I do a lot of different things to earn money.  Combined, my various pursuits earn me a very respectable income.  Everything I do to earn money is related to the music business.  But I wear a lot of different hats. 

For example:
I write music
I perform music
I license music
I teach music
I teach music licensing courses
I teach courses about online marketing
I make Youtube videos
I host a podcast
I organize and host Songwriting workshops

It might seem like a lot of different hats to wear.  It seems like that to me at times.  However, I don’t necessarily work harder or work more hours than most people I know.  Despite the unconventional way I make money, my schedule is pretty traditional.  I tend to work a typical 8 to 9 hour day, Monday through Friday, and then I usually work a few hours on Saturday and Sunday, just because I enjoy my work so much.

I enjoy pretty much everything I do and it all blends together in a sort of synergetic dance.  The courses I create about the music business help me stay informed about where things are headed and it informs my approach to marketing my own music.   When I write songs I’m motivated to license them and market them, so as I improve my skills in these areas I’m inspired to create courses and teach others about what I’ve learned.  It all works together.

One of the keys to being successful as an independent musician in 2016 is to be diverse in your approach to creating an income.  It’s challenging to earn a lot of money doing any one thing in the music business.  Being a full time performer, for example, and earning enough money to live comfortably from this revenue stream alone is a very challenging level to reach.  It’s of course possible, as all things are, but it’s a very demanding lifestyle that can take years to become successful at. Conversely, earning a full time income from licensing, although of course possible, is also very difficult.  It too, can take years to accomplish and requires immense discipline.

However, earning a part time income from licensing or performing isn’t that hard to pull off.  Why not do both part time? It might be hard to earn a great living as just a guitar teacher, but why not teach and play shows?  Why not pursue licensing on the side when you’re not teaching or playing shows?

I think many musicians struggle financially, because they just don’t fully understand how to maximize and monetize all their different skills.  Sure, it’s great to fully dedicate yourself to one thing like songwriting or performing and get really, really good at that.   And if you’re able to, and you make a sufficient income from just one thing, then more power to you.  But when you’re diverse you’ll have more tools to draw from when it comes to creating an income.  You’ll have more security too in the sense that if one revenue stream starts to decline, you’ll have other ways to make up for it.  This isn’t just an approach for unknown artists.  I know some fairly well known artists who have done things like open recording studios in order to diversify and create new revenue streams.  It’s just plain smart.

There’s an idea that it’s bad to be a “jack of all trades” and master of none.  I disagree.  Of course, being simply mediocre at a bunch of different things and gaining no mastery over anything probably isn’t smart.  But there’s nothing wrong with developing a broad palate of skills you can draw from as a musician. In fact, in this day and age, as a musician, it’s absolutely essential.  Putting all your eggs in one “musical basket” is a risky proposition. 
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The more skills you cultivate as a musician, the more you’ll be able to do on your own, which is key as an indie musician.  Being successful as a musician, requires a diverse range of skills.  Booking a show requires a completely different skill set than performing a show, writing a great song requires a completely different skill set than producing a song, promoting your music requires a completely different skill than managing a band, and so on.  Of course, you don’t necessarily have to do all these things yourself, but the more you can do on your own, the less reliant you’ll be on other people to achieve your goals.

Related Resources:

The Complete Musician's Guide To Creating An Online Empire
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How To Make $60,000 A Year Working 25 Hours A Week As A Musician

The A To Z Of Music Licensing