If you are a music lover, it is quite possible to monetize your passion. This is due to the fact that there is a better chance of succeeding in what you love doing, because interest is very important in starting a business.
Below are 7 awesome business ideas you should think about trying out if you are a music lover:
1. Music Promoter
When a new band or artist starts out, they need a promoter to help them gain an audience and get recognition. If you have an eye for the next big thing in music, you can make some serious money from that.
You should approach unsigned bands and ask them whether they need promotion. It will be your job to make sure that these bands get gigs and contracts.
You will need entrepreneurial flair if you want to make this business idea work. In the long term, you could consider expanding into a music promotions company.
2. Start a Music Review Site
Online publications are wildly popular at the moment, and you can profit from starting one for music lovers. If you know a great deal about new music, you could start reviewing gigs and records.
If people begin to like your reviews, they will read them all the time. Gaining an online following is an easy way to make a sustainable income for yourself.
If your publication gets large enough, you could find that you can sell it to a media group. This idea is the type of thing that can make you millions if it becomes a success.
3. Organize a Music Festival
Every festival had to start somewhere. If you are already in touch with some fantastic bands and artists, you might want to launch a festival of new music.
You will need excellent organizational skills if you wish to make this business idea work in the long term. You will need to find the right venue at the right price.
Next, you will have to sign up a whole host of bands to play at the festival. Remember, you might need money up front to pay the musicians. You will also have to promote your festival to music lovers and sell tickets to it.
4. Start a Music Academy
Can you already play an instrument? If you can, you might want to start an educational academy so that you can share your expertise.
Loads of music lovers want to learn how to play music. You could find that you have a never-ending stream of customers. If you have more clients than you can manage alone, you can hire other teachers to work with you.
You will pay them a cut of the price you charge each customer. That means that you will get part of the profits from every single lesson.
5. Create a Weekly Podcast for Music Lovers
If you want to be creative in your job role, you might find that making a podcast is ideal for you. Few people know that you can make some massive profits from podcasts when they take off. You should focus on a theme in each of your shows.
Trying to talk about music as a whole is too vague and will mean that nobody listens to you.
Instead, go for a niche market. You might want to focus on black metal, for example, as there is a small, yet dedicated following of this genre.
That way, you will get people who adore the type of music to listen to you all the time.
6. Start a Band Management Company
If you know what it takes to make it in the music business, you should consider starting a management company. You will need a massive initial investment to get a venture like this one off the ground.
Music management agencies tend to finance albums for their artists. That means that you will pay for the album production and in return you will get a cut of the profits.
7. Sell Musical Equipment
Musicians and music lovers alike swoon over vintage musical instruments as well as the latest technologies in the field. A retail outlet for these products in an urban area could become a lucrative business.
For example, you could offer recording studio equipment for aspiring music producers and soon gain steady customers. If you also offer classes where people could learn how to use these gadgets, your target audience is sure to grow.