Just Think - "The Price of Success is Less Than the Price of Failure"
Music Can Still Earn Without Record Sales- How to capitalize on Music for your next Joint Venture.
Music industry is in trouble, especially the musicians, with declining CD sales caused by internet and digital music. Free music-sharing technology and piracy fueled the musical crisis. The crisis is so large, some artists are joining the flow. Radiohead dispensed their record company contract and went home-based recording and internet marketing. Trent Reznor or Nine Inch Nails, too. Madonna also left her recording company and made joint ventures with event and tour organizers.
The musical revolution largely marginalized small and new musicians because they do not have the same strong fan base that Radiohead, Reznor and Madonna have. Though social networks (MySpace) and music-sharing technology (Limewire) offer them a global marketing opportunity, but they rarely earn from them unless they go in e-business.
Musicians rarely are business-oriented. They simply create and play music. That is why record companies thrived—they manage musicians and their music to earn. Thus, joint venture in music industry is large.
Selling music online is promising, but big companies already ruled the new industry like iTunes. Having music sold with iTunes would largely cost musicians. A music bar or restaurant, on the other hand, can be a good music business especially for new and small musicians because it is less capital-extensive.
Joint ventures can best minimize the capital and business management requirements for small and new musician-entrepreneurs.
With a joint venture partner, you can start a new face of music business. You can start by finding the best location for the music bar. Look for areas that are within or along business areas, those that have heavy traffic. Street strips where music bars thrive can be helpful, but niching in no-music bar zones can be more promising.
Invest on good sound system and equipment. As joint venture partner-musician, you can have your capital share in this equipment alone while your partner-business manager can largely invest on food and restaurant. Specialty food should be in the menu. Specialty food will not be a priority if the joint venture focuses on good music.
Your investment will be in the form of preparing and maintaining the sound equipment, inviting other musicians to play and local fan base to watch and eat in your music bar.
Here's to your Success!
"Award Winning Entrepreneur, and Joint Venture Specialist, Rivers Corbett offers an opportunity to a limited number of entrepreneurs who are looking to steer clear of the typical ''Get Rich Quick'' hype. Click on MyInternetBiz for more information.
- Rivers Corbett
- Rivers Corbett, MBA is an award winning entrepreneur, speaker, and author of "13 Fears of Entrepreneurs" He has received numerous business honors including Entrepreneur of the Year, Canada's Hottest Start-ups List and Canada's Fastest Growing Companies list through Profit magazine and most recently recognized as one of Canada's 10 Mentor RockStars.. Rivers is presently a member of Startup Canada's National Advisory Council, founding entrepreneur of StartUP Fredericton & the "Entrepreneur in Residence" at the University of New Brunswick. His real joy and expertise is being a StartUP Advisor and "zagging while everyone else zigs"...like his two newest businesses ventures the Relish Gourmet Burgers restaurant chain and TheRockStar StartUP for StartUP entrepreneurs. Oh... he is also the leader of a team of over 25 chefs through his other company The Chef Group. Not bad for a guy who hates to cook. Always looking for a new idea to help businesses' succeed...this is his newest marketing discovery for StartUPs The Lyoness Advantage. "Rivers is a 21st century entrepreneur, he's the one to watch" - Jim Gilbert: Canada's Huggable Car Dealer!