Think Like a Business (and an Artist)

For some musicians, it can be eye opening to learn that they own and operate a small business. Do you play an occasional gig and get paid directly for it? Do you write compositions and arrangements and sell them? Do you teach private lessons from home? You are a small business! There are many ways that musicians operate as a small business, offering our products and services for sale.  So, we have the challenging task of thinking like an artist and producing our best work, and ALSO thinking like a business. What does it mean to think like a business? Well, here are 4 thoughts:

1. Supply + Demand – This is Economics 101. Think about your business, or your new idea for a program or initiative. Is there a demand for this? Are there others providing this product or service? (That’s the supply) If there are other suppliers providing the same product or service as you, how can you differentiate your business? What is unique about it?
2. Getting the Word Out – What is the marketing plan for your business? How do you reach your customers and let them know what you can offer? Do you go to events and network? Do you post on social media? Are you a member of professional organizations? Think through all the ways you spread the word about your business, and then try to expand that list with other possibilities.
3. Strategic Planning – Successful businesses are always making strategic plans for the future. They chart out where they want to be in 5 or 10 years and they think about how to get there. They set goals and tasks and develop new ideas. You can do this for your career, your ensemble, your business, even if your business is just you.
4. Business Investments – What investments could you make to increase the quality of your work, your productivity, or to grow your business? Do you need new instruments? A better computer? Software? Other tools? Maybe you need to expand your knowledge on a particular topic through professional development or an online course? What about conferences where you can learn and network? Investments can also be things that simply require your time, and not money. If they do require money, make plans ahead of time to save gradually.

Thinking like a business and as an artist is a mindset. Develop it and help grow your business!