In the last decade, the music business has seen more startup failures than most money-making endeavors. This is mainly because it involves a lot of money, ideas, and an enormously gifted artist to stand out and get noticed among fierce competition. I have been privileged enough to be an artist and also to serve in many roles as a music executive, including artist manager, label executive, and tour manager, just to mention a few.

1. Nurture the Talent

Every artist who wants to make it in entertainment has to have some level of talent to showcase. An artist has to be convinced and confident about the talent they possess and be ready to showcase it when called upon. It is also very important to engage in activities that help the artist get better and keep improving. It can be very detrimental for an artist to assume that they have become the finished product. Artists should continuously reinvent themselves because the skill sets required to survive in 2019 may be different from what is required to stay afloat in the future, say 2030. Stay up to date and stay informed on changes within the industry. Learn new words, experience new things, and surround yourself with a world that can inspire you.

Strive to stand out. Being unique requires a lot of work, research, and practice. The uniqueness of songs, photo shoots, and the direction of videos are all indications of how talented an artist is. Having a different perspective is what makes a brand compelling and attractive to its fans. Talent is the raw material required to create the unique product (music) we will be selling. Be artistic, abstract, and unpredictable.

2. Understand Business Principles

Artists with enormous talent often struggle to blossom because they lack business aptitude. An artist with minimal talent but strong business acumen is more likely to survive than the reverse. Knowing how to cook is very different from understanding how to sell the food. Concepts like project planning, product management, data analytics, cost accounting, and branding are becoming very critical to the success of music projects. Failing to be versed in both sides of the equation can be very harmful. Most successful brands are those that understand both sides or have partners who handle the business while the other party focuses on the creative side. It is recommended that even with a partner, you understand both sides to some extent. A good example is Jay-Z and Dame Dash—both were partners who complemented each other well. An intriguing fact is that what seems like a brilliant creative choice may not be a good business decision. Hence, it is important to first have clear goals that drive the business plan. For example, it may be aesthetically pleasing to smoke cigarettes in a music video, but if the goal is to become a brand ambassador for a healthy food company, this could disqualify the artist. Similarly, posing nude may be considered a lack of creativity or brand dilution, yet it may generate revenue. Do not just do things because others are doing it or it is pleasing to the eye. Understanding how decisions impact a brand both creatively and financially is the best way to maintain balance.

Most label executives are also hesitant to work with musicians who do not understand business because it can be a recipe for disaster. Therefore, independent artists should educate themselves on basic business and economic principles such as buying and selling, markets, scale of preference, budgets, production, distribution, credit, debit, profit and loss accounting, business name registration, patents, copyrights, and contract law.If this sounds overwhelming, surround yourself with people who understand it. Even then, have clear job descriptions and give them the space to do their jobs. Micromanagement creates a toxic work environment. The only thing worse than trying to do everything yourself is not allowing professionals the freedom to do their jobs. Most importantly, do not make business decisions you do not understand.

3. Have a Source of Income

Music is expensive. Most businesses require a one-time startup capital, but being an artist requires a constant flow of money. It may take years of financial commitment and time to break out an artist. It takes millions of dollars to fully establish one. We are talking about music and visual production, promotion and marketing, mechanical production, touring, and logistics. This level of investment makes it difficult for many aspiring musicians to go far without a sponsor. This is why many turn to record labels for support, as labels have the resources to provide financial backing. However, getting signed to a record label comes with its own challenges. One major issue, especially in Nigeria, is that many people with money claim to be record labels without the necessary knowledge, network, or connections. Another issue is that many artists fail to honor their contracts. There is often hype around signing to a label, as if the artist has “made it,” but the truth is that only a small percentage truly reach their full potential. Most funds spent on artists are recoupable, meaning they must be paid back. Additionally, the music produced under such deals is often owned by the label for many years, if not indefinitely.

Therefore, artists must remain committed to working harder rather than becoming complacent. In my opinion, it is better, if possible, for artists to have a source of income. Ideally, it should not distract from music, but a job within the industry can provide both income and valuable opportunities.

4. Do Not Be Greedy

Do not put pen to paper unless you fully understand the document—or you may sign now and regret it later.

Most issues arise from greed—artists trying to outsmart labels and vice versa. Many people enter contracts with the mindset of wanting to earn more than their partner regardless of contribution. This mindset is the foundation of many failures. People often try to exploit partnerships instead of building mutual benefit. Tems’ manager, Muyiwa Awoniyi, once mentioned in an interview that he was surprised that Tems insisted on signing a contract. Many Nigerian musicians resist contracts, seeing them as opposition rather than business. They prefer informal agreements, but unless you are operating as a charity, every professional engagement should be backed by a signed agreement. Greed can land you in court faster than you expect.

Instead of trying to outsmart your partner, aim for a win-win situation—even if it means compromise. Every agreement is a split, and every split is a sacrifice. Use what you have to get what you want, but make sure the sacrifice is reasonable. Do not sell your soul. It is also important to note that while artists often portray record labels negatively, labels can still be a powerful way to get your craft to a global audience—provided the deal is fair and clearly understood. Labels take significant risks investing in artists, so both parties should act in good faith.

Ask yourself: “If I owned this label, would I want my artist to act this way?”

5. Utilize New and Emerging Technology

Today, social media has transformed talent discovery, promotion, and distribution. Record labels no longer hold the same level of power they once did. Artists with funding and a fanbase can now operate independently. Where blogs, stores, television, and radio once dominated, platforms like YouTube, iTunes, SoundCloud, and TikTok now offer artists ways to monetize their music. Instagram and Facebook provide massive audiences for promotion and distribution. In the past decade, many artists have gone from recording in their bedrooms to performing on global stages. While social media has changed how we consume music, artists should also explore other avenues.

Emerging technologies like artificial intelligence, NFTs, and virtual reality will continue to shape the future of music. Do not remain stuck in the past or present—build a team that actively explores how new technology can elevate your music and career.

Nigerian music exploded exponentially when Kennis Ogungbe and Dayo Adeneye collaborated decades ago

6. Collaborate, Collaborate , collaborate

No tree can make a forest. Collaboration is the fastest way to break boundaries and move an artist into new markets.

Every collaboration is a key that opens the door to a new set of fans who may have never heard you before. It is also a way to combine resources and ideas—like they say, two heads are better than one.Africa’s biggest artist, Wizkid, was first widely introduced through his collaboration with M.I Abaga on “Fast Money, Fast Cars.” Wizkid already had undeniable potential, but that collaboration helped set the tone for what was to come. It increased awareness of his brand and made people eager to discover more about him. It is understood that collaborations with big brands do not come cheap or easy. However, working with emerging managers, models, artists, designers, media outlets, event venues, comedians, and small businesses can help an artist save costs while still gaining exposure and momentum.