Why Musicians Fail at Making Money

Music schools are producing ever-increasing numbers of graduates. Today's graduates have a lot of playing experience within their genre. They don't just study their instrument or voice in isolation. Instead, they are required to take a mix of ensembles and to work with many different musicians. As a result, they are well-trained in their craft, and well-rounded in their experience.

Ready Or Not To Make Money, Here I Come!

So why do so many graduating musicians struggle to make money in the music business? It is because they are poorly prepared for taking action along the channels that will start to earn them some income and move their career forward.

They have lots of head knowledge, lots of performance skill, but are sadly lacking in business know-how.

With the music business in a state of rapid change, this is not good. Without an entrepreneurial mindset and a readiness for tackling a variety of business opportunities and environments, most musicians end up standing on the sidelines. They have made the common musician's mistake of not embracing the business of music for themselves.

In his recent blog post, The Mistake That Topples Careers and Industries, (http://savvymusician.com) David Cutler says, "Do you just do that one very specific thing (i.e. play classical oboe, choreograph ballet, paint landscape murals)?  Or is your mission open and flexible, ensuring that your work will remain necessary, valuable, and valued no matter how much the world evolves in any direction?"

Cutler has some good book suggestions to help musicians get on with their mission.

Here It Is: David Cutler's Reading List For Business Savvy Musicians

Ten Best Music Business Reads for 2011, and all of them can be found at Amazon's Great Hamilton Musician Store. I've read The e-Myth Revisited, and plan to pick up the P.T. Barnum title at the next opportunity.