First steps to start in music industry
Whether you have music in your genes, or love to be around a musical environment, you can think of starting a recording business as it would let you do something in the domain that you love the best – music.It would be an added advantage if you already possess computer skills and like working with music recording software as well as some related electronic equipment. But even if you don’t, you can always pick up the skills if you are really driven to start a recording business and put in all the requisite hard work to make it a success.Let’s take a look at the basic steps that you will need to navigate in order to set up your recording business.
Get an overview of what the business would entail
Starting a recording business usually means setting up a recording studio – either for single artists, or bands, or both. No matter who your target clientele is, it would need a sizeable investment on your part. If you want to test the waters first, you may begin with a modern computer-based home studio, which will be less expensive than commercial recording venues, where you will not only need to pay up a hefty rent but also spend a lot to set up professional-grade facilities and get professional-grade equipment.
Your expertise in the field is another aspect, perhaps the most important among all others, which will be paramount to your business success.
Protecting music files and other data you send, receive, or share online is another key criterion to succeed. A solution is to use the best VPN for online transactions, as it would keep your online activities encrypted, thus keeping them safe and away from prying eyes as well as those with malicious intent.
Deciding upon your rates is also a key factor in starting a recording business. You should be aware of how a majority of recording studio businesses make the bulk of their income – through their hourly rates for allowing the use of their studio and personnel necessary to run the equipment. Ideally, you should do some research in your area to find the typical rates charged by your competitors or those in the business for long to get an idea of what rates would fetch you some clients. While you shouldn’t charge too less as that would mean getting more clients than what you can handle and even the risk of facing monetary losses, setting too steep a price would mean getting nil or just a handful of customers, which would put a big question on the sustainability of your business.
Decide on the location
Running a recording studio business from home could be the ideal way to get started for beginners. As a beginner, you will save a lot of money on rent and commute, and may even take up urgent client requests as you will need just a few steps to get into your studio, thus handling client emergencies in an efficient manner. However, the downside of having a home business could be excessive domestic distraction, especially if you have a family and small children. Since you will often need to let strangers inside your home studio, the privacy and security of your family and even your personal assets could be at risk, which could become a grave issue.
With a rented space, you will be able to project a more “professional” setting and work with minimal to no domestic distraction. Depending on your budget, you will also have a greater choice of property sizes and types, and choosing right would mean getting more business than you ever could with a home recording studio. However, you can always start with a home studio and once you have build up a steady clientele, shift to a rented space.
Gadgets and software that you will need
If you are starting with a home-based recording studio, you will need the following:
- Computer (desktop or laptop)
- Digital Audio Workstation (DAW), which is the primary software for recording, editing, and mixing music on your computer.
- Audio interface that provides you with all the essential connections to send your music
- Cables and connectors
- Studio monitors
- Microphones and microphone stand
- Pop filter
- Other necessary software (including security software like VPN, etc.)
Some other equipments that you will need include studio chairs, acoustic panels, reflection filters, bass traps, diffusers, studio monitor stands, and monitor isolation pads.
Plan your business
Have a business plan which should include where from you will get the money needed (self-financing, getting loans from family and friends, or applying for a bank loan, etc.) to start the business. You would also need to do the following:
- Establish a legal business entity
- Register for taxes
- Open a dedicated business bank account
- Have a business accounting system in place to record different business expenses and income
- Obtain the requisite licenses and permits to run the recording business
- Get business insurance
- Establish a web presence, set up your brand, and plan advertising and marketing campaigns
It would be great if you can enrol yourself into some studio engineering course or short-term programs run by a music college or recording school before starting your recording business to get useful insight and technical knowledge. You may even try to work or intern at a studio as an alternative option to gain first-hand knowledge and experience in the field before taking the entrepreneurial route to set up your own recording business.