It’s one thing to talk about doing something. Quite another to be doing it.

In this episode of The New Music Industry Podcast, I share my motivation behind adding a revenue stream to my business and how it’s been panning out so far.

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Podcast Highlights:

00:14 – Adding a revenue stream

00:47 – Why Medium?

01:14 – Leveraging content I had already created

01:38 – Writing on topics other than music

02:05 – Repurposing the articles I’m writing

02:23 – Building a following on Medium

03:03 – The results so far

03:04 – Sharing my ideas on Medium

03:18 – Being known by a difference audience

03:34 – Getting views on Medium articles daily

03:58 – Early traction

04:11 – Using the stats as a feedback mechanism

04:35 – Getting away from perfectionism

04:48 – What is the payoff?

05:43 – Conclusion

Transcription:

In episode 100, I shared about the upsides and downsides of adding a revenue stream to your music career or business.

In that episode, I shared that I was planning to take advantage of Medium’s partner program. So, I thought it might be fun to share with you how that’s been going so far and continue to update you on my progress as it develops.

I’ll be sharing about the “how” another time, because so far, my success has been limited. I’ll be more than happy to share about my process once I begin to see some tangible results.

This episode will focus on the “why” and the “what”.

Why Medium?

There are many ways to generate income online.

I could just as easily put my time into writing another book or creating another course instead of leveraging another platform.

So, you might be wondering why I decided to take advantage of the Medium Partner Program, especially since I don’t own Medium and I’m essentially building on rented land. You might recall what I shared about the two dangerous mistakes us musicians and music entrepreneurs make in our marketing in episode 88 of the podcast.

For one, I had a couple of posts sitting on my hard drive waiting to be published. They had very little or nothing to do with the music industry, so I was already planning to publish them elsewhere, such as on my personal blog.

But for some reason, I had the inkling to publish them on Medium. And, when I went to check out Medium that day, I discovered they had launched their Partner Program. So, in a way, the stars kind of aligned.

Second, I’ve often had the desire to write on topics other than music. I felt Medium could work as an outlet for my musings on business, personal development and spirituality. I already knew this type of content was pervasive on Medium, so it felt like the right platform for it as well.

Incidentally, just today I came across Larry Kim’s Medium post on 5 Smart Reasons to Create Content Outside Your Niche. Reading that piece affirmed the direction I was taking.

Third, I was present to the fact that I could take all the content I was publishing on Medium, package it up, and later sell it as a book. So, in a way, it’s streamlining the book writing process. And, that way, I get to capitalize on the content twice! And, I have other ideas for repurposing the content too.

Fourth, I also knew that publishing regularly would allow me to build a following on Medium. This wasn’t my primary motivation for getting started, but if I do manage to build a following that’s interested in my work, I could turn them into paying customers down the line. That following could boost my income on Medium as well.

To earn on a story in Medium, you need to turn it into a locked story. And, there are certain guidelines you need to follow if you want to earn money from your stories. That may sound constricting. But I recognized it would be possible to make the occasional self-promotional post, by not making it a locked story. So, I can promote my books and products on Medium too.

The Results so Far

First, it’s worth noting that I’ve had a lot of fun sharing my ideas on Medium. That in itself is a victory of sorts. I like writing about entrepreneurship, self-help and beliefs, so it serves as a great outlet for that type of content.

Second, it gives me an opportunity to be known by another audience. I understand that there may not be a lot of musicians on Medium. But there are a lot of marketers, entrepreneurs, investors and so on. So, being known in that circle could create new opportunities for me. But right now that’s strictly hypothetical.

Third, I now get some views on my Medium articles every single day. Prior to beginning this project, I already had several articles on Medium, but I was not getting many views. Since starting this project in late June, I’ve been able to boost my stats.

A couple of articles in particular have gotten over 100 views. They are:

The Beliefs That Hold You back

Why I’ll take self-employment over employment any day

When you’re engaging in a project of this nature, it’s always nice to see a bit of early traction. That gives you the motivation you need to keep going. And, as I often say, the only way to create momentum with a project is to apply yourself to the work consistently.

I also use the stats as a feedback mechanism. What are people reading? What are they not reading? What are they interested in? What are they not interested in?

Looking at the homepage of Medium gives me good ideas too.

As I publish more articles, I get to continually experiment, iterate, and come up with more ideas I think people will resonate with. That can also help with the product side of things, when I turn these posts into books.

Publishing in this way helps me get away from perfectionism as well. I might have the tendency to think everything I write is great. But clearly there are some topics people aren’t interested in reading about or have already been covered to death.

Now, you might be wondering what the payoff is.

So far, I haven’t earned much from my efforts and that’s hardly surprising. In many ways, I’m just getting started.

I’m not sure exactly how Medium calculates the money they owe you, but I’m guessing it has to do with how many views and reads your articles get, how many fans and comments you generate, as well as how many people you successfully turn into paid subscribers.

To this point, I’ve earned the handsome sum of $2.38 on Medium.

I’m guessing there will be a bit of a long-tail effect with the articles in the archives. People who like one of my articles may be inclined to see what else I have. But that will only build over time as I continue to publish. I’ll keep sharing all these articles through social media too.

$2.38 certainly isn’t much, but when I consider how long it took for me to earn my first $2.38 as an advertiser or affiliate marketer, I recognize that this could turn into a viable opportunity relatively quickly.

Conclusion

Not everything you try will necessarily pan out. But there’s always something to be learned from the experience of creating something.

Not everything you try will necessarily pan out. But there’s always something to be learned from the experience of creating something.Share on X

So far, I’ve enjoyed writing articles for Medium and I don’t think it takes away from the other work I’m doing. It’s not uncommon for me to be writing several posts per week for clients anyway. The difference is I’m now directing more energy towards publishing something I can call my own.

Did you find this helpful? What are you working on right now? Are you adding a revenue stream to your career or business?

I invite you to share your experiences in the show notes.

Upgrade to Members Only Audios for more exciting, exclusive training.

Music entrepreneurship courses are beginning to pop up in more colleges and universities. But with that also comes some important questions, such as what is music entrepreneurship and why does it matter?

In this episode of The New Music Industry Podcast, Assistant Professor of Arts Management and Entrepreneurship at Baldwin Wallace University and owner of Murphy Music Press Publishing Sean brings some much-needed insight to these important questions.

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Podcast Highlights:

00:14 – Introduction

00:28 – What is the definition of music entrepreneurship?

02:13 – What sort of qualities would you be looking for in a music entrepreneur?

03:21 – People skills

05:26 – Why is music entrepreneurship important?

08:21 – Choosing yourself

09:46 – Why are you passionate about music entrepreneurship?

12:46 – Why hasn’t music publishing adapted to the needs of composers?

16:07 – How did you end up at Baldwin Wallace University?

17:59 – What is it like to live in Ohio?

19:27 – Employment and music entrepreneurship?

24:24 – What kinds of freelancing opportunities are available today?

29:06 – How do musicians make money today?

35:29 – What are some of the biggest challenges you’ve encountered as an entrepreneur?

38:57 – What are some of the biggest victories you’ve experienced as an entrepreneur?

42:08 – Are there any books that have inspired and helped you on your journey?

43:52 – Is there anything else I should have asked?

Transcription:

David Andrew Wiebe: Today I’m chatting with Assistant Professor of Arts Management and Entrepreneurship at Baldwin Wallace University, and owner of Murphy Music Press Publishing, Sean Murphy. How are you today Sean?

Sean Murphy: I'm doing well. Thanks so much for having me on.

David Andrew: Yeah, it's a pleasure. So, it seems like people can’t agree entirely on this. I'm going to start off by asking what your definition of music entrepreneurship is.

Sean: That's a great question. I think a lot of musicians are maybe averse to the term entrepreneurship in general because the idea of mixing business concepts with the idea of musical performance, I think to some people it's kind of like an unholy marriage.

So, I would define entrepreneurship as kind of the intersection of creativity and innovation. For musicians, I feel like that's just what we do every single day in our product and what we do.

Entrepreneurship is the intersection of creativity and innovation.Share on X

So, my definition of music entrepreneurship is really just the skillset that is necessary for one to survive in the music industry itself because without any entrepreneurial abilities I think we see a lot of unfortunate cases where some musicians have to change careers or change music into more of a hobby than an income generating device.

David Andrew: I can get behind everything you just said for sure, because there are so many musicians out there that go “Oh, but I just want to focus on the creative side of things.” which I totally understand but if you don't market your music, if nobody knows who you are, if you don't build your email list, or know anything about social media or building websites, pretty much you don't have a career, right?

Sean: Yeah. It's difficult to be a musician but a lot of people already possess these entrepreneurial qualities they just don't think of them in that way.

Part of what I do, I think it's also educating people on the fact that they already possess a lot of these qualities and then just manipulating them in such a way that would be beneficial for their long-term success in music, is really what I should go about doing.

David Andrew: I think that's true too. What sort of qualities would you be looking for?

Sean: Well, I think creativity is definitely at the forefront but as I kind of referenced before, all the musicians I feel like are inherently creative or they wouldn't be in this field to begin with.

David Andrew: Yes.

Sean: Beyond creativity, I think the next quality that a lot of musicians sometimes have to overcome is the ability to speak to other musicians and other non-musicians in kind of like the general topic of public speaking and general communication.

A lot of musicians... we're insular people. We go in the practice room for eight hours a day. We don't talk to anyone but ourselves. Sometimes we're going crazy. And then oftentimes we can use our instrument as kind of like a veil to hide behind instead of articulating our thoughts with our words.

So, another quality I like to look for or encourage is someone who's like well-articulate and able to speak clearly and not feel intimidated by the idea of communicating their entrepreneurial thoughts and their musical thoughts with their voice and not just their performance medium.

David Andrew: Wow! That's huge. And I do talk about the fact that people skills are extremely important in my latest mini-book The Essential Guide to Music Entrepreneurship. 2018 Edition. So, if you can't see yourself developing your people skills or getting good at communication, you at least need to work with somebody who is because that can make a tremendous difference.

Sean: Certainly. I mean even--. Sometimes I'll tell my students like just talk to someone in line at Starbucks or just kind of strike up a conversation with a stranger. Eventually, you won't think of it as such an anxiety inducing exercise.

David Andrew: It's so true. Part of my background is in network marketing so I spent about four or five years trying to build that business, but you can't build that business without interacting with people.

Sean: Yeah.

David Andrew: So, it was like yeah, I talked to one person today and that was a victory. Then gradually increase that, right, increase the comfort zone to three people or five people and you continually get yourself out there. That was part of my goal is really just to get out of my shell and begin talking to more people.

Sean: Yeah. I think it's even harder when you spend so much of your time as part of the necessary skills not communicating in a verbal way. This is kind of the great paradox of music. What can we communicate with our words? Well, we spend so much time focusing on how to convey that meaning that sometimes we lose track of more basic functions like communicating with words.

David Andrew: Yeah. I think music is a language and that is perhaps the most advantageous way of viewing it. I say to people I speak English, Japanese, music, and computer. So, really four languages there. I grew up in Japan, that's why I speak Japanese. That might be something people don't know but.

Sean: Interesting. Yeah. And computer, I mean that's another growing language that more people probably need to speak.

David Andrew: It is so important. And you know what? That's something I should cover in upcoming episodes or possibly in the future book is technology.

But it changes. It moves so fast that by the time you've written about it or published about it that thought or concept or idea can be outdated.

Sean: Certainly, yeah.

David Andrew: Yeah.

Why is music entrepreneurship important? Why should people care?

Sean: Well, it's interesting. For the non-musician, I think people are like mystified by musicians to an extent. I think they just kind of assume that if you're really good at playing the French Horn then there should be no reason why you wouldn't just be playing French Horn in work or something.

Because another career path that's like you go to school, you get a degree, and there are so many employment opportunities in fields that are directly related and sometimes unrelated. You go to school and you learn about marketing. It doesn't mean you have to be marketing for this type of company. That translates across all different industries. But in music it's like a niche market. It's a specialized market.

So, why should people care about music entrepreneurship? I think because it's a survival mechanism in 2018 for artists. It's taken a while for, I think higher education, to come around and embrace this as an academic field or an area of necessary study.

So, if you're a musician I would urge you to care about it just because when you go to school it's probably not the best time to start thinking about how you're going to run your career.

But rather if you thought about it like a process the same way you go through the sequences of your courses through applied study or music theory or what have you, by the time you come out on the other side you're going to be much more prepared to succeed rather than starting at square one the day after your graduate.

David Andrew: Yeah. I mean there's no obvious stepping stones, right? The moment you leave school or the moment you decide to be a musician you pretty much have to figure out what your career path is going to be.

That's exactly what happened to me. I spent a year in college. That's all the post-secondary education I have but I was asked if I wanted to go and teach guitar at that point and I said “Sure.”. But I didn't know I was going to be doing that so it was just like I kind of arrived at that point and I was the right person at the right time with the right skills and I got hired as a music instructor.

Pretty soon I found out that was not something I wanted to do long term but I ended up teaching for the next 10 years or so.

Sean: Yeah, it's interesting. Being in school there's a certain safety to it. You don't have to deal with where your career is going. Also, I think creatives are kind of like almost like this version of Stockholm Syndrome where you start to not feel confident to have your own thoughts because you're essentially not ready.

The whole time that you're in school, in your mind you're a student. You can't be ready to be a professional.

Are you thinking about starting a tribute band? Are you wondering what to expect on the path ahead?

In this episode of The New Music Industry Podcast, I share what I’ve learned from performing with a tribute band for nearly a decade.

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Podcast Highlights:

00:14 – Performing with a tribute band

00:37 – Upsides to playing in a tribute band

00:40 – #1: Commanding a High Fee

01:24 – #2: Performing for a larger audience

02:09 – #3: Growing as a musician

02:51 – The downsides to playing in a tribute band

02:54 – #1: You’ll never be as popular as the original act

03:36 – #2: Becoming a target of criticism

04:33 – #3: Limiting your merch selling opportunities

05:05 – How to succeed as a tribute band

Transcription:

At this point, I’ve been performing with a tribute act for several years.

It’s a bit of a feast or famine situation because sometimes we have a lot of gigs, and at other times we don’t have any. This means I generally have plenty of time to work on other projects.

But when we do perform, I usually have a lot of fun.

Over the years, I’ve come to recognize there are both upsides and downsides to playing in a tribute band. So, I thought I would share these with you.

First, let’s look at the upsides to playing in a tribute band.

1. You Can Command a High Fee

It’s a good day when you get paid for your performance as an original act. I’m not saying it’s impossible to get paid for your gigs if you’re performing original material. But for the most part, the fee structure hasn’t changed in decades. These days, some bands even pay to play.

This is where cover and tribute bands have certain advantages. Generally, you can command a higher fee out the gate. Since there’s a built-in audience for the music, it isn’t as challenging to attract an audience, and most music venues know this.

But there is a downside here in that there is a limit to how much a cover or tribute band can earn in one go. Meanwhile, there is virtually unlimited earning potential as an original act. Getting to the point where you can earn more can take a long time, mind you.

2. You Can Perform for More People

This goes hand in hand with the last point I made. Since the music you’re performing already has a built-in audience, drawing a crowd generally isn’t a problem. You might not have a huge audience every time you perform, as it’s still contingent on the marketing that goes into it, but for the most part you’ll find yourself performing for more people than a new original act.

But because you’re playing someone else’s material, hardcore fans might not like how you perform the original band’s music. I’ll share more on that later.

Additionally, what I said about payment also applies to audience. As a tribute act, there will always be an upper limit to the number of people you can play to. As an original act, you can keep playing to bigger and bigger audiences assuming there’s still room for growth. Again, getting to that point could take you a long time though.

3. You Get to Grow as a Musician

As a singer-songwriter and rock musician, playing in a tribute band is a side gig for me. It was never meant to replace my other musical projects or even other work.

But when I started learning the material for the tribute band, it took a lot of time and effort to figure out. It wasn’t the most technical music I’d ever played, but the arrangements were a lot weirder than anticipated. So, it took me a while to wrap my head around the arrangements.

As I went through that process, I ended up growing a lot as a musician. I had to figure out how to sing over complex guitar parts. I had to learn both the bass lines and the guitar riffs. I had to learn and employ new techniques.

When you grow as a musician in a tribute act, you can apply what you’ve learned to your original music, which is a significant benefit.

As a musician, you can apply what you learn in one project and apply it to another.Share on X

Now, let’s look at the downsides to playing in a tribute band.

1. You’ll Never be as Big as the Original Band or Artist

More than likely, you’ll be starting a tribute band around a popular act like The Beatles, AC/DC, Def Leppard, Led Zeppelin, Van Halen, KISS and so on.

This isn’t to suggest you can’t start a tribute band around a more modern artist. But then, the catalog to draw from could be limited, and so could your audience.

Certainly, there are still plenty of fans of the bands already mentioned. But there’s no way you’re going to draw the kind of audience they did or still do.

Some tribute bands do end up playing big theaters or even stadiums. But that’s usually only possible if your band sounds amazing and you’re able to team up with another popular tribute act or two.

2. You’ll Likely be on the Receiving End of Criticism

I’ve seen all kinds of criticism lodged against the tribute band I’ve performed with.

For instance:

The singer got accused of not being capable of producing original material, which is why he just plays in a tribute band. That’s not true – I’ve heard his original material.

The entire band was once told we were nervous onstage. Sure, some of us don’t move as much as others, but I couldn’t understand how a blanket statement like that could be made when I was clearly moving around and enjoying myself.

Our vocal performance has been criticized. Granted, we don’t sound like the original band, but then again, that can be a real challenge depending on what act you choose to build your tribute around.

So, if you want to start a tribute band, be prepared for critics. I don’t know why, but some people think they’re going to get the real deal when they’ve paid 1/10 the price of a ticket they would for the band you’re emulating. It’s like Kijiji users who assume they can negotiate on everything even if it’s already been significantly marked down in price.

3. Your Merchandising Opportunities Are Somewhat Limited

The band or artist you’re paying tribute to has already recorded all the albums, filmed all the DVDs, sold all the T-shirts, and so on.

This isn’t to suggest you can’t record cover versions of their songs, and certainly, you can make your own T-shirts too, assuming you aren’t just lifting other people’s designs and making them your own. Please don’t violate any copyrights.

Basically, if you want to record music and sell merch as a tribute act, you’ll need to get creative. It’s not that you can’t have merch, it’s just that you’re going to be a little limited in what you can do.

Conclusion

If you want your tribute band to be more than just a side gig, you’ll want to put as much time and effort into it as you possibly can. You’ll want to spend a good amount of time in rehearsal getting your look and sound figured out. You’ll want to find as many venues you can to perform at and get your marketing down to a science.

And, above all, you should have a passion for the music you’re performing. Otherwise, you might give up when the going gets tough.

No matter what type of band you choose to start, there are both pros and cons to each. But if you’re thinking about starting a tribute band, you should be aware of what I shared in this episode.

Did I miss anything? Are there other upsides and downsides you can think of?

I look forward to seeing your comments in the show notes.

Upgrade to Members Only Audios for more exciting, exclusive training.

Unless we're physicians or psychologists, we don't often engage or fully understand the monumental connected reality of genetics, matter, energy, structure and relationship that enable us to be born and simply exist.

From this beginning place, we're flung into all those other connected realities that make up the total experience of living on this earth – philosophical, social, economic, technological, ecological, political, sexual and relational. As if being in relationship with our own messed up, complicated selves wasn't enough, we're flung into relationships with everyone else – navigating the same complicated life of connected realities.

This occurs whether we want all those extra complications or not, escape it, simplify it or even medicated it. We are ultimately confronted with the connected realities of our complicated life. Ultimately, we reach a crossroads question about the message of this overwhelming complexity.

In this episode of The Question podcast, you will hear highlights from Frederick Tamagi's presentation on "The Symmetry Within" as well as the music of Tim Gareau.

Thank you for listening!

What questions will you be taking with you after listening to this episode?

We encourage you to connect with us via social media:

Facebook

Twitter

Unless we're physicians or psychologists, we don't often engage or fully understand the monumental connected reality of genetics, matter, energy, structure and relationship that enable us to be born and simply exist.

From this beginning place, we're flung into all those other connected realities that make up the total experience of living on this earth – philosophical, social, economic, technological, ecological, political, sexual and relational. As if being in relationship with our own messed up, complicated selves wasn't enough, we're flung into relationships with everyone else – navigating the same complicated life of connected realities.

This occurs whether we want all those extra complications or not, escape it, simplify it or even medicated it. We are ultimately confronted with the connected realities of our complicated life. Ultimately, we reach a crossroads question about the message of this overwhelming complexity.

In this episode of The Question podcast, you will hear highlights from Frederick Tamagi's presentation on "The Symmetry Within" as well as the music of Tim Gareau.

Thank you for listening!

What questions will you be taking with you after listening to this episode?

We encourage you to connect with us via social media:

Facebook

Twitter

How is your summer going so far? Are you enjoying yourself? Are you getting booked for lots of great gigs? Are new opportunities coming your way?

In this episode of the podcast, I revisit an earlier episode and share some additional thoughts on living and enjoying summer as a musician or music entrepreneur.

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Podcast Highlights:

00:14 – Revisiting the six types of summer

00:25 – No two years are exactly alike

00:55 – The types of summer I experienced last year

03:44 – Revisiting episode 51 of the podcast

13:37 – Wrapping up the episode

Transcription:

Last summer, I shared about the six types of summer on the podcast.

I decided to resurface this topic because I think it’s quite relevant, especially now that we’re into summer again.

Every year is a little different.

I was just talking to a client who shared with me that summer typically gives her the opportunity to rest and recuperate. This year, this hasn’t been the case.

We can carry a lot of expectations into each season based on what we experienced last year or in years past. But try as you might, there’s no way to carbon copy the experiences you had in years past and paste them into your current experiences. Even if you did, how you go through it now would vary and could even prove disappointing.

We can carry a lot of expectations into each season based on what we experienced last year or in years past.Share on X

As I look back, I can clearly see that last summer I was experiencing a summer of recreation, restlessness and restoration.

As I mentioned in the original episode, the different types of summer can interweave and overlap. So, for me, three different types of summer were playing out.

I’ll share a little bit about each here:

Recreation. Between late 2014 and summer 2016, my life was organized chaos. There was no time or room for a social life or entertainment. I would just binge watch Netflix in my spare time because I had no energy for anything else. In 2017, I made a new friend. That paved the way for a lot of activity during the summer – eating out, canoeing, hiking, getting out in nature, shopping and more.

Restlessness. Last summer, I was waking up to a new self. Or, maybe I was peeling back the layers as I shared in episode 70 of the podcast. I felt like a spiritual spotlight was on me, and it was incredibly uncomfortable. I found a fascinating article about restlessness or neurasthenia on The Art of Manliness. I’m going to quote a section from it here, because I believe it serves as a relatively accurate description of what I was experiencing: “[it’s] the gap between our expectations about the world and how we really experience it that causes our modern ‘neurasthenia’. New media and technology has seemingly brought the whole world just within our reach. But we can never seem to grasp it. We want to magically take it all in and we can’t. And so, we feel depressed and anxious. We are sure that unlike us, others have found a way to lay hold of all the good stuff out there. We have this feeling that somewhere beyond our life, real life is taking place. It feels as if there are so many possibilities and choices out there, so many that we’re absolutely overwhelmed by them. We don’t know where to start, where to dive in. We’re thus paralyzed, and don’t do anything. And then we feel shiftless and restless because we feel bad that we’re not doing stuff. Because there’s so much we should be experiencing! But then we feel overwhelmed again, and then, well, you get the idea.”

Restoration. Making a new friend and getting outside and enjoying the weather proved especially beneficial for my healing process. As I mentioned in the original episode, healing doesn’t always feel good when it’s taking place, and it didn’t. But I felt like a lot of what was lost in my youth was restored last summer.

With that said, this year is considerably different. As I’ve already shared,

Are you thinking about adding a new revenue stream to your business? Do you have the itch to start a side project?

In this episode of The New Music Industry Podcast, I explore both the pros and cons of adding a revenue stream to your music career or business.

Download the PDF Transcription

Podcast Highlights:

00:14 – Welcome to episode 100

00:47 – Writing articles for Medium

01:21 – Introduction to adding a revenue stream

01:48 – Pro #1: Mitigating single-source dependency

02:47 – Pro #2: A new outlet for your creative expression

03:30 – Pro #3: The ability to repurpose the content you create

04:25 – Con #1: Detracting from other revenue streams

05:21 – Con #2: The need to do more work

06:21 – Con #3: Your new product or service could fail

07:11 – Final thoughts

Transcription:

Welcome to episode 100 of The New Music Industry Podcast.

Thank you for sticking with me for the better part of two years. I hope you’ve received plenty of value from the show to this point. If there’s a topic you think I should cover, or someone I should have on the show, please let me know. I’m all ears. You can email me at: [email protected].

And, rest assured I have plenty of great ideas for future episodes you won’t want to miss.

I don’t necessarily have anything special for you today. It’s nice to celebrate milestones like this, but I’m smack dab in the middle of waging content warfare.

I recently started writing and publishing articles on Medium because I saw that they launched a partner program.

So, if you’d like to see what I’m up to and support my efforts to create a bit of income on the side, please check out my recent articles at medium.com/@davidawiebe.

In some ways, the articles I’m writing have replaced my efforts at Using Your Power, which is another podcast I was co-hosting for a while. It’s on hiatus for the time being, and I’m not sure whether it will return or when, but there is a lot of great content there and if you’d like to check it out you can find it at usingyourpower.com.

This brings me to today’s topic, which is the pros and cons of adding a revenue stream to your music career or business.

Not surprisingly, my efforts to create a revenue stream on Medium brought this topic to mind. But I think it’s an important one, especially if you’re starting to get antsy with your current projects and you’re not sure whether you’d like to continue working on them, or you’re thinking about taking up a side project.

So, let’s start with the pros of adding a revenue stream.

Pros

It Mitigates Single-Source Dependency

If you’ve been listening to this podcast for a while, then you’ve probably heard me reference single-source dependency. This is something I learned from James Schramko, who I interviewed in episode 86 of the podcast.

Basically, it’s the idea that we should not lean too heavily on any one revenue stream, traffic source, marketing tactic, social network, or otherwise.

When you have several revenue streams, even if one of them goes away, you have something to fall back on.

I have found tremendous value in having many contacts and revenue streams in the last few years, because I’ve often picked up some freelancing or casual employee work on the side to supplement my income. If any one thing slowed to a crawl, I found that another thing would pick up.

That is excepting January and February this year where everything took a bit of a dip, but considering I’ve been working from home for two years now, that seems like a small price to pay for my independence and freedom.

More revenue streams are often better than fewer, though this has its cons as well. More on that later.

It Gives You an Additional Outlet for Your Creative Expression

The music business is my chosen niche, but if you hadn’t picked up on this already, I believe I can add value to the world in other niches as well. I’ve gained a great deal of knowledge through research and experience.

Are you passionate about making music? Are you willing to do whatever it takes to make your dreams a reality? If “music is life” to you, you’re going to love this interview, which offers insights into both the heights to which you can climb as well as the dark side of seeking validation in the wrong places.

In this episode of The New Music Industry Podcast, I talk to “music mogul” Jason Davis, who’s worked with many famous artists you would know, and is an owner and partner in multiple companies.

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Podcast Highlights:

00:14 – Introductions

00:22 – What were Jason’s early years like?

03:18 – If you can imagine doing anything else, music may not be for you

07:33 – Writing a hit song and living the dream

13:50 – How do you work so hard without burning out?

15:03 – Why Jason was planning to end his life

24:35 – If you want to know who your true friends are, start a business

27:33 – Life imitates art more than art imitates life

29:15 – What advice do you have for those looking to achieve big things in their career?

36:50 – The importance of helping others

38:55 – The importance of giving back

41:21 – Marketing a seeker-friendly alternative Christian compilation

43:27 – How do you become an owner and partner in multiple companies?

46:36 – Are there any books that inspired and helped you on your journey?

48:21 – Final thoughts

Transcription:

Coming soon.

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What do you do when a new opportunity comes your way? What criteria do you use to decide which to take on and which to turn down?

In this episode of The New Music Industry Podcast, I share the power of two important words, “yes” and “no”, and how to use them to advance your career.

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Podcast Highlights:

00:14 – Reflecting on the most important lessons I’ve learned

00:32 – The importance of “yes” and “no”

00:59 – The value of “yes”

01:53 – Taking offers that aren’t what you expected

02:21 – Things I’ve done that weren’t in my wheelhouse

02:38 – Success may not come in the package you expect it to

02:54 – How long should you keep saying “yes”?

03:23 – When you need to start saying “no”

03:55 – 3 criteria to determine which opportunities are most worthwhile

04:40 – Turning down opportunity

05:33 – Where are you in your career right now?

Transcription:

Working on my latest mini-book, The Essential Guide to Music Entrepreneurship: 2018 Edition and the associated bonus content has given me a lot of time to reflect on some of the most important lessons I’ve learned as a music entrepreneur.

Just so you know, the bonus content for the mini-book isn’t available just yet but it’s coming along.

Regardless, one thing I’ve come to recognize is the importance of two words, “yes” and “no”.

When you’re first getting started in your career, you probably don’t have much by way of contacts, resources, or opportunities. If you’re lucky, you might be starting off with more than others, but for the most part musicians and entrepreneurs tend to start off at zero. They don’t know anyone, they don’t have much by way of money or equipment, and they don’t have venues knocking at their door to book them.

If that describes where you are in your career, you’ll appreciate the value of the word, “yes”, and it’s more powerful than you might think.

You might see other musicians turn down certain gigs or opportunities. It might be because they have other projects or prospects to focus on. Taking a low-paying gig as an in-demand musician doesn’t make much sense, unless the gig offers other significant benefits.

But for you, a low-paying gig might be a great opportunity. You might not see other opportunities on the radar right now, so really any gig would be a step forward.

If you’re professional, you show up on time, and you play a good set, you might make a few more contacts. These people might see potential in you. Granted, if you aren’t that great at your craft, you’re probably not going to get higher paying gigs or better opportunities just yet, but so long as you make just one contact that’s interested in working with you, you can keep connecting the dots from one gig to the next.

It should be noted that people may come to you with offers that aren’t exactly in your wheelhouse or not what you expected. Should you say “no”?

My belief is that you should continue to say “yes” anyway.

You probably don’t have a lot of money coming in, and you still have considerable leeway in your calendar. Most of all, these experiences will cause you to grow. Sure, they may challenge you and put you outside of your comfort zone. But you’ll be hard pressed to find a better way to become more than you are right now.

I’ve done a lot of things through the years that either weren’t in my wheelhouse or I wasn’t good at. I’ve been a laptop salesman, a theater tech, a caretaker, a beverage server, and more.

I may not have been good at those things, but I learned a lot. And, I also found that I got better at some of those things over time.

One of the realities of success is it may not come in the neat little package you expect it to. I talked about this a little bit in episode 97 of the podcast, but I really want to drive this home – you may not end up where you thought you would, but that doesn’t mean you haven’t achieved success.

Do you find yourself performing many tasks as a music entrepreneur? Do you sometime feel discouraged that they are so different from each other? Does it seem like you’re losing focus?

In this episode of The New Music Industry Podcast, I consider the question, “how does this all fit together?” I also offer some tips on how to reframe your perspective and recognize the blessings and opportunities that already exist in your sphere.

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Podcast Highlights:

00:14 – One of the most important questions you’ll ever ask yourself

00:45 – The importance of creating an offer that converts

01:20 – The dangers of single-source dependence

01:40 – Building many pipelines

01:50 – Having a focus as a music entrepreneur

02:42 – Don’t create a business people haven’t asked for

03:08 – What The Music Entrepreneur HQ has done for me

03:49 – Reframing your perspective

04:10 – How does this all fit together?

04:41 – Creative alchemy

05:10 – Specialist vs. generalist

05:55 – Recognizing an opportunity

06:26 – Questions to ask yourself

Transcription:

This may very well be one of the most important questions you’ll ever ask yourself, especially if you find yourself doing a lot of things in your music entrepreneurship career.

I’ve shared about my various responsibilities and revenue streams before. My long-term vision is to delegate many of my tasks, and hopefully if you’re doing a lot of things in your career or business, you’re planning to do the same.

You need not use me as the example of what you need to do to cobble together a living and pursue a path of freedom and fulfillment.

As my coach James Schramko says, the most important thing to focus on as a business owner is creating an offer that converts. I recently talked about content marketing on the podcast, but that’s mostly beside the point if you haven’t already created an offer.

This isn’t to say you can’t begin building an audience that you can sell to later. But what if your product idea flops? What if no one wants it when you finally launch it? Then, you don’t have a business – you just have a blog!

Regardless, it is possible to create a six-figure business and probably beyond if you have a single offer that converts.

I think James would also agree that single-source dependence is not a good thing. There are many reasons you can end up losing the revenue source you’ve worked so hard to create. Your product could become outdated. The market could get saturated. Or, if you’re relying on an affiliate to pay out commissions, they could end up pulling the plug on that program.

You can build one pipeline, but why stop there? If you can build one, most certainly you can build another. You can mitigate risk by building many pipelines.

This also speaks to the importance of having a focus – something I talked about in episode 90 of the podcast.

Realistically, I think most of us can only juggle two or three projects at a time. In episode 91 of the podcast, I talked about the idea of following one course until success. It is so much easier to create additional revenue streams when you’ve successfully put one on virtual autopilot.

I can’t speak for you – but that’s not how I’m wired. I’ve certainly limited my focus, especially as time has become more of a commodity in my life. But I still have many projects. If I’m being honest with myself, this probably isn’t about to change. There’s a good chance I will continue down the same path, because it has helped me create many revenue streams, and has also brought considerable fulfillment.

That’s why this question is so important:

“How does this all fit together?”

Former CD Baby founder Derek Sivers says you shouldn’t create a business people haven’t asked for. I think he’s somewhat idealistic in saying that, but his point is well taken. Why spend hours, days, weeks, months, or even years of your life creating something no one wants or sees val...