Starting a business in the music industry can be daunting with all the choices of the specific niche or area you want to operate in. As with any business venture there is always the due diligence into the market and the planning one should undergo. Likely, you have a good idea about what your passionate about and what type of business you would enjoy operating. Needless to say you don’t have to love the niche you plan to enter but it absolutely helps for your long-term sanity 🙂
Here’s a partial list of niche opportunities you might consider.
Performer- if you have the skills to make it in this obvious arena then by all means rock on!
Writers- The majority of performers don’t write their own music and with the right training and talent you just might be writing chart topping hits.
Recording- With the advance of technology recording has become more and more challenging. If you can learn how to operate and optimize the recoding of music performed by artists you can absolutely make some serious coin.
Touring- Setting up and managing tours can be lucrative as well. It takes a very meticulous person to setup plan and execute a successful tour for any type of performer.
Public Relations- Are you good at promoting and talking to the masses? This might be a great avenue for you to venture. Many times artists need to build their image and brand within the community and a great PR person is invaluable to that process.
Advertising- There is numerous opportunities within advertising from a boutique local advertiser to a national or even global advertising agency. An advertising agency might consist of talented individuals in content creation, graphic design to photography just to name a few disciplines. If you have the team building skills to bring it all together this might be a great fit.
Choreography- Every performance needs a good plan this makes the artist look polished and ultimately put on a great performance. If you can envision the artist either on-stage or in a music video and their supporting performers and how to create a dynamic experience this might be a great choice.
Attorney- Yes, you will either need to be an attorney or go back and get your law degree. But say you do, every major band and performing artist will require your service in one form or another. This might be a longer road for you to ultimately own your own business or law firm, but the payout can be massive.
Agent- almost every major performer has an agent or someone responsible for booking their gigs and getting their name out in the community. If you have the connections and the hhussle this could be a very good opportunity. It’s not for the faint of heart as there is a ton of competition.
Personal Assistant- I know what you’re thinking really a personal assistant? Yes, but likely on a larger scale than just serving one artist or group. If you can figure out the intricacies of assisting one performer you can train other to do the same. You could essentially have a personal assistant business, providing high quality personal assistance to many different artists.
Security- Again you could operate as a sole operator providing security for one main group. However, once you have the system down you could also easily grow and provide security professionals to a number of performers or venues.
Music Teacher- Even a solo piano teacher can make a decent living from their home or studio. We are seeing a number of larger more comprehensive schools open across the country providing teaching in numerous musical disciplines. If you have a passion for teaching and music this is an excellent avenue to pursue.
Instrument Work and Retail- Everyone needs a musical instrument, well at least we think so. There are the national retailers which have the bulk of this business. But through a more boutique local model I believe someone with the right passion could make a very good living retailing, working on and repairing musical instruments.
Instrument development- This could be a really fun area to explore. We are seeing more creative instruments with unique sounds being used by the big time artists. Although the market is much larger than the main stream musicians it leads us to believe that with a creative design and unique marketing, there is plenty of room for this category to grow
Software Development- I believe one of the biggest areas of growth on the next 10 years will be in software created to track and disperse royalties. We see this type of technology in cryptocurrencies now known as block chain technology, which can accurately track where that currency has been etc. This is starting to catch on in the music industry to combat piracy, but is still in its infancy and will be ultra-lucrative.
These are just some examples of arenas one might consider building a business in within the larger music industry. Although not necessary, I would urge you to find an area that gets you excited and your passionate about. Starting any type of business is tough, and even tougher in a highly competitive industry such as music.
I hope this got some ideas flowing and we look forward to your feedback.
Until next time Rock On!