Music production is a lucrative business for those in the know. Despite the COVID pandemic, global music revenues have reached $ 23.1 billion in 2020. However, starting a successful music production business is no easy task. You must be passionate about music production, possess technical skills, have a good business acumen and most importantly, make an effort.
You can decide to create an independent music production company or operate under another record company. And the best part is, you might not even need to rent space because you can start the recording studio in your home. Follow these steps to start a successful music production business.
1. Acquire the necessary skills
There are many resources online that you can use to develop your skills. You can sign up for music production classes, read articles, watch video tutorials, or visit educational music production websites. If you don’t have music production experience, consider earning a degree in sound engineering, music production, or recording. You can also do an internship at a recording studio to hone your music production skills.
2. Have a plan
Create a plan indicating the type of music recording you plan to make, the equipment needed, the space required, how you plan to market your business and the start-up costs. Your plan should also outline how you intend to connect with artists, create a brand image, and obtain the licenses and permits you need to operate. Setting up a home studio when you are just starting out is a great way to save money. It also becomes easier to build your empire.
3. Get the right equipment
The type of musical equipment required will depend on where you plan to set up the studio and whether you plan to record using live instruments or computers and audio software. But music equipment doesn’t come cheap, so you’ll need a significant amount of money.
Although you can get a loan and buy musical instruments, it is better to use your personal savings or refinance the title loan. A title loan is a short-term loan, so you can pay it off in less than a year. It also has less interest. You need $ 40,000 to $ 50,000 to get started, or a little less if you have the studio in your home.
Talk to established music producers before purchasing equipment or setting up the studio. They will advise you on soundproofing and the right equipment for your studio design.
4. Produce and market your music
Once you’ve completed the studio setup, you can start producing and marketing your music. Upload great samples from YouTube or SoundCloud and use social media to market yourself. Publish brochures, flyers, business cards and posters to promote your services. You should also have a fully functional website that showcases your work and lists your music production services. Attend local music events and share free samples of your work. Also tell your happy customers to market your studio. Word of mouth marketing is a powerful tool that can improve your visibility.
5. Contact local artists
To produce great music, hire the right talent. Produce music that resonates with people, not what makes you happy. Connect with local artists and ask them to register with your music label. Also, get them to sign contracts to make sure they don’t give up on you once they become popular.