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Musicians: Here’s How You Can Increase Your Income and Improve Your Financial Security

Working as a professional musician means lots of gig work or short-term jobs and not as much stability. According to the U.S. Bureau of Labor Statistics, the median hourly wage for a musician in 2021 was $30.49. Freelance musicians may not have consistent work, so it’s important for them to have other income streams. Undefinable Vision shares some ways to make more money as a musician.

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Start a YouTube Channel

One way to increase your earnings is to put your music on YouTube. Artists can start their own YouTube channel to supplement their income from live performances and build a base of subscribers for ad revenue.

Go Live

Virtuoso Central notes that live streaming your music from performances can be another way to bump up your earnings. Before each performance, offer an option on your social media for fans to attend virtually via a live-streaming ticket.

Update Your Musician Website

Next, give your website a new design and an update. If you don’t have an official logo, create one for free for your site. Use your new logo on all of your marketing materials, such as your YouTube channel, merchandise, and social media for consistency.

Open a Business Dedicated to Music

Another way to bring in more cash is to open your own music-inspired business, such as helping design home music studios or scoring independent films. Learn how to launch your venture with this handy guide outlining how to start a company. Start by crafting a well-written business plan, so your venture has a chance for success. Detail the business, selling services, structure, funding possibilities, and financial prospects.

Perform at Weddings and Parties

Musicians can also make some side income as wedding or party performers. You can make lots of cash in a few hours if you offer your services for special events. You’ll need to reach out to wedding and event venues to help market your services and get clients.

Sell Your Own Merchandise

Artists can also bring in revenue through an effective merchandising plan. Design your own t-shirts, buttons, stickers, non-fungible tokens (NFTs), and other products to get your name out to more people. Sell merchandise at shows and online so your fans have a way to express their enthusiasm for your music.

Offer Music Lessons

Many musicians also provide music lessons as an additional revenue source. Focus on providing lessons for either singing or mastering an instrument. Music lessons for kids can be a great way to have fun while making money. Music lessons can be offered at your home or your client’s home for an hourly charge.

Consider Driving for a Ridesharing Company

If you want a break from your music, you can also sign up to drive for a ridesharing company. Musicians sometimes have unusual working hours, so being a driver for Uber or Lyft can help fill in the extra hours you may have off and give you more income.

Opt for Personal Shopping

The last way you can add more cash to your wallet as a musician is to devote a few hours a week to personal shopping. Grocery shopping and delivery services have become popular and lucrative as a side hustle. Working as a personal shopper is another gig that can fit into a busy musician’s schedule.

Have the Right Gear

When it comes time to perform or record, it’s imperative that you have the right gear to ply your trade. If money’s tight and you need to make a purchase, be sure to check your credit report first. Any issues can make the financing terms more costly, so you’ll want to have everything in order.

Supplementing your musician’s income is possible if you aim for multiple revenue streams and even start your own business. These income sources could help you make a real living wage while following your passion.

Written by Jennifer Scott
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