* Written by Lyric Financial CEO, Eli Ball, this post is was featured on the TuneCore blog here!
As an artist your career is your business and you are the CEO. Before you begin protesting that you are an artist and you have a manager to deal with the business stuff, hear me out.
The music industry is full of so-called “professionals” who want to tell you how to be successful. In fact, many of them rely upon the assumption that you are not in charge, but make no mistake about it: you are the boss. While it absolutely takes a great and committed team to build a successful business, you as CEO are ultimately responsible (not your manager). Consider this: your manager is effectively the COO/CFO (chief operating officer and chief financial officer) of your business. As your COO/CFO the manager’s job is to execute your vision and be a trusted sounding board for your ideas. Sure, a good manager will bring you opportunities they think will advance your career — that’s their job. But remember, your manager works for you, not the other way around.
Here are some tips to help get you off on the right footing with your manager:
The Benefits of Having a Clear Vision
First, you need to define your vision for what you want to represent and accomplish as an artist. Be very clear about your goals and what you are willing to do and not willing to do in order to achieve them. Notice I did not use the word “comfortable”, since running a business is anything but comfortable. It’s challenging at every level of your being and the more success you have the more challenging it becomes.
By having a clear and concise vision that you’ve actually written down and discussed with your team, you save yourself from the directionless confusion so many artists fall victim to. It also gives your manager a clear idea of what you’re looking for and defined goals to achieve and to be measured by.
Be Aware That Your Career Needs Will Evolve As You Grow
There’s an axiom in the business world, that “the team you start with is not necessarily the same team you finish with.” In plain English, as you grow your career, the challenges you face at one level may require a different skill set from the one needed at the next level.
With that in mind, and setting aside for a moment the important issue of loyalty (to be discussed on another post), as CEO you need to be very comfortable that your manager can help you not only immediately, but is able and/or willing to adapt as your career grows. I am not advocating that you change managers whenever you hit a rough spot or the next level, far from that. However, as CEO you are responsible for making sure you have the right people on your team and the right people in the right roles (check out Jim Collins’ insightful book called “Good to Great” to learn more building a great team).
5 Fundamental Issues You Absolutely Need to Address
Regardless of your experience level and whether you have a manager or are considering hiring one, here are some basic issues you need to discuss with your manager:
- Does he/she clearly understand and share your vision and goals?
As noted above, this is crucial for a successful long term business relationship. Of course, you need to really have a clear vision from the get-go to make the most of your artist/manager relationship, so if you don’t yet have that down pat, perhaps work on that first and find the right partner second.It’s also worth noting that this isn’t a one-time conversation. As your vision and goals evolve be sure that your manager continues to be in sync with you.
- Is there a fundamental level of trust and respect?
How do you measure this since trust and respect are built over time? In the beginning, it boils down to personal chemistry. Do you feel comfortable with this person managing your business and representing you? Do your homework. Research their background and check industry references, education and training to determine whether their skill set will be additive to you and your team.If you already have a manager and it isn’t working, you need to ask yourself why and address the issue(s). Then trust your gut. In the end do your best to make the right decisions and if it turns out to be wrong, correct the mistake.
- Do you communicate well?
Your relationship with your manager is the most intimate business relationship you will have. It’s a two way street. You both need to be able to speak honestly and without reservation on any topic. You will need to strategize together, support each other, constructively criticize each other and hopefully congratulate one another on mission accomplished. As an artist you are responsible for writing, recording, promoting your music, touring on the road, as well as keeping an eye on your business, i.e. — You’re busy as all hell! It is critical that the two of you can communicate almost telepathically and regularly. Make sure to put some strong systems in place that respect each of your personal styles, withstand busy schedules and changing time zones.
- As CEO what level of detail do you want to be involved in?
Like a producer who manages the recording process in the studio, you need to be clear what you want to be involved in and just as importantly what you don’t. This is not a one size fits all template, since like a producer you organize your team to work fluidly with your personal style, strengths and weaknesses. Are you a delegating leader or do you like to be in the weeds on day-to-day decisions? What frequency of reporting and level of detail works for you? When are you able and ready to process business information given your responsibilities as an artist?Before any unnecessary confusion and frustration arises, you and your manager need to be in agreement on this issue. Expect to have to revisit this frequently. Your business is dynamic and constantly evolving. As such, the amount of information and decisions to be made increase with the growth of your career.
- What is your business plan?
Assuming you and your manager are in sync on the previous four topics, a formal written business plan on how as a team you are going to execute building your career is absolutely critical before you take another step. This is the road map that will guide you towards achieving your vision. What tools and resources will be needed for touring, recording, promotion and administration? How do you plan to fund each part of it and manage the cash flow? Are you selling rights to your songs or recordings to raise capital? Taking on investors? Bootstrapping it, using one source of revenue, say touring to pay for the recording? Or a combination of all three?Keep in mind that a business plan is not set in stone rather it is an evolving document that provides a clear rational guide for your career journey at each step. As you face challenges and opportunities it will need to be modified. But having a clear well thought out map to begin your journey beats the hell out of flying by the seat of your pants, simply reacting to external factors rather than proactively dealing with them.
I hope this helps give you some perspective and a common sense guide to managing your career. Best of luck. Remember, it’s a marathon not a sprint, so stay true to your vision and learn to smell the roses along the way. It definitely makes for a more fulfilling life.
Eli Ball is founder and CEO of Lyric Financial. Founded in 2007, Lyric Financial is a financial services and technology company that provides innovative financing solutions (advances, loans, and more) to the global music industry. The company’s latest innovation, a virtual ATM platform, empowers creatives to tap into their catalog earnings in less than a minute. Lyric Financial announced a partnership with TuneCore in April 2017, offering artists use of the vATM through TuneCores Direct Artist Advance offering. Based in Nashville, TN, Lyric Financial will be announcing more partnerships soon. For more information about advances, loans, and the vATM please visit lyricfinancial.com.