Transform Your Recording Studio Into A Profitable Business

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Every year, recording studio tech becomes cheaper and cheaper and gets far more accessible than ever before. The days where home studios were just for amateurs are long gone. They are now even providing a liveable income to many engineers and producers. Today’s home studios have the capacity to put out great recordings, and they also give owners the chance to survive in the cutthroat industry too.

If you are reading this post then there is a high chance that you either have a home studio, or you are trying to create one. Either way, it’s important to know that making a sustainable profit is easy when you know the steps that you need to take.

Profitable recording studio
Musician playing the drums

Getting your First Client

The only way for you to find clients would be for you to go out and find them. You might not end up coming across a GRAMMY award-winning artist right away (unfortunately). But that doesn’t mean that there aren’t any talented bands in your local area.

If you don’t have a robust network of musicians then go and see some local shows, or even go to a local bar and talk to some of the bands who are there. This gives you the best opportunity to network and it helps you to have a solid face-to-face interaction with the talent in your local area.

When you are trying to network, you have to make sure that you don’t just try and carry out a sales pitch. You need to build a network so that you can mutually benefit each other. Also, you need to focus on building your relationships as opposed to just hunting down a quick way to make money.

Profitable recording studio
Networking Tips video

5 Tips for your band’s social media

Networking for Those who Hate Networking

One obstacle that so many people face is the fear of rejection. At the end of the day, there are so many great musicians who are introverted by nature. So if this is one of the challenges that you face then you are certainly not alone. This can be overcome with both time and practice. There are so many simple strategies that can help you to get over your fear of approaching musicians and even clients that you don’t know yet as well.

For example, one of the easiest ways for you to get to know new musicians and even prospective clients would be for you to simply ask if you can get an introduction from a mutual connection. If this is not possible then you can introduce yourself in advance of an upcoming show.

If you want to help yourself then simply identify what artists are playing at an upcoming show.  You can then send them a message in advance to let them know that you are excited to see them perform and that you would be happy to say hello to them afterwards. When you are walking up to someone who you have never met before, it always helps to start out with a compliment which is honest and specific.

Cosound

Still struggling to network and build those relationships? It’s okay, just head over to Cosound and start to find musicians to work with, share your services and get involved in the community. Also make sure to check out the marketplace and you may even find the missing piece to your own profitable recording studio puzzle!

profitable recording studio
Cosound headphones

Making Money

The next thing that you need to do is change your pricing model. You don’t want to be charging per song, instead, you need to charge per day. Charging per day doesn’t mean that you will end up making more money but it does mean that you’ll put out better recordings. Your artists will be less lazy throughout the process and willing to squeeze more in for their time.

If your artists feel as though they are paying for your time rather than for the song, then they may be more willing to spend more time practicing before the studio time as well. If you do this then your recordings will be more on-point and you will also have more artists who are willing to work with you.

Another way to make sure that you are going to be making money would be for you to ask for a deposit from the artists that work with you. Almost every recording studio does this, and if you want to get out of the little league, you’ll need to do so as well. A deposit will help you to ensure that your artist shows up, and it weeds those who are not serious from the ones who are truly dedicated.

Equipment

If you haven’t got the right setup, then you’re setting up for failure. Imagine it, Eminem, John Legend and The Spice Girls walk through your doors, ready to Collab (weird combo we know)… and all you’ve got to impress them with is a microphone and your dodgy laptop that shuts down every 10 minutes? That’s no way to make money and a sure way to damage your profits and career in the music industry.

So make sure you make high quality choices and get kitted out with everything from a DAW/Audio Interface Combo to XLR cables. Hiring recording engineers or an audio engineer may also be beneficial if you feel slightly overwhelmed with any technical stuff. This link will help you to identify the equipment you need to make the perfect DIY home recording studio and attract that star quality artist you need to be successful.

recording studio
Equipment

 

Encouraging Positive Growth

This is the most important part of growing your home studio into a full business. You need to know the type of bands you want to work with, so that you can get a positive vibe from the start. This will keep you and your clients happy. By doing this, you may end up turning away work, but if this is the case then you may end up saving yourself from a lot of bickering as well.

Another way for you to ensure positive growth would be for you to work closely with the band, in a producer-like fashion. Even though you may not be hired for that purpose it can help you to fill the spare hours in the day.  A lot of local talent won’t understand what a good manager does, let alone have the money to pay for one.

If you can work with the band, get them gigs, record with them and give them pointers along the way. Then you’ll be giving them a service they never knew they needed. This can help you to get way more work while building long-lasting relationships.

Final Thoughts

There we have it, a few tips on how to transform your recording studio into a profitable business. Remember, it’s the little things that can mean the difference between a successful recording studio and one that fails after the first year, so take your time and go the extra mile!

Steve Allinson

Coming soon