Hi,
To provide some context, I’ve been a musician my entire life. I’ve dedicated endless hours to honing this craft and have loved every second of it. However, over the past two years, I’ve started to consider my financial situation more seriously. I am currently pursuing a degree in Instrumental Performance on a full scholarship, so I haven’t incurred any debt thus far. I also work as a bartender at a restaurant, earning more money than most of my teachers. This isn’t due to any faults on their part; it’s mainly because the market for instrumental performers (like trumpet, saxophone, flute, etc.) has significantly declined over the years. Becoming aware of this trend, I’ve been exploring the idea of starting a business while I continue my studies. My intention isn’t to become a full-time entrepreneur right away. Instead, I plan to study hospital administration and use the income from that job to invest in a business I’ve been cultivating for the past four years (I have two years left for my current degree and an additional two for a master’s).
Presently, I’ve managed to save some extra money, and I’m hoping on investing it in a business venture. I work around 40 hours a week while being a student, but I’m confident I can carve out time throughout the week to focus on a startup. My main dilemma is that I feel I lack marketable skills beyond my competence in instrumental music. However, apart from teaching and gigging (which I do on the side), I can’t envision how to turn this skill into a viable business. This is primarily due to two reasons: 1) the dwindling market and 2) the financial constraints of those facing issues in the industry.
My other interests revolve around cocktails, which initially landed me my bartending job. However, the community for “classic craft cocktails” doesn’t seem to be filled with people or are hungry and willing to spend money on seeking solutions to pressing problems. I’ve also contemplated entering my parents’ entrepreneurial field—they sell vintage fabric and ribbons. Yet, I struggle to see the potential in this market due to what appears to be a lack of demand unless someone can illuminate possibilities I haven’t considered.
As it stands, I feel my only marketable and practical skills/experience stem from intangible lessons learned through music, such as time management, scheduling, gigging etiquette, hard work, dedication, etc. My time in the food industry has primarily taught me about our menu and how to craft drinks.
Would it be more beneficial for me to persist in brainstorming startup ideas related to these industries, or should I redirect my efforts toward learning as much as possible in other fields relevant to entrepreneurship? This could involve delving into areas like marketing, social media management, etc., and perhaps shifting to more lucrative fields such as beauty, health, wealth, etc., which boast larger markets and more prevalent pain points compared to music or craft cocktails.
TDLR: Feel like I have no marketable skills to markets that a big enough and with enough money in them to sustain a business. Stick to my current strengths or branch out to a completely different industry with more money and opportunity.
Thank you in advance for any advice or comments!
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Have you considered other fields related to instrumental music that are booming right now? For example, game music designer, voice experience designer for apps like alexa, or maybe just a techno composer for meditation apps.
First of all, it’s commendable that you’re considering entrepreneurial opportunities to supplement your income and potentially build a business. Let’s break down some considerations to help you navigate your options:
1. Leverage Your Musical Skills:
While the market for traditional instrumental performances might be challenging, there are alternative avenues within the music industry. Explore possibilities like creating digital music, offering online music lessons, or even developing a unique product related to music. Think creatively about how your musical skills can be applied in non-traditional ways.
2. Combine Interests:
Consider combining your musical skills with your interest in cocktails. You could explore the niche of providing live musical entertainment for events or venues that focus on craft cocktails. This combination could create a unique selling point and set you apart in both markets.
3. Learn and Adapt:
It’s never a bad idea to expand your skill set. Learning about marketing, social media management, and other entrepreneurial skills can be valuable in any field. This doesn’t mean abandoning your current strengths but enhancing them with additional knowledge. This could open up new possibilities for promoting your ventures.
4. Explore Other Fields:
While staying true to your passion is important, it’s also wise to explore opportunities in different industries. Look for areas where your skills can be applied or adapted. Beauty, health, and wellness are large markets, but they also have unique challenges and niches that might align with your interests.
5. Market Research:
Conduct thorough market research in the areas you’re considering. Understand the demand, competition, and potential customer pain points. Look for gaps in the market that align with your skills and interests.
6. Networking and Collaboration:
Connect with professionals in different industries. Attend networking events, join online communities, and explore potential collaborations. Your unique blend of skills might find a place in unexpected collaborations or partnerships.
7. Entrepreneurial Education:
Consider taking courses or gaining practical experience in areas like entrepreneurship, business development, and marketing. This can provide you with tools and insights that are valuable in any industry.
8. Test and Iterate:
Don’t be afraid to start small and test your ideas. Launch a pilot program, gather feedback, and iterate based on the responses. This approach can help you refine your business model and adapt to market needs.
9. Passion and Persistence:
Entrepreneurship often requires passion and persistence. If you find an area that truly excites you, it can drive your motivation and resilience in overcoming challenges.
10. Seek Mentorship:Consider seeking mentorship from individuals who have experience in entrepreneurship or the industries you’re interested in. Their guidance can be invaluable as you navigate the complexities of starting a business.
In conclusion, it’s a balance between leveraging your existing skills and exploring new opportunities. Look for intersections between your passions and market demands. With thoughtful planning, creativity, and a willingness to adapt, you can find a business idea that aligns with your skills and offers growth potential.
My friends run a music school for kids out of their house. I believe they do pretty well for themselves. I’m no entrepreneur, just wanted to share the idea with you.