Why You Must Reinvest in Your Music Career
I once booked a showcase at a local coffeehouse and invited one of Calgary’s most notorious singer-songwriters to perform (meaning he wasn’t necessarily known for all the right reasons).
Well, he was kind enough to oblige to my requests, he showed up on time, and conducted himself like a pro. Despite his average talent, his comfort level on stage and willingness to treat the opportunity with respect and professionalism left me feeling like I booked the right act for the occasion.
I got to talking with him while other acts were performing, and he shared something interesting with me.
He was known for putting out a new album each year, something most artists only aspire to, but never seem to get around to.
And he mentioned that a lot of people wondered how he was able to do it. After all, the cost of recording can be quite high.
What he shared with me was this:
“Most people think I have an outside source of funding, or my parents bankroll me. That’s not the case, although I do minimize costs whenever I can. The truth is, I save every penny I earn at every single performance. Then, I reinvest that money into my career.”
The simplicity and shrewdness of this strategy blew me away.
He’s right – most artists don’t do this. And it ends up shrinking the pool of opportunity available to them.
When you don’t have the funds for those rare moments when inspiration and opportunity strike, you can’t grab hold of the lightning. You end up having to pass up on it for another occasion because you don’t have the resources necessary to pursue it.
There’s a reason I teach artists how to manage their money. It’s not that you won’t go through difficult times financially. It’s that if you establish the right habits and direct your money intentionally, you’ll be ready for when lighting strikes. You’ll be able to take hold of compelling opportunities as they arise.
For a proven, step-by-step framework in cracking the code to independent music career success, and additional in-depth insights into making your passion sustainable and profitable, be sure to pick up my best-selling guide, The Music Entrepreneur Code.
