156. Multiple Income Streams for Musicians

As a self employed musician, it’s crucial to have different streams of income. In this podcast, you’ll learn why it’s smart to diversify. It’s important to have multiple income streams for musicians to diversify their income streams and not depend on one particular source of cash flow. Therefor, by employing a combination of things such as performing live, live streaming and online sales not only increases revenue, but also allows a consistent flow of cash. Having 5 to 6 income streams coming in can make for a comfortable living. Income is seasonal: Especially With Live Venues Because of the nature of the seasons and the calendar, there are many income streams from music that just aren’t available year-round. Build Multiple Income Streams for Musicians Because Markets Change Despite our resistance, the market often dictates where and how we as musicians can make money. Musicians Who Face Health Challenges & Life Situations I can definitely relate to this. I have had my share of health struggles that have kept me out of the live performing game for a while. Also, I was out for maternity leave. Since we don’t have a company to provide these benefits, we have to be our own benefactors by building multiple streams of income to support us during these times when we can’t perform live. Increasing the diversity in income streams or increasing each income stream by a small amount can make a big difference in a bank account, especially if there are multiple flows coming in at once. This resource will help you build multiple streams of income for musicians.