Who should be in my team?
There are several key people that you need as an artist to make sure that you’re talent will have the best opportunities available.
Today, we’ll talk about two: Accountants and Lawyers
At first as an aspiring star, you may need to wear several hats. You may have to handle multiple aspects of your music career, including management, promotions, etc. However, once you gain more popularity and have more offers on the table, you may get overwhelmed by the amount of follow-ups, networking and meetings. All of this can get in the way of your music. You may not have enough time to get it all done. Imagine booking shows, keeping the books, doing interviews and recording an album. As you can see, it can get hectic, especially since the music industry runs on a somewhat chaotic schedule. Each of those responsibilities are full-time jobs. Luckily for you, as the artist, there are people you can work with that will not only get the job done, but also provide opportunities through their own contacts.
Any good team will always have a lawyer. Now, choosing the right lawyer is on of the most important decisions you’ll ever make. There are many parts to consider. First, make sure that your lawyer doesn’t represent anyone who is on the other side of the table when making a deal. This creates what is called a “conflict of interest.” This means one, if not both, parties will need to find other lawyers to work on the deal. Second, your lawyer should look over contracts and negotiate on your behalf to get you the best deal possible. Your lawyer should be able to explain the contract to you and what certain terms mean and how they affect you. Third, get the best lawyer for the best price. The higher profile lawyers may have more experience and contacts, but they may also have higher profile artists whom they give priority to. The most expensive lawyer may not always be the best lawyer for your situation. Also, in case it was not clearly implied, you should hire an entertainment lawyer, specifically one who specializes in the music industry.
Aside from a lawyer, you’ll want to have an accountant. As you know, the accountant’s job is to make sure your finances are in order. You should get a CPA certified accountant, though it may cost more, it may also cost more not to have one. Also, if possible, hire an accountant experienced in the music industry. Not only will this make your funds more readily available, but it will also make deals fall through more smoothly. You should be able to trust your accountant with your finances, so choose wisely. Make sure their fees are fair and fit in with you needs.
Next week, we’ll discuss two more players that are key to your success as an artist.
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