Starting a Profitable Side Gig as an Artist
Photo by Gabriel Gurrola on Unsplash
Plenty of investment in energy, time, and money goes into creating music and touring. While so much goes into creating, income can be very unpredictable for many. Finding a side gig can be the only way to make ends meet. An extra stream of income can help pay the bills as you pursue your dreams. Many artists across the country have to bus tables or teach classes when their art alone fails to put food on the table.
BCF Records provides you a creative outlet as you focus on your side gig. This article details how you can get started in a side gig that is profitable and flexible so that you can still have plenty of time to create your art.
Making extra money as a starving artist
The transient nature of the art business makes it difficult to rely on it solely as a source of livelihood. Getting a side hustle is a means to pay bills and put food on your table. You should not burn yourself out. The extra revenue stream should give you the freedom to work on your art and find your niche. This means that you should get smart side gigs that allow you to make more efficient use of your time.
While you can choose a side-gig that is unrelated to your passion, for example bartending, it is best to work side gigs that build your portfolio as a musician. This way, you will be able to combine passive income opportunities and active opportunities to get a stable, reliable income. You can find yourself working on inspiring gigs and earning more in the long run.
Types of side gigs for artists
There are many side gigs to choose from in today’s ever-expanding gig economy. It may be challenging to decide on the most suitable gig for an artist. Choice is entirely dependent on individual preference and availability of the gig. You should choose one that inspires you and gives you enough time and freedom to create. Your choice should also propel your career forward and help you grow as an artist. Driving people around town or sitting in an office may earn you money but it will stunt your career.
Excellent ideas for side gigs that can backup your primary music career financially include:
- Leading worship at church
- Music teacher
- Live performance
- Event promoting
- Staff positions in music companies
- Ceremonial gigs
- Running a subscription service
Turning a side gig into a business
If you are teaching music or performing ceremonial gigs, you might want to establish yourself as an official business. When you register your business, get an EIN number to provide you legitimacy. An EIN provides many advantages including identity protection, legitimacy to lenders and allows you to separate your personal assets from your business assets. The EIN makes it easier to file annual or quarterly federal and state taxes. It is also how the U.S Internal Revenue Service tracks payroll taxes if you have staffers.
As an artist, you have to work knowing that your art is probably not going to be the primary source of your income. You have to find a way to marry your artistic pursuits to your side gig. Getting into the right side gig will not only provide you an income but can also help you develop your artistic skills and connections. You will be able to gain a range of new experiences that you can even use to build a successful business.
This article was written by Ed Carter from Ablefutures. Visit his website and learn more about how Ed is empowering those with disabilities through information on maintaining a stable financial future!