Article: 8 Ways to Make Money with Music
0. Article Intro 1. Busking 2. Gigs & Touring 3. Sell Your Merchandise 4. Record & Release Your Music 5. Record & Produce Other Artists 6. Manage or Promote Events or Clubs 7. Mentor Other Musicians 8. Build a Music Business
MENTOR OTHER MUSICIANS
Market Trend
Mentoring and coaching is now the 2nd fastest growing industry in the world producing $350 million per day in the US. With more musicians considering working with mentors over traditional degrees, never has there been a better time to establish a music career as a professional mentor for musicians and artists. Mentoring is also a great way to share your experience, skill and knowledge with upcoming talent whilst helping them to achieve their goals.
Role of a Mentor
Professional mentors use coaching, teaching and counselling as part of their profession, working with mentees to help them overcome personal challenges. The primary role of the mentor is to build capability and the developmental mentor helps the learner discover their own wisdom by encouraging them to work towards career goals and develop self-reliance. In mentoring, the mentee experiences a higher level of accountability to achieve deeper, more enduring results that generally lasts a lifetime. In addition to this, mentors often guide mentees along their career by sharing their network and industry connections, help to source work in the industry and be available to support you whilst in the field, in the studio, at a gig or during an important deal.
Earnings Potential
Professional mentors can earn between $70-$150 per hour and can sometimes charge higher fees than standard teaching rates (typically $30-$70 per hour). According to Neuvoo, entry level music teaching positions start at $58,500 per year while most experienced workers make up to $87,750 per year.
Expertise and Skill Required
Many professional mentors have at least 3 years informal teaching experience and have completed professional training or qualification. With the growing popularity of modern positive psychology and life coaching programs, professional mentor training programs have been mainly offered to skilled professionals in privately run education-based companies.
Return on Years of Investment
If you love helping others develop their potential, mentoring is a great way to get a return on years of practice, learning and experience whilst making an impact in people’s lives. Most of the best mentors in the music industry are also skilled producers who combine both producing with mentoring, working with their networks which can include A&R companies, music record labels and agencies.
