Why Are Most Canadian Musicians Struggling Financially

Many Canadian musicians are struggling to make ends meet and become successful today.  In fact, even successful bands and artists happen to struggle financially. There are different reasons for this, from the fact that they are usually self-employed and depend on seasonal income, concerts, and events to the recent global financial crisis.

Musicians and Common Mistakes They Make

Musicians also have kids to look after, mortgage to repay, and bills to pay on a monthly basis.  Irregular income means less financial security. On top of that, musicians have expenses such as travel costs, studio time, music equipment, etc. Another reason why Canadian musicians are struggling to earn a living is that many are not willing to approach their career as a full-time job and business. They juggle between their music career and ordinary job which actually leaves little time for their music career. And while their ordinary job is secure, it is often less well paid because they have other ambitions and strengths. What is more, when they focus on their music career, this is a chance to add value to and impress music company officials and other key players, other bands, and fans, of course. The unfortunate truth is that many musicians lack basic skills to turn their talent into a profitable venture and make money out of it in a business-like manner. They also find it difficult to identify their audience and target market and often fail to develop a database of interested parties such as bands, recording studios, other musicians, business partners, and fans or customers.

There are other mistakes that musicians make that cost them dearly. Some musicians, for example, rely too much on the music company they’ve signed a contact with. It is important to take initiative and try different ways and approaches to promote oneself. Look for business partners as well as a way to increase your income by having multiple sources of income and not just your music company. This will give you more opportunities to record music, perform, tour, and write music. Plus, the fact that you have more than one business partner means that you are not dependent on a single source of income. And it is also important to have a good booking agent who will plan tours and negotiate on your behalf.

Music marketing is important, but there is more. The sad truth is that sometimes musicians are not at the level they believe they are. Some musicians are more talented than others.

Music Careers for Artists Who Are Struggling Financially

There are plenty of opportunities to make money as a musician even if you prefer to have a regular job. The same holds if you are an average musician. A music career is also a good option for artists who are struggling financially. For example, you can work as a record producer, give instruction to hobby artists, create music, join a music band, and plenty more. The list of music careers is quite long. You can work as a recording engineer, DJ, talent acquisition representative, or concert promoter. The list of music careers also includes tour publicist and tour coordinator, composer, stage manager, production music writer, and so on. As you can see, there are hundreds of opportunities to make money, depending on your talents and strengths and weaknesses. Whether you become a music journalist or editor, instrument teacher or college teacher, this is an opportunity to earn a living and put your talent into good use.

Resources courtesy of www.creditavenue.ca:

www.creditavenue.ca/top-canadian-travel-credit-cards

www.creditavenue.ca/canadas-top-ten-secured-credit-cards