Practical Strategies to Boost Your Music Income Starting Today
At iCadenza, our coaching team spends a lot of time with our clients on long-term strategy and goals. We look together at your career and find ways to create a more fulfilling, successful trajectory over the long run.
But sometimes you just want to make more money…fast.
That’s perfectly reasonable! Expenses are going up quickly and this is a good time to tweak your music business to earn more money right now.
Here are our iCadenza Team’s Top 3 Tips
Tip #1 – Increase Your Marketing & Advertising Budget
Money spent on marketing and advertising has some of the quickest returns on your investment.
Musicians often leave this line item out of their music business budget. Expenses like gas, concert clothes, and printing music get covered first and often advertising gets shorted.
This is a big mistake!
Try this:
- Review your monthly budget and identify what you can allocate right now to the following:
- Social media ads
- High-quality video creation
- Professional marketing materials
Unlike most expenses, this investment pays you back!
Tip #2 – Put Outreach in Your Weekly Calendar
Whether you are booking concerts, teaching lessons, or selling printed music, your personal outreach is your biggest money-making asset!
Spending the time to email, call, and meet people who can help you increase your business is time that turns into money in your calendar.
Put in the time now to promote your current offering to turn your work into cash!
Try this:
- Block out 2-3 hours in your calendar this week specifically for outreach activities.
- Create a simple list of 10-15 key contacts who could help you book more gigs, find more students, or sell more of your services.
Tip #3 – Audit Your Price List
Whether you’re offering tickets, concerts, or lessons, if you haven’t raised your prices in the past two years, it’s time to consider a change.
It’s a good idea to update your pricing for costs and inflation every year or two. Make sure you’re updating at least enough to cover the increase in your costs and also to account for your growing experience.
While you’re at it, consider updating your pricing to include some of the following:
- Pricing Tiers
- Bundles of Different Good/Services
- Hourly Rates for Behind-the-Scenes Prep Work
- Identify at least one service or offering where you can implement a 10-15% increase or create a premium tier option
Want to share and receive more great ideas for your music business? Join the Insider’s Club and let’s continue the conversation!
