How To Achieve Financial Stability As a DJ
The information disseminated in our latest Brolic Army DJ School blog serves to help our students contemplate how to generate and maintain financial stability in their DJ careers. DJing is fun, but developing ways to secure your livelihood as a DJ makes LIFE FUN. So think of this as much of a discussion on how to make a great living as a DJ as it is a blog on enhancing your perspective towards the art of DJing.
Making A LOT of money in the field of DJing is not as hard as it might seem. It’s the part where you need to think of yourself as an entrepreneur that trips most people up. The biggest reason why DJs fail to earn the kind of money you can retire with is because they’re not cognizant of the fact that music is a business, and needs to be treated as such.
The most common mistakes made by DJs are:
Not Having Solid Goals
Would you willingly be a passenger on a ship navigated by a captain that has no idea how to reach his destination?
To earn a good living as a DJ it’s imperative to develop clear goals and a plan for reaching them. It’s not enough to merely think about making a lot of money. Rather than fantasizing, begin working towards a layout of your future. Ask yourself:
- What is your preferred yearly income as a DJ?
- Are there sources that will point you in the direction to acquire said income?
- Which steps should you take to set up said sources?
- How many ways can you add value to the relationships you have in the music business? (Be unique and stand out!)
Valuing Recognition Over Stability
I’ve always said, owning the title to your home in the long run will trump any DMC title. That’s not to say you shouldn’t compete. DJ competitions are a rite of passage for DJs and it’s a great way to get your name out there. That said, it is necessary to understand that a DJ competition should be viewed as a stepping stone to bigger goals, not a resting place. Obviously there are DJs who’ve won DJ titles and achieved financial freedom, however you should always prioritize the latter over the former! That’s what world champs like A Trak, Q-Bert, and Roc Raida did!
Failing To Add Value To Yourself In The Music Business
This is arguably the most important concept to understand. Whether you’re a tour DJ, battle DJ, resident DJ or TikTok DJ, the people whom you expect to spend money to utilize your talents as a DJ are choosing from a pool of thousands of DJs all following the same path. What separates you from them? Chances are your response is, “my DJ skills!” But no matter how great they may be, skills are only one element of value. Work ethic (making an effort to show up on time to your gigs and being responsible while you’re working), temperament (are you a people person?), business savvy (understanding how to negotiate and navigate your business dealings) are crucial to putting yourself in positions to GET PAID!
Not Putting All Your Eggs In One DJ Basket
Almost all aspiring DJs enter the scene with the same attitude, “I’ll make money as soon as I land a DJ residency at the local bar,” or “if I can land a slot on the radio I’ll be good.” If you truly want to experience financial independence as a DJ you’re gonna have to diversify your portfolio as they say! It’s important to have various sources that are bringing in money for you actively (touring, residencies, private events) and passively (home studio work, royalties, licensing). By having multiple streams of income, you gain financial protection, and so if another Covid Lockdown occurs (God forbid) you won’t be relying on just one source of income to maintain a living.
Having An Exit Strategy
Everyone wants to know how to successfully enter and prosper within the DJ scene but no one ever asks, what happens when the music stops? If the bulk of your income is generated from DJing, invest the necessary time into preparing an exit plan. The way you leave your DJ career will impact your future more than your entrance into it!
Closing Thoughts
If you want the financial independence it takes to DJ for a living and then comfortably retire from it, you will need to invest the same amount of time you do practicing into improving upon the business side of your DJ career. This way you won’t need to ever work a dead end job simply to make ends meet!