MUSIC OR MONEY?
A question many artists struggle, especially when it comes to managing their emotions around money.
Early in my career at a time I was booking gigs, I used to get so emotional around money and quoting for my services. Dealing with venues, bookers, companies and the very awkward conversations around quoting thousands for our show in early stages.
A few years later, I founded a music company and the problem continued. I began to ask questions such as:
How much should I charge?
What is my service worth in monetary terms?
What is my hourly rate?
How much do I pay my staff?
What is a fair deal?
I meet struggling artists every day in my line of profession and one thing they all have in common is a belief around money.
It’s a sensitive issue for most people, but musicians especially as the average musician in Australia only earns 7,000-$12,000 per year on music derived income according to a study conducted by Earnst & Young. Not to mention the 40% of Melbourne’s population of musicians have experienced physical and/or mental health issues associated with their music practice (2017 melbourne live music census).
So then what causes this friction around money and ‘selling my art’ that affects so many musicians?
In order to understand the relationship between music and money, it’s important to understand money itself.
What is Money?
Money can be considered as energy currency or to be more specific, a currency we use to exchange values from one person to the next.
The market is made up of traders who each have something of value to offer.
Back in the agricultural days, before the monetary system was invented, farmers would trade their cows with vegetables. After a period, cows become increasingly common and so did vegetables, therefore local traders would have to stop trading as they no longer had a need or shortage of cows and vegetables.
So they invented the first coin, stamped it with a picture of a cow’s head and called it a ‘Buk’ to represent the VALUE of one cow.
From this point, coins were used instead of cows during local trades and were taken to the local market to purchase what was needed, i.e. bread, shoes, jewellery or whatever was of VALUE to that individual. Over time, the coin become the paper note (cash) which then become an Electronic Funds Transfer (EFT). It started as a very dense form of currency (the cow) and gradually evolved into a less dense, lighter electronic form (data transfer) which can be compared to that of energy.
So you see, money itself is just an energy transfer currency to exchange values between two people.
So then what is the problem for musicians when it comes to making an income with music?
After years of asking myself this one question, I discovered some profound principals and perspectives around money that totally changed my mindset. Since then, we have helped thousands of musicians transform their financial situation and most importantly, make an income using their talent, skill and new found knowledge.
So I’ve created a free event to help musicians break free from the ‘struggling artists’ mindset around money
At the event, you will learn how to:
- Breakthrough anyt limiting beleifs around money
- Confidently quote for your service or product
- Determine your hourly rate
- Approach new prospective clients (without looking desperate or pushy)
- Sell your merchandise from a stage
- Manage your emotions around money
- Apply wealth building principals (that I’ve personally used)
- Measure and track your expenses
& ensure your claiming EVERYTHING YOU CAN on tax – you’ll be surprised how much can actually be claimed:)