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Diversify Your Portfolio
Diversify – you hear this a lot when talking about investing, and simply put, it’s the same as saying, “Don’t put all your eggs in one basket.” For independent musicians, this means to work in a wide variety of fields so that you’re not relying on a single income source.
In order to work in different fields, you need a wide variety of skills, and you can only obtain these by putting your mind to it and working hard. It’s a lot of work, but I can tell you from experience that this will pay off, and it’s one of the few ways musicians can begin to have a stable income.
For example, if you’re primarily a performer, try working on composition or production so that you can work as a songwriter or producer. If you’re doing a lot of wedding gigs, you might start teaching on the side.
Even if it’s not a lot of money in the beginning, when you combine several trickles, it becomes a stream, and that’s what you’re trying to build. Try setting aside some time to analyze where you’re income is coming from, and if there are any untapped opportunities. This will really go a long way.
Article written by Isaku Kageyama. You can follow him on Twitter at @isakukageyama .
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