Did you know that if music creators develop their business skills they are more likely to succeed in music and be happy? As we share in this article, being profitable and managing your cash flow keeps your music business fueled, healthy, and even more fun to pursue! Music and money CAN go hand-in-hand, and the only thing that’s standing in the way of becoming a thriving artist is you!
Late in 2020, my wife and I rediscovered Dave Ramsey’s “7 Baby Steps” and “Financial Peace University” systems. Both are simple programs that help people get out of debt once and for all (and you don’t have to be religious to buy into it).
Now, we were already in fairly decent financial shape, but these steps helped us affirm where we were and get ahead even more. Today, our only debt is our mortgage, and we have a plan to get rid of it so we can be financially independent.
Best. Feeling. Ever.
After the success we saw, I asked their Ramsey Facebook group if anyone knew if and how the 7 Baby Steps could be applied to a business situation. I was given a strong recommendation to purchase and read a book called “Profit First”. After reading it, I looked at the book and asked “Where have you been all my life?” (not really, but that was the feeling I had).
In hindsight, these programs are no brainers and it’s easy to see how simple and effective they are. As humans we need to be given a simple plan to follow to take action, otherwise our brain can create a fog around anything new quickly.
After reading and applying the “Profit First” book to my own businesses (including Eleven), I realized that this system could easily be adapted to allow musicians, bands and music entrepreneurs to finally get rid of the “starving artist” mantra and replace it with something so much better: the “thriving artist” mantra.
In fact, we believe in this so much we created the “Thriving Artist Profit System” course inside our new Music Entrepreneur Academy to help musicians not just make money, but build wealth, in music.
You can learn more in the book or in our course, but here are the basic steps: