10 Steps to Profit from your Passion Chapters 6-10 audio book review
Head over to the seminar section to listen to chapters 6-10 of the audio book.
Book Review: 10 STEPS TO PROFIT FROM YOUR PASSION (Pt. 2)
By The College of Hip Hop.org
In the first installment reviewing 10 Steps to Profit from Your Passion by The College of Hip Hop the reader was introduced to some of the basics of starting a music career or business.
In this segment chapters 6 thru 10 will be highlighted. Here, more emphasizes will be placed on the music aspect. So if you're an aspiring artist... lean in.
"What do I want from the music business?"
In order to answer this, one must know the different types of deals that are out there. First up is the infamous "360 Deal". With a 360 deal the label fronts you the money for your album, which you will eventually have to pay back through the money generated from album sales, merchandise, concerts and other forms of revenue.
Next, is the Production Deal. With this type of deal the artist may sign directly with a label or producer, who develops the artist and shops around demos. The last deal discussed was the lesser known Pressing and Distribution Deal (P & D Deal). With a deal of this sort the distributer manufactures and ships the album to stores for a commission, usually 25%.
When determining what type of deal is best for you TCOHH suggests weighing the pros and cons of signing a record deal, as well as being familiar with the different types of deals.
"Get an entertainment lawyer."
In Chapter 7, Recording Contracts 101 TCOHH starts off by stressing the importance of having a lawyer, and not just any ol' paralegal (no shade to the paralegals out there), but an entertainment lawyer. It's important to have someone in your team who is knowledgeable about the entertainment side of things.
Through a few chapters there was a recurring theme of "there is no such thing as a standard agreement". This is stressed yet again. While agreements maybe similar, there is no cookie cutter template.
The last thing you want to do is ball out with the money the label gives you as this may result in you not being able to pay for the production of the album. "No album = No sales", and no sales means you can't pay the label pack the money they fronted you.
Before signing a recording contact ask yourself whether or not you should have your entertainment lawyer look it over and who should negotiate contracts on your behalf.
"Proper packaging creates the perception that you have invested in the projects and it is worth the money."
Once you have successfully completed your album you will then need to determine how the product should be packaged. Chapter 8 discusses the importance of good packaging.
When determining how to package your project, it's important to ensure that your packaging stands out from the crowd. You'll also want to keep in mind how much of your budget you are willing to spend on packaging.
"Becoming a start is like running for office - if people don't see the signs promoting you or hears about you through word of mouth from sown one else, YOU LOSE."
At some point in your career you will have to determine whether or not you need a street team and when is a right time to do so. Your street team is responsible for getting your name out there, as well as promoting any upcoming projects.
Last, but certainly not least, viral content was discussed. In the age of YouTube, Facebook and the other various social media platforms the more views, shares and likes you can get the better.
"It's all about the content and emotional connection you create with your fans."
While creating viral content van be helpful in launching an artist music career, it is not necessary.
10 Steps to Profit from Your Passion is a must read for any up-and-coming artist, as well as aspiring entrepreneurs and CEOs. While the guide has a heavy concentration on the music industry, there's a little bit of something for everyone, whether you're looking to get into the music business or simply want to start a small business.