One thing that I have heard as someone new in the music industry is that I need to create multiple streams of income so that if something dries up, I still have money coming in from somewhere. I worked my rear end off to try to stay debt-free through college but still had to work a job for a while after because, well, money.
Without further introduction, I am going to talk about my experience with starting to create multiple revenue streams.
1: Music Lessons
The first and easiest for me? Lessons. I play professionally still as a performer. It's hard to keep that constant sometimes, so teaching lessons on the side help. if you have 10 students a week, that is about 5 hours out of your week and can charge comparable rates, now you are getting more than $100 guaranteed a week. Charging by the month and having a cancelation rule like if they don't tell you within 24 hours they can't make it means they lose out on that lesson.
Here is the thing with lessons:
I still live close to the university so there is a lot of competition, but I have a skill at remembering music theory and I can teach my instruments saxophone clarinet, and then teach basic principles of composing or music production for those that want that. So In all reality, I'm already diversifying my income in that form. Honestly tutoring in music theory isn't the most glorious, however, it does allow me to review and improve separately from my instrument.
Because some of the people I know are renting or maybe do not have an Ideal situation for doing music lessons in their home or area, there is also the option of getting paid through PayPal and doing the lessons over skype. For those students, it makes it easy to record the lessons and review what you have gone over and with today's technology, there are webcams and such that allow you to connect with students simply and with good quality. Most tablets and laptops would do the job as well.
2: Selling Compositions
This is one of the slow forms of income for me. And honestly, I believe that I started in the wrong way, however knowing certain tricks can help you to start getting money. First things first, get affiliated with a performing rights organization. There are simple sound libraries out there that you can start submitting music, and then there are other places that are a little more strict. Going with someone who is a little more strict usually means that if they are on the website there are fewer people you are competing with. Then they are actively selling your music, you receive royalties as they are used and create a library that is passive income over time.
Here is a link for a very general location to send music:
https://audiojungle.net/?_ga=2.199426414.1945683720.1506202389-543296110.1504140604
3: Online Gigs:
As a music producer, there are some things that I do over and over again that I could get paid for if I can do them quickly. That's where my experiment with Fiverr.com, and airgigs.com, and other websites come in. Have I made a ton of money this way? no. However, I was inspired by a couple of musicians that I had met that said the gigs they have posted of done this way brings in a consistent $900 a month and that's only doing a few of those gigs a week (plus upsell) and usually during times they aren't normally busy. So in other words, when they otherwise would not be making any money.
As a freelancer, there are many opportunities online that you can do, but you have to build an online presence as well. You have to be able to get star ratings. Then those star ratings will make, or break you on that particular website. I looked up skype lessons on one of the sites, someone was offering lessons and never followed through and had 1 out of 5-star ratings, and you can't return from that. unless you have a 4.8 to a 5.0 you cant get consistent work.
On that side note, there are articles and interviews out there of voiceover artists making 6 digit salaries through fiverr.com. I am not a voice actor by any means but I have seen people start careers this way.
4: Performing
I don't think you can discount this if you know an instrument. I have lots of stories. Piano players just playing light jazz or pop tunes at weddings, If you have the equipment a simple wedding/party DJ for your friends can make some side money as well. I have teamed up with Jazz combos and DJs, and have done weddings where they have string quartets and guitar players just playing simple music.
Here's the thing:
Music is an aural art so performing in public is a fantastic way to express yourself as a brand. Not only that spreading by word of mouth and handing out a signup list and having simple merch to sell inappropriate situations and those live gigs suddenly become something to focus on.
So there they are. I know there are many other things that I have tried, however, I have yet to see any results that I can write about. As I try other things and see results even from the above list, I will continue to report.
What kind of success have you had? what method or what stream of income has become your bread and butter?
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