#292 - How To Avoid Underselling Your Music
Pricing Yourself Correctly
Experience – When charging for a service, take into consideration how much time you’ve been in the business for.
Expenses – How much is it going to cost you to do the job? All of these things cost money and you shouldn’t be paying for them out of your own pocket on the job. Calculate those expenses and add them to your quote.
Availability – How busy are you? Is it touring season? If a job comes at an inconvenient time/date, you can charge a higher rate to at least cover what you would have made if you’d taken another opportunity.
Average pricing – What are other people charging for the same job? Understand the market you’re working in.
Necessity – Do you have bills to pay at the end of the month? Calculate how much money you need to be making per week/month and figure out fair prices for your rates from there.
Once you take these factors into consideration, write your rates down and make them official. This way it is fair game for everyone you work with, and no one will feel blindsided.
Straightforward
Right at the gate, ask a potential collaborator their rate, or let them know yours. Conversations about money can be uncomfortable, so make sure everyone is on the same page before you begin working together. Whatever all parties decide on, put it in writing. Some sort of written agreement can come incredibly handy in the future and can dissolve any dispute you may have.
You Can Say No
Remember that you can say no to jobs! Though you may be eager to work, if you don’t think you’d getting paid fairly, don’t do it. Most people are willing to negotiate, but if you’re working with a company, venue, or group that has leverage and isn’t budging, it’s ok to turn down the gig. Trust your gut and stick to your values when accepting work.
The Bartering System
Despite so many available income streams in music, the most popular and common form of compensation in the music industry is none other than favours. So much of the industry is based on a mutually understood “you help me out and I’ll help you out” system. This is one of the best parts of music – everyone starts out by collaborating for the purpose of learning, networking, and giving each other a hand. The only potential downside to this is that someone will expect your services to stay free, even as you climb the ranks in your career. If this is something you want to avoid, mentioning that you’ve begun to charge others but can make an exception for them the next few times can be a good thing to do. It will create an understanding that the value of your work as increased without conflict, but that you care about your relationship with them.
