Create an Additional Flow of Income Early
When I initially decided to begin my own business, the focus
was on artist management and artist marketing. As time goes on, I notice a
significant trend in artist’s revenue. Over the last few years, record sales
have declined significantly. This is why there are so many artists who look to
other streams of income. We have seen artists establish themselves in the
television/movie, fashion, cosmetics and healthy living industries. Recognizing
this trend early is imperative for any new artist looking to be successful in
their industry. With this principle in mind, I wanted to look at what types
other streams of income, with the focus of merchandising, more successful.
It is not uncommon to see artists promote themselves and
their brands through apparel such as T-Shirts and headgear. However, if this is
the only type of merchandising that the artist uses, they are limiting
themselves. Artists should take time to look into every area of merchandising
that’s available. A good example of this would be the Hip-Hop Artist 50 Cent.
He positioned himself to be successful as a rapper, as well as an actor. He
also tapped into the healthy living industry by creating Vitamin Water. 50 Cent
has recently tapped into another merchandising venue, as he is now promoting
his new headphones, known as SYNC.
It is important for new artists to see that merchandising is
not limited to selling items that show their name or brand, but rather an item
that they have created and made popular. A great example of this would be Katy
Perry and her heart sunglasses.
A great way to ensure that your merchandise is available and
noticed, is by first making it visible. This may come easier for an artist who
is already somewhat established; however, even with a new artist, anytime they
do a show or an interview, they should wear or show their merchandised item.
Katy Perry’s heart sunglasses became popular because she wore them all of the
time. This then lead to the knowledge of her full line of eyeglasses.
This is a great way to follow rule number one in Kiyosaki’s
“Rich Dad, Poor Dad,” The Rich Don’t Work for Money. A major step in becoming
rich, is understanding how money works. One must find a way to make money; that
way, when they are not working, they are still making money.
References:
Kiyosaki,
R. T. (2011). Rich dad poor dad, what the rich teach their kids about money
that the poor and middle class do not!. (1st ed.). Scottsdale: Plata Publishing.
