So a while back I did a couple rants regarding some of my favorite misconceptions within the entertainment industry. As a busienss owner who has both generated millions as well as paid millions out to other service providers I have seen it all, so this is my attempt to set the record straight for all the upcoming future entrepreneurs in today’s music and entertainment industry. There is a lot of room for great talent, but if you can’t understand the business or how to conduct business in today’s landscape then you will never be successful, no matter how talented. So please, take this with a grain of salt, and remember, I will be fine, this is for you guys out there who just don’t get it, the only person that will benefit from this advice is you!
Remember, there is no specific order here, maybe someday I will come back and organize these thoughts, but these came to me on the plane from LA to MIA overnight, enjoy.
- Fail often
- Create often
- Stagnancy is your enemy
- Work for free, often, if your work creates value you will be compensated in some way!
- Work on your passion
- Never begin a conversation with “How much will I be paid?”, EVER
- If you create value in the marketplace you will be compensated as such in one way or another
- Work with as many people as possible, many partnerships fail, but don’t be discouraged, out of those you will retain life long positive relationships
- Be up front. Secrets will never help you in any way. Transparency at all times in all aspects of your business.
- Graphic Designers-
- Work for free doing projects that get your name out there and work on various sites, blogs, facebook.
- Until people are knocking down your door to hand you money you have not created enough value to the marketplace.
- Keep it up.
- Video Creatives –
- Work with as many artists as possible for free to get your product out there.
- Create unique compensation agreements with artists (have them put an ad budget together for the video when its out instead of paying you, etc.)
- Until people are calling you off the hook offering you top dollar for your services, you are not a professional. So don’t even think about charging professional prices
- You will know when that point occurs
- Artists –
- Invest your money – Throw concerts, free concerts, parties, free music, give to fans
- Work with as many people as possible
- Fail often, it is the only way to learn
- Until the phone starts ringing off the hook for bookings and verses you are not a professional. To become a professional you need to invest more money and time.
- If you can not invest the money and the time then give up now and try to find something to do that aligns with your passion as well as allows you to find time to do music as a hobby, not a profession
- You will know when people are demanding your music, only at this point are you a professional and you have created value and can charge anyone for anything
