gm lions!
This weekend, was super fun for me at the studio. I'm in the middle of producing an album for a local band called Remolacha Beets.
You may have seen some of their music in the past, I've shared it in previous posts
Remolacha Beets at El Paredón, Guatemala
I'm surely going to bring them over to the Hive ecosystem at some point. I'm just ironing out the onboarding process for new musicians. I want to give folks a nice, clean experience that will help them understand the benefits of embracing this truly unique and powerful web3 environment :)
The production of this album is significant for me because it gives me something super fun to do that balances out the more corporate oriented service offerings such as voiceovers, podcast & interview production and field recording. Not to mention time management, financial planning, marketing, and brand building.
Music production is an opportunity to "let go" for a day. Sure, we still have to prepare the session before the client gets there, organize the files, write down the equipment and settings we'll be using, but we also spend a few hours being part of someone else's passion project, and the feeling of doing something out of passion is contagious.
These are just a few of the bands I've produced and gladly shared on @threespeak with my music account @recording-box :
It's only about 10% of time I get to do this, so I make the most out it. The other 90% of the time I'm doing other things that might not be as fun, but are absolutely necessary to run a successful business.
Prioritizing Tasks:
Much of my time is spent setting clear goals; establishing short-term and long-term goals for both creative projects and business tasks. This helps in prioritizing what needs immediate attention versus what can be scheduled for later.
Daily and Weekly Planning: Use tools like planners, digital calendars, and project management apps. I personally use two for work: Monday and Notion to organize tasks. Break down large projects into smaller, manageable tasks with specific deadlines.
Creating Routines:
Dedicated Creative Time: I like to allocate specific hours of the day for creative work when I'm most productive and inspired. For instance, some creatives find mornings ideal for brainstorming and designing, I prefer late evenings.
Administrative Time Blocks: I like to designate separate time blocks in my calendar for administrative tasks like responding to emails, accounting, and marketing. This prevents business tasks from encroaching on creative time.
Creating a Budget
Last quarter of 2023, I developed yearly, quarterly and monthly budgets that include all business expenses (supplies, marketing, rent). This helps in managing funds effectively and avoids overspending.
I also Track Expenses and Income
While I don't use any accounting software myself(e.g., QuickBooks, FreshBooks), I do have an in-house accountant that helps me keep detailed records of all business-related expenses and income. This helps in understanding cash flow and planning for future expenses. We review financial statements once a month, once every quarter and once a year.
Networking and Collaborations
I like to attend Industry events like workshops, networking meetings and conferences to network with other creatives and potential clients. These events can provide valuable insights and opportunities for collaboration.
Collaborate with Other Creatives
I often seek out opportunities to partner with other creative entrepreneurs for joint projects, co-hosted events, or cross-promotions. Collaborations have helped me reach new audiences and also create unique offerings.
Develop Value-Based Pricing
A portion of my time as a creative entrepreneur involves determining the value my work provides to clients and price accordingly, rather than just covering costs. I brainstorm a bit to consider factors like uniqueness, time invested, and market demand.
Regularly Review Prices
Of course, prices are rarely set in stone and forgotten about. I periodically review and adjust my business's pricing based on market trends, demand, and it's own growth and experience. Don’t be afraid to increase prices as your skills and reputation grow.
By integrating these detailed strategies, entrepreneurs in creative industries like me, can effectively balance their artistic pursuits with the practical demands of running a successful business, ensuring long-term sustainability and growth.
Of course, you can apply these to any kind of business too.
Are you running a business in a creative field such as marketing, design, music, film?
