Create an Additional Flow of Income Early

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.