advice. A mistake is the tuition you pay to learn a valuable lesson. So, how much does it cost to attend the School of Hard Knocks? That depends on what the mistake was, of course. I always say it is better to make a $500 mistake rather than a $5,000 error. However, what is really most important to remember is that after you've paid for the class, make sure you never repeat it. We all make mistakes. So what? It's only the fool who doesn't learn from them.
May 22, 2000 -- Here's some additional music making advice: George Petersen (editor of Mix) recently flagged the unfortunate trend of "techno-abuse." His contention is the proliferation of audio/music production tools tempts too many people into overcreating. "The accessibility of unlimited tracks and huge sample collections are a dangerous combination that can lure the uninitiated down the sorry path of overproduction. Sometimes a great mix is borne out of what you take out of a track." His advice? "Keep to the 'simple is better' rule at least once in a while." Chuck Ainlay (mixer for Trisha Yearwood and Wynonna) talks about mixing: "Once I've created a picture in my mind or feel what the song is trying to express, I start working toward that. Throughout this process, I keep in mind the whole mix rather than working solely on, say, the bass or snare drum for too long. I try to stay away from that approach. You have to make each element cut through. and not mask the sound of another." Geoff Emmerick (Beatles) echoes this approach. "I'd be filtering out various frequencies so there was no interference. For example, the only bass content would come from the bass guitar...with nothing interfering with it (not even the kick drum)."
May 29, 2000 -- Since Memorial Day, is the official start of summer, here's a summer reading program jam-packed with resources that will help you better succeed with your music career. "Inside Tracks: A First-hand History of Popular Music from the World's Greatest Record Producers and Engineers" by Buskin. You'll find dozens of interviews with the people behind the scenes of the Beatles, Stones, Doors, Dylan, Hendrix, Nirvana, and more. It's a terrific read especially when you go back to the recordings mentioned and listen with fresh ears. "Music, Money, and Success" by Brabec. Subtitled the 'Insider's Guide to the Music Industry' this book delivers. Though it's getting a bit dated, there is still much insightful advice for any aspiring or current music professional. "MP3 Power" by Frankel, Greely, and Sawyer. If you need a basic primer on the MP3 phenomenon, this is the book to pick up. "A Cure for Gravity" by Joe Jackson. I profiled this book and few months back. I think you'll find it a perceptive and entertaining look at an artist, his music, and the industry. And if you haven't read my books yet, you should consider devoting some time to them this summer. Ruthless Self-Promotion in the Music Industry, How to Make Money Scoring Soundtracks and Jingles, Musician's Survival Manual, Make Money Recording On-Hold Messages, and Business Building Tips. Have a great summer!
June 5, 2000 -- A few weeks ago a reader asked if there were certain colors that make people respond a certain way. Choosing a color or color scheme to represent your music products and services can have great impact on your promotions. While color alone will rarely help you make sales, sticking to a color can help make your music business more memorable. Color works psychologically as most people have certain emotions and memories tied to colors. In a way, color works on similar terms as music to evoke a mood or feeling, inspire or motivate, and more. What do you think and feel when you see the color red? How about blue? What color(s) should you choose? That depends on the image you've chosen to promote. It is important to pick colors that fit your image and appeal to your segment of the music industry. You can follow these typical guidelines. Blue is masculine and pink is feminine. Green evokes natural things. And while red is often associated with low prices, burgundy is not. Dark blue is calm and easygoing. Blue to green is steadfast and dependable. Violet is elegant. Orange to red bursts with excitement and even sexuality. Yellow is stimulating. And black, gray, and brown are often seen as negatives. Let the color you choose represent what you are about and what benefits you bring to those who buy your music products and services.
June 12, 2000 -- Do you feel that if only you had more time you could be more creative? Do you think that if only you had more money you could buy more gear and make your music even better? Often when facing the dreaded blank page, artists look for excuses. If that's you, consider this: All artists must create under resource limitations. You have to do the best you can given the time, money, and other assets you have available. An infinite amount of time will rarely yield a better piece of music. Instead, you'd probably never finish anything. Economics and the vagaries of life always put constraints on the creative process. But that is what it is all about. Doing your best under the circumstances. You must catch the muse, harness its power, and use instinct, craft, and talent to transform the indefinable into something tangible. So forget about the "if only ..." and just get started creating with what you have around you and inside you right now.
June 19, 2000 -- I recently watched the documentary
about the making of "Butch Cassidy and the Sundance Kid." During the show,
director George Roy Hill expressed his regrets over certain aspects of the
film. Here is what I consider a masterpiece of American cinema -- the
quintessential "buddy" flick -- and Hill counters with what he feels are its
major shortcomings. That made me think further about creativity. As I focused
on last week, you must recognize that you can only do your best under the
constraints of resources at hand. But it's equally important to let go of the
project and not have any regrets, too. When it is done, it is what it is. Stop
worrying about what you did wrong or what you would change. Instead apply the
energy you'd waste on regret toward improving your next creative
endeavor.
Another interesting note about "Butch Cassidy and the Sundance
Kid" is its near complete lack of music. There are three musical sequences in
the film -- the opening film, the "Raindrops..." bicycle sequence, and the
Bolivian chase sequence. Other than a tiny snippet of music that plays when
Emma decides to leave the boys in Bolivia, there is absolutely NO incidental
musical score. I've always felt that was rather daring, but it works. There is
no overbearing music score, no loud, dense sound effects, and no dazzling eye
candy. The film is a fine example of artistic restraint, and I actually find
that refreshing.
June 26, 2000 -- Business is more relationship centered than ever before. It's no longer about impersonal sellers and nearly anonymous buyers. You can't rely on making single sales, or making high volume sales. You must instead concentrate on cultivating customers for life. You must institute promotional plans and customer care programs that allow you to build and maintain strong commercial relationships with every customer who brings in business. Instead of large numbers of people spending a little money on your music products and services, today fewer customers will spend larger sums of money at your business. Therefore, start calculating the lifetime value of each and every customer; the revenue each customer generates. Of course, you must have something else to sell to these people beyond the initial music product or service. You'll never make it with a single product or service. You must expand what you sell in such a way that people come back again and again for more of what you offer. Commit now to win customer loyalty and you'll reap the benefits of their continued patronage.
July 3, 2000 -- The music industry is ceasing to sell products and services, per se. People are buying access to music products and services, not the actual products or services themselves. For example, a typical music sale has a product -- the CD itself -- but what is really sold is access to the music. You don't buy the music, just the right to listen in your own privacy. When you strip away the physical CD and purchase/download an MP3, there is no physical product whatsoever, just access to the music. Much of our economy is moving away from the seller-buyer relationship toward the server-user relationship. We serve up the music, you pay a fee to access it. People are now buying time and access to information and entertainment, but don't really own anything. In the soundtrack and jingles business, selling music has always been a server-user relationship. Rarely do we sell all rights to the music, but rather just provide access to use the music through a license fee. What ramifications does this have on your slice of the music industry?
July 10, 2000 -- This week's tip -- 10 Ways to Help Your Music Career-- comes from an exceedingly knowledgeable source. According to Suzanne Glass: "To achieve success in independent music, you have to work hard and continue advancing your knowledge and connections in the industry. Here's 10 ways you can help your career: 1. Attend music conferences and expos. Most offer a combination of showcases, educational events, and networking. 2. Go watch other bands. This is a great way to expand your network, offer support to your fellow musicians, and have fun at the same time. 3. Read a new industry book. These can be really informative, as well as giving your enthusiasm a needed boost. 4. Join email discussion lists. 5. Look at other artists' press kits. One of the best ways to improve your promo kit is to take a look at what's being put out by other musicians. 6. Videotape your practices or performances. This is a great way to evaluate your stage presence. 7. Invest some money in your music career. Consider spending a few dollars on better gear, recordings, or promotional products. 8. Learn to write a professional press release. 9. Start or expand your media list. You want to build a large network of media contacts, and build lasting relationships with journalists. 10. Work on your craft. Add a new practice routine, or learn a new instrument." (A note from Jeffrey: Make sure you use the resources at Suzanne's Web site to help your music career along, too!)
July 17, 2000 -- Need gear or money to finance some promotion? Consider starting a rainy day fund. Establish a savings account at your bank and channel 5-10% of your gross billings to the account. When you've accumulated enough cash, buy the gear or launch the promotion. Another strategy is to aggressively pursue a new gig that lets you earn the money you need to acquire gear or pay other bills. For example, my company produced a video for a client. I suggested they place the video on their Web site. They agreed. The gig paid for the video capture card and software I wanted for my project studio. In another case I was lusting after a sample CD. So, I picked up the phone and suggested to another past client that they should update their phone hold messages. They agreed. My client received new promotional phone messages and I bought the cool sample CD I wanted. You simply can't expect people to call you all the time. Often you just need to plant the seed of suggestion in someone's mind first. Who are you going to contact today?
July 24, 2000 -- When you're a sole proprietor (a schedule C business in tax circles) the lines between personal and business issues often get fuzzy. One hard financial obstacle you're forced to wrestle with as a sole proprietor is do you keep extra cash in your business checking account or bleed it dry? My previous accountant (whom I've subsequently fired) suggested that I pay myself a regular salary. Sensible advice, eh? The problem in those days was that some months were rather lean and others were virtual bonanzas. Also, some months the bills were high; other times average. It never seemed to even out and there always seemed to be way too much cash in the business account. In case you didn't already know, business accounts pay NO interest so the money was just sitting there. May as well have been in a shoebox in the closet as the cash did nothing for me. What I decided to do was leave just enough cash in my business account to pay upcoming bills, leave a small contingency (10% over projected expenses), and transfer the rest as my salary to my personal account. If an unexpected bill comes up, I use my business credit card and then pay it off when the CC bill becomes due. My salary still often fluctuates wildly (though I've become a little more adept at smoothing out the bumps), but it's better than having thousands in the bank doing nothing for either the company or my personal life.
July 31, 2000 -- So ... you have a few projects running, some money in the bank, and things are going good for you. Now is the time to celebrate. Hooray! However, now is not the time to become too complacent. Use caution before you proceed with your reward. You can't risk neglecting matters completely. It's far too easy to lose sight of your goals when you're busy or when everything seems so fine. Check to see if you're still on track. Make sure you keep promoting and trying to land new gigs. Don't let the euphoria of apparent success breed sloth. Business often has a way of taking a downturn and catching you off guard. Are you prepared? I highly suggest you continue pushing ahead ... always.
August 7, 2000 -- Do you keep a journal or jot down notes frequently? It's a good habit that often leads to good business. I keep meticulous records of all my conversations with prospects and clients in files on my computers. I also preface these pieces with keywords to make searching for notes easier. Such as XYZ on-hold ideas, Al's Software CD-rom notes, etc. You might consider your note taking as a sort of journal. Use this as a record of your business (and personal) life. Your journal can help you keep track of stuff (conversations, ideas, etc.), vent your anger or frustration, cheer you up, help you make decisions, open up your eyes and feed your creativity, and appreciate and celebrate what you possess and have accomplished. Start writing today! Need to manage all that disparate information? Use these nifty little computer programs. Info Select doesn't follow precise database guidelines, you just enter your thoughts into windows; the equivalent of a computer note card. When you need to find something, just type in a few letters or key words and the program locates what you need immediately. This flexibility is ideal for us creative types who often lack the discipline required by traditional databases. This productivity tool could be a whole new way for you to work and think! Also, a much less robust, but far cheaper software entry with a similar metaphor is Jot+ Notes.
August 14, 2000 -- Here's some valuable advice that complements a previous tip. "Thanks for the great tip on money in business accounts," wrote Jimmy Graham. "I had a float of 3-4k on hand and your tip got me to get off my butt to invest it in short term investments to at least make 3-4% on the cash while still having complete access to it. I am also investing my income tax money I put away each week into a 1 year investment to make 5% on money that will eventually go to the taxman. Better that I profit from it than them!" Now let me, Jeffrey, expand upon this same topic: If you are really in business you know you have to pay your estimated income taxes quarterly and make up any shortfall (including penalties for having a shortfall) on April 15 of each year. Some people don't pay their quarterly taxes and instead invest the money during the year. They then pay the whole amount on April 15, including the penalties. Usually you can earn more on your money than the penalties so you come out ahead by a small margin. However, to beat the penalty percentage (about 5%), you must be in stocks. And while I believe stocks are the only way to invest for the long term, they can really beat you up in the short term. Your precious "income tax fund" might not be worth as much as you need, when you need it. Plus, selling the stock incurs a capital gain, and if it is less than a year, it is subject to a higher tax rate itself. This fact usually negates any small gain you would have anyway. So, although I despise sending in the quarterly payments (where the money no longer works for me), it is still the most fiscally prudent move. However, there is nothing wrong with parking the cash in a good money market account (paying about 5%) during the intervening months as Mr. Graham suggests above. He does it; I do it; and you should, too!
August 21, 2000 -- Just the other day I received an e-mail asking me how to start an indie label. What surprised me the most is this person had no clue how a record label worked or what its functions were, let along how to manage a successful one. I'm always amazed when someone tells me they want to start their own fill-in-the-blank. They usually ask for my help or if there's a book or something they could buy. I usually suggest that the path to learning about a specific business is to work in the industry first. Get a job on the inside and learn that way. I've found that many people who come into a significant sum of money fall into this trap. They buy a franchise, even when they have no experience in the field they buy into. How can you buy a fast food franchise if you've never worked a day slinging burgers and fries? A family friend did almost that. She wanted to buy a franchise and start earning her millions. We suggested she grab a part-time job at the store she was contemplating buying. If in three months she still wanted to buy the store, she should do it. She quit after six weeks. Now she's investing her money elsewhere. It is rare that you'll be a success jumping into something you know little about. Research and actually doing the work is the way to understand the demands of a business and what it takes to succeed with it.
August 28, 2000 -- Is the club where you're playing next stamping hands at the door? Get a rubber stamp made with your band's logo and Web site address on it and ask the club to use it on the patrons. Everyone entering the club will have a temporary tattoo of your logo and www.yourband.com on their hand. It's a simple way to remind them of your band's name and where they can get more information about you. I'd also add a special deal to the Web site just for those people who visit (and buy!): "Welcome fans who saw our show at The Club Friday night. Special deal just for you: Free shipping if you grab our latest CD ..." Other music and sound pros can still use a variation on this idea. Get the rubber stamp made with your music business name and Web URL and stamp everything that leaves your office (envelopes, packages, letters, CDs, etc.). And here's another tip: The owner of an indie record label went around to music stores in a city he was visiting. He took a demo copy of the latest music release. He gave this CD to the store managers. Next, he used his promotional kit to get the stores to stock a few copies on consignment. Here's the real key: He then told each store manager that he would be in town the next week and would give the manager $50 if, when he came in the store, they were playing this CD. This "bribe" (oooh, that's an ugly word) cost him $50 the following week, but he made it up in sales at all the locations. Of course, the band was in town that week playing a several different venues, too.
September 4, 2000 -- What key ingredients go into a successful promotional kit? Whether you are promoting your music products and services to the media or to a new prospect include the following items:
September 11, 2000 -- One crucial aspect of making money with your music is to actually get paid. I'm not being flippant here. My point is there are several approaches to the billing issue. Essentially, you can bill on delivery or you can invoice (monthly, by the project, etc.) with terms or a payment plan.
September 18, 2000 -- Defining, finding, and reaching the people who buy your music products and services is fundamental to ruthless self-promotion success. Answer these questions to get the market information you need:
Here's how to get reliable information about the people who buy your music products and services:
September 25, 2000 -- Should your musical act do original music or cover tunes? If you are an act looking to land the record deal, you need to mostly feature your originals. After all your image, sound, and music product is what you sell. However, doing a few cover tunes that show your musical roots is a fine complement as is putting your unique spin on old songs. If your act is looking to make money on the club, wedding, and private party circuit, performing nearly all covers is the sure-fire tactic. It is still fine to slip in an original or two at opportune times. My experience shows that sandwiching your original tune between two very popular songs is a terrific strategy. Also, I see nothing wrong with having "two acts" with different names and personalities--and still be comprised of the same band members! One plays the mostly original scene and another lands cover gigs (parties, weddings, and corporate jobs).
October 2, 2000 -- I once sent my commercial music demo tape inside a portable cassette player with headphones. I bought the tape players from a bargain bin for less than $5 each. I then created a specific mix that sounded good on the tape deck and headphones. After installing batteries, I cued up the tape so the package was ready to roll. I then mailed this gift to a few very important prospects. The idea was to get them to listen to my music for the minimum of fuss. I also put a sticker with my logo and contact information on the tape player (and on the tape, too of course). There was a cover letter, too, that essentially said "Press play and hear how I can help you today!". I followed up the promotion with a phone call. It was a novel approach that generated some buzz and interest. The cost was relatively cheap compared to some promotions (about $10 per prospect). This might be a unique way for you to get recognized. Here's another ...
October 9, 2000 -- One challenge many home and project studio owners face is having to run the equipment and perform at the same time. I use two simple products to render that challenge moot: an infrared remote control and wireless headphones. The Keyspan Digital Media Remote connects to the USB port and gives you a wireless hand-held TV/VCR-type remote for your computer. I use it to control several Vegas Video functions from about 20 feet away (the location of my isolation booth). The Jensen 900 MHz headphones let me wander around the studio without cables getting in the way. I can diddle knobs at the rack, mouse around the computer, run to the iso booth, grab my guitar, lay down a few takes, then back to the computer, again and again -- without tripping or getting tangled up. When I'm recording my own vocals, hand percussion, and acoustic guitar, this setup makes playing and engineering a snap. And that free me to concentrate on performance without the gear destroying the vibe.
October 16, 2000 -- The project studio survey results are complete! Aside from some grammatical and spelling fixes, the comments made are as submitted by the respondents. I did, however, keep their answers anonymous (and deleted any specific references). Compare your situation with your peers. Learn from their experiences. Lust after gear. Steal some pricing strategies. Laugh at their foibles. And hopefully, be inspired to make your music industry career stronger. What you may also discover is often conflicting and contradictory advice on a number of the issues. That means you'll have to make up your own mind on what's the best tactic. Once again, I'd like to thank all the people who participated in the survey. Their candid thoughts and generosity makes this worthwhile for everyone.
October 23, 2000 -- We depend on our hearing for our livelihood. That means you not only need to take care of your ears, you need to have them checked regularly. What good is investing in top-of-the-line speakers when your own ears are fooling you? If you don't know your own hearing shortcomings -- if any -- how can you expect to mix accurately? Go to an audiologist for an audiogram that tests your hearing. You essentially wear headphones while the audiologist plays frequencies starting at 250 Hz up to 8000 Hz. The test starts at 40 dB and moves down in loudness. The test takes about 15-30 minutes and costs between $80-175 depending on the audiologist you choose. Your insurance would probably pick up the cost of the test. What the test reveals is a plot of the frequency response of your hearing. Now this test is designed to test the frequency range where human speech falls. Music and sound typically extends well below and far above this range. Still, the doctors I spoke with felt that examining this range for deficiencies could still give insight into your hearing's overall response. With an audiogram in hand you can see where you might be compensating for hearing problems when you mix. You can find some interesting articles on this subject here.
October 30, 2000 -- Don't think too narrowly about what you sell. You may miss opportunities to increase your income by thinking a little harder (and outside the box) to provide the music products and services appropriate to your clients. For example, let's say you record bands in your project studio. You could also sell books that help the band do better such my Ruthless Self-Promotion in the Music Industry book. Have strings on hand ready to sell to the hapless bass player who hasn't changed them since 1984. Provide blank CDs, tapes, and so forth. Your goal is to upgrade every sale to make just that much more. Don't look at this as some mercenary tactic. Just make sure you provide the kind of value-added products and services your clients really need. Providing a book about promoting a band to the ingenue act shows your real regard for the band's success. You want to help them succeed for two reasons: it's the right thing to do and, when they succeed, they'll bring you more business!
November 6, 2000 -- Many people who completed my Project Studio Survey cited "word of mouth" as their main promotional strategy. How do you really make that work for you? Here are a few tips: -- Try to get more work from the same client. -- Ask for referrals to other clients. -- Encourage happy clients to tell their peers. -- Provide business cards, brochures, and other promotional material and invite your clients to pass the material on to others who might need your services. -- Offer incentives (discounts, commissions, etc.) for clients to provide other work. -- Thank everyone for their business and really thank those people who send business to you. -- Thank your clients publicly for their business in news releases, newsletters, Web, etc. -- Make sure your complete contact information is on everything leaving your studio. Most sales promotions are ideal for starting contact with new business, but once people begin to know and trust you, that's when you will truly prosper.
November 13, 2000 -- Cultivate and enhance your creativity every day. You can't make music on demand unless you've honed your craft first. You can't do novel sound tricks unless you already possess expert knowledge about how your gear works and how to use it to get the sounds you need. Of course, serendipity plays a role in all creative endeavors, but without a firm foundation you may not recognize those serendipitous moments when they arrive. Another creativity booster is to harness your youthful exuberance. Children learn through play. They try things out to see what happens. They rarely take the "that'll never work attitude" that so often plagues adults. Though it is fundamental to learn from the experience of others, it is equally vital to sometimes let go of old ideas and reinvent the wheel. Along that path, you may also reinvent yourself.
November 20, 2000 -- You probably get 80% of your business from 20% of your clients. That 20% is crucial to the success of your music industry career. These anchor clients pay your bills and therefore provide you with the freedom to pursue other ventures. Once you uncover these anchor clients, make them the major focus of your promotional and sales effort. I cultivate major, anchor clients in all my creative ventures and urge you to do the same. If a moneymaking idea doesn't lend itself to a major client, then I caution you to pursue it. Making it up in volume in today's economic environment will often strain your resources. If you have to work really hard to bring in minuscule amounts of money, the project may not be worth it. Go after the better paying gigs and clients instead.
November 27, 2000 -- Here are various tips to help you sustain your moneymaking music career. Do your best work all the time and maintain consistent quality. Always give more than expected. Also, give little extras to your best clients (free things, discounts, small gift, etc.). Be readily available to your best clients. Strive to be polite and personable. Remember clients are people first--treat them well. Follow up and follow through (keep notes to remind you of important client needs and past experiences). Be neat, organized, and efficient. Try to always beat the deadlines. Correct problems fast and make no excuses. Keep your feet on the ground and make sure your head stays actual size. Have fun!
December 4, 2000 -- One of your first tasks when starting work for a new client is to uncover the decision maker. This is simple, right? If one person walks into the room, that's the one to please. Unfortunately, that is often not the case. This person may be only the point person, but not the real decision maker. There may be higher ups with whom you may never have contact. Your point person may have to get supervisory approval before proceeding on certain projects. Be prepared for this situation. Alternately, you may have a group of people in the room. Again, you must find out who is going to actually place their stamp of approval on your work. It is rare that approval is by consensus. Once you know the decision maker, subtly shift your focus to making sure this person understands the suggestions you make and that he or she is happy with the project at its conclusion.
December 11, 2000 -- There's a terrific new resource for music and sound professionals on the Web at ArtistPro.com. Joining this exciting, FREE pro audio education community couldn't be easier! You can take free audio education courses that teach and test your knowledge on critical areas of the recording process. You can use the Recording Industry Sourcebook on-line. It's the Web's largest and most accurate searchable pro audio database featuring the contact information you need on the widest range of professional services in the industry. There are adviser forums hosted by platinum-selling, Grammy-winning engineers, producers, songwriters, arrangers, and more -- including my Ruthless Self-Promotion in the Music Industry forum hosted by yours truly! -- on subjects ranging from producing, mixing, mastering, arranging, digital audio, computers in music & more! Check it out, join, learn, participate, and make your career more successful!
December 18, 2000 -- How do you turn your music and sound career into a moneymaking machine? You must maximize your income, minimize your expenses, save the difference, and invest that for long term growth. Don't neglect any of the parts of this success equation. In "Eight Steps to Seven Figures", author Charles B. Carlson profiled the investment strategies of the wealthy: (1) Start investing NOW!, (2) Establish a goal, (3) Buy only stocks and stock mutual funds, (4) Swing for singles (don't try to hit homers), (5) Invest every month, (6) Buy and hold and hold and hold, (7) Take what Uncle Sam gives you, and (8) limits shocks to your finances. This is good advice that you should consider following. You can start an investment account at several good discount brokerage firms, providing you meet the required dollar minimums. If you have little to invest right now, check out Buy and Hold.com where you can get started for $20 and only $2.99 a trade. As its name implies, this firm is for people who really follow the strategies mentioned above. Whatever you decide to do, make diligent saving and investing a significant part of your music and sound career goals.
December 25, 2000 -- As I reflect on the past year, there are two words that need repeating: THANK YOU. Thank you all for placing your faith in my abilities and judgment. Thank you for teaching me valuable lessons from your own experience. Thank you for speaking about my work with elegance and generosity. And thank you all for your continued, devoted support that lets me practice what I love to do. Let me wish everyone the happiest of holiday seasons.
January 1, 2001 -- Resolve this year to live a more healthy lifestyle. One significant concept in Taoist thought is the concept of Ch'i or life energy. Taoists believe that Ch'i is the basic energy source in nature. Cultivating Ch'i keeps a person healthy. Whether you subscribe to this belief or not, you can still benefit from its basic tenets. According to author Laurence Boldt in his groundbreaking book, "The Tao of Abundance", there are ten simple ways to cultivate Ch'i: "(1) Be cheerful, (2) Breathe, (3) Move your body, (4) Rest your body, (5) Master your emotions, (6) Meditate, (7) Simplify, (8) Spend time in nature, (9) Eat well, and (10) Cultivate an awareness of your surroundings." It all sounds simple enough to implement in your daily routine. In practice, following this advice takes hard work. Still, as it's often said: an ounce of prevention ...
January 8, 2001 -- Get your moneymaking music advice before it's posted here. Sign up for your exclusive e-mail Tip of the Week!
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