Hi, everyone.
Let's quickly go over seven business tips for composers.
Tip # 1, Identify your target client.
This is a service business.
We're providing a service for a client who is our customer.
If we are a film composer, that means we're
providing a service for a film producer and a director.
If we are writing music for orchestral concerts,
then our client is the orchestra and the conductor,
but those are two very different situations and two very different
clients.
We want to start out by making sure we know who our target client is.
Tip # 2, Identify your product and service.
All composers are in the business of creating musical compositions.
If I'm writing a piece of music for a concert, I'm writing a composition,
creating composition, then making the parts for the players
and the score for the conductor.
In other situations, I'm also making a recording.
If I'm working on a television show or a film,
I need to also make a recording of that composition.
So those are two different situations.
In one situation my product is just the composition, in another situation,
I need to create a composition and also a recording.
It is beneficial to think about what other services
you are really providing for your client.
One such service might be simply staying within the recording
budget and the music budget that your client has for their given project.
Tip # 3, circulate.
It's important to spend time with your target client.
In general, we're composers, we like writing music,
we like being in our studio, we like being on our computer
and working on music.
However, it's important to also go to conferences, go to festivals,
go to industry events where you can meet people who are prospective clients.
Tip # 4.
Ask the magical question, what music do you need for your next project?
This question really accomplishes two things.
First, it helps you identify who a prospective client is.
If you ask that question and they don't really have an answer,
they're probably not going to be hiring a composer soon.
If they have a very specific answer for that question,
then they are a potential client.
Second, it shifts the conversation towards the most useful information
for you as the composer.
It helps you identify what music they need for their project,
and then how you can provide a service to them that has value.
Tip # 5, get credit.
It's important to get credit for the work that you are doing.
There are different opportunities in the industry.
Some will give you credit for the work you do and others will not,
but credibility starts with credit.
So if you get credit for work, you have more credibility
in the future when you're negotiating your fee on a future project.
Tip # 6, make it once, sell it multiple times.
Music and other forms of intellectual property
are unique in that they can be sold and licensed to multiple clients
and used in multiple products.
This is one of the most advantageous elements of music
and the one of the ways that it can make the most money.
It is a little bit different than other products.
Most products you make the product, and then you sell it.
To have a second sale, you have to make a second product.
Music is not necessarily like that.
We can make one piece of music, and then license it multiple times
and sell it to multiple clients.
We should try to take advantage of this, because its one of the ways
that music can make the most money.
Tip # 7, keep your costs low.
The way the economics are structured for composers is that on many projects
they get paid well, it's just paid in the future.
So with royalty payments, those usually show up a year
after the project is done or two years or three years or four years
or even 10 years after the project is done.
Also, there is a certain amount of unpredictability in the industry.
Even a very busy working composer may have
a month where they don't have a project they are working on.
Its important to keep your costs low in both of those situations,
while you're waiting for royalty payments that will come in the future,
and also as you're going through a month where you don't have a project.
Composers who do keep their costs low or in the best position economically.
Thank you for watching these seven business tips for composers.
I hope you're all very successful both economically and creatively.
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