1. CREATE A GREATER DEMAND FOR YOUR SERVICES
Overwhelming the most effective way to generate more income is to acquire a larger, more devoted, more diverse, more powerful set of collaborators who demand you as their composer over others.
This means working mighty hard at establishing, developing and maintaining relationships with decision makers
Projects themselves can become the catalyst for demands for you. The project’s success and acclaim can help move you forward as well as passionate appreciation of your music.
2. MAKE RICHER DEALS
There are many aspects to a deal. Sometimes the focus should be on the upfront create fee. Other times it should be the details of a package. Sometimes its the emphasis on backend bonuses. Other times it’s ownership of the publishing.
The smart custom balance of these ingredients on a project-by-project basis is what makes one approach to a deal potentially richer than another.
Anyone reducing the complexity of options of a deal to one or two concepts is potentially leaving money on the table.
3. WORK MORE FREQUENTLY
Landing more work can increase the number of relationships that can create greater demand for you. It can increase the likelihood of hitting on the right project. It can give you more opportunities to earn more money.
Having the right team of support can help you operate better and work faster thus allowing you to take on more work.
4. WORK MORE EFFICIENTLY
If you are working on a package that makes you responsible for recording costs, developing mastery of working more inexpensively can be critical to your financial success.
Understand recording costs. Learn how to tweak them.
Know how to smartly negotiate using a variety of forms of compensation.
It influences your profits as you make deals with recording studios, musicians, orchestrators, copiests, mixers, and others who give you support.
5. UPGRADE YOUR PROJECTS
Reaching for and landing more high-profile projects with better collaborators can greatly impact your career and bottom line.
There is an art to increasing your likelihood to score bigger and better projects that includes demoing, pursuing, socializing, supporting, giving and investing.
It usually takes effort to yield new and better results.
6. CREATE DIVERSE POOLS OF INCOME
Limiting oneself to one faucet of revenue is… limiting.
Within the business: Do you write songs, orchestrate, produce, perform, copy, music edit, license, assist etc.
Not only can these increases your revenue streams, the diversity of work can create wider awareness and perceptions of you which can lead to more income opportunities.
Outside the business: Can you earn extra money on side businesses and other forms of employment?
There is no shame in making money in a diverse set of ways, including non-musical ones. They help you pay your bills and keep you in the game longer.
Don’t let pride, narrow-vision or stubbornness undermine your abilities to earn a living.
7. INVEST INTO YOUR FUTURE
Like it or not, as a media music composer you are running a business. And the dynamics of all business comes into play.
Typically, a business needs to invest into starting up and running.
It needs to invest in equipment, support team, customer acquisition, marketing, promotion, demos, travel and much more.
Resourcefulness, willingness to take on debt, risk-tolerance are among the factors someone starting and running a business typically needs to contend with.
It almost always takes money to make money.
8. STAND OUT FROM THE CROWD
People value and pay more for something they perceive as rare and special.
There is very little demand and very little money for composers whose work are perceived as generic and interchangeable.
Be honest with yourself and where you fit into the musical landscape of buyer options.
9. DO GREAT WORK
Great music, great attitude and a great work ethic go a long way in creating an environment that fosters making more money.
Breathing is inhaling and exhaling. Living is giving and receiving.
The more generous you are with your time and resources, the more good fortune will come back to you multifold.