Making Money Before Making Money

Making Money Before Making Money

What is going on lovely people?  Can we talk about money?  It is the most important thing in the business world or the modern world, as we know it.  With this blog post, I want to focus on making money before making money in the entertainment industry. Everyone who is trying to get into the entertainment industry wants to make money.  No one wants to work for $0.  Everyone wants to make at least enough money to sustain everyday life at minimum.  This is where I feel the problem comes in.

Making money before making money can be summed up as financial knowledge in making money, keeping money and having your money make money. Artists tend to not know how to make money before making money.  They tend to just want to make money after the fact and get tricked into this by label advances.  Most record labels will not take the deals they offer artist themselves.  They understand that is no way to make money, but they feed on artist’s ignorance in finances. It is not until after years of not receiving the financial gain an artist believe they should have do they start looking into their contracts and deals.  By this time, there is nothing that can be done because they signed a contract that did not benefit them.

Artists need to understand that they are a business and a proper business plan with financial knowledge and a understanding of business structure on how to make money and where to invest money will ensure an artist’s financial longevity long after they left the business.  Financial knowledge will guarantee that no dollar is wasted on unnecessary paperwork, trademarks, copyrights and attorneys later in an artist career. The concept of  “Making Money Before Making Money” is financial knowledge before moving forward into the bigger picture; your dreams. This can be applied in any industry in the world. Without the knowledge and research of your industry, I can almost guarantee you will lose money after making money and who wants that? So go make money before making money.

The sources used to help fuel this wonderful blog post were Rich Dad Poor Dad, Successful Business Plan (Secrets & Strategies) and Entrepreneurial Finance.