As a musician, you may wonder how much it will cost to start a business. I’d love to give a single answer, but one doesn’t exist.
The amount it will cost you depends on a variety of factors. So keep reading to learn how much certain things tend to cost so that you can predict your expenses.
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Common Music Business Expenses
It can be hard to determine how much it will cost to start a business. However, there are some common expenses musicians can expect.
If your business has anything to do with performing or teaching, you’ll need to buy some instruments. This is particularly true for woodwind players since you’ll most likely need at least one auxiliary instrument.
But not only do you have to pay to purchase the instrument, you also have to pay to maintain it. If you play an instrument a lot, you’ll need to take it to the shop at least annually.
That cost can add up, particularly if you play a lot of different instruments. You may end up paying thousands of dollars every few years.
I’d recommend that anyone who has an intermediate or professional instrument should have insurance. But if this is your career, you really need to get instrument insurance specifically.
And when you’re insuring instruments you use for business, the insurance becomes a business expense. You can expect to pay at least $100 per year, give or take depending on the plan.
Technology and Internet
Another expense to consider is that of technology and internet access. You’ll almost certainly need a computer to do most of your admin tasks and maybe some client work.
It also helps to have a working smartphone, and a tablet is useful for reading sheet music. Of course, you have to pay for these devices upfront or in installments.
And to access the internet, you need an internet provider that you pay for monthly. That way, you can work from home and do what you need to do.
Internet can cost around $80 per month, and devices can surpass $1,000 each quite easily these days.
If your business involves you driving around town, don’t forget the cost of your car. You’ll need to pay for gas, car insurance, and maintenance.
Sure, you may already pay for this anyway. But when you start to drive a lot for work, your expenses will increase.
Gas prices fluctuate often, and they vary based on where you live. So does car maintenance and insurance, so research prices in your area for an estimate.
Another common business expense for musicians is sheet music. Whether you’re a performer or teacher, you may need to purchase music regularly.
The price per piece can be as low as a few dollars or upwards of $50. You might be able to go months without buying any new music, or you may have to buy new sheet music frequently.
Set aside at least a few hundred dollars per year, especially early on. Later, you may have everything you need.
If you’re over 26 and don’t have job-based health insurance (or a spouse who does), you need to get health insurance on your own. You can do this through the ACA marketplace.
For better or worse, the cost depends on many factors. You need to consider your income, the plan you want, and who it needs to cover.
Prices also vary based on where you live. Luckily, you may qualify for a stipend from the marketplace if you have a lower or average income. Either way, it can still cost hundreds of dollars per month.
How Much Does It Cost to Start a Business?
As a musician, you can start some businesses for $0. But it may cost you thousands of dollars to start other businesses, especially if you need a ton of new equipment.
Consider the type of business you want to start, and look into expected expenses. Then, you can plan your budget accordingly.
How much does it cost to start a business as a musician? A lot of factors go into the cost, so it can be hard to give a straight answer.
Think about your situation and the business you want to start. And when you’re ready to start marketing your business, consider enrolling in The Instagram Marketing & Sales Academy.