What can Business Teach us About the Music Industry?
One thing to always remember in the music industry is that it’s a business. The ultimate goal of any business is to turn a profit. When working with a business of any sort it is not a bad practice to keep this little factoid in mind. So here are some things that you may find useful when conducting business with those in the music industry.
Contracts: Being offered to sign a contract can be an exciting event. It speaks volumes about your potential and skill as an artist, but hold on before rushing in to sign it. Remember contracts are legally binding and what the contract entails may not always be for your benefit. Always have a lawyer look over offered contracts before you agree to them. Even a single sentence can completely alter your career in a drastic way. And not everything stated in a contract is strictly for your benefit. So, have a careful pair of eyes look at it to ensure that you are agreeing to terms that you want.
Be selective about who you work with: Partnerships can also be exciting but there are a few things to keep in mind when agreeing to work with others. What were their previous work relations like? Do they work well with others? Do they have good work ethics? How will working with this particular group or individual impact your career? Even if you get along well with someone on a personal level it may not translate over well into a work environment.
Build group relationships: Even if you are selective you’ll still want to build good group relationships. There is a common proverb “it’s not what you know, it’s who you know” and while knowledge is important sometimes having good rapport with people can be a great help when it comes to bolstering your career.