>> Let's say you find yourself gigging often.
You're making more than enough income to live on,
and your fan base is always growing.
How do you decide whether to continue to manage
yourself or hire some outside management?
Before you decide, let's
first consider the purpose of having a manager.
A manager serves as a point person for
all the people or companies you conduct business with.
They are responsible for managing and
communicating with entities like the press,
booking agents, promoters and publishers.
They may also be responsible for
organizing your daily activities,
and strategizing for future endeavors
that will build your business.
Ask yourself these three questions
before hiring a manager.
Number 1, do I make enough money
on a regular basis to hire a manager?
Number 2, are there parts of the business that have
become overwhelming or could
run more smoothly if I had a manager?
And Number 3, could a manager
advance my career in a way that I couldn't do myself?
If you answered no to any of
the questions you might
consider waiting before hiring management.
If this the case,
first look within your band.
You might find that one of your musicians is
an extremely detailed and organized planner
who is willing to take on some
of the management responsibilities.
If you answered yes to all three questions,
you might consider hiring
outside management as long as you
feel the benefit of adding
a manager outweighs the cost of the management.
If you have a big enough fan base,
managers will come looking for
you before you ever look for them.
If you've already been approached by a manager,
it's because they see money making
potential in you or your band.
You might hear some really good offers.
But before working together,
make sure you both agree on
the responsibilities of the manager,
your rights as an artist,
any restrictions the manager has placed on you,
your financial obligations and
the duration of any proposed contracts.
The manager generally receives a portion
of all income generated by the artist.
So be careful of any contracts that require you to
pay a large sum of money upfront to cover expenses.
Be aware of contracts that retain
the rights to your music and those that
lock you into a time frame without
clearly stating the manager's responsibilities.
I had a former student who rushed into signing
a two year contract with the management company.
The contract didn't clearly state what the company
was obligated to do over the two year period.
And within one year,
they had stopped working for her.
Unfortunately, the contract stated that they owned
a portion of the rights to the music that she released.
And also, that she could not work with
any other management companies until the contract ended.
She was stuck managing herself and waited a full year to
release any music so she could own
all the rights. Knowledge is power.
Make sure you always understand the terms
of the relationship before signing anything.
You also need to agree on terms
in the event that a relationship is not working.
As a rule, make sure the contracts you sign are
equally beneficial to you and other parties.
The responsibilities should be clearly outlined and
these responsibilities might include
what you both are required,
and not required to do.
It's your responsibility to read
every contract before you sign and either
negotiate or don't sign if you
feel uncomfortable with any of the details.
If you ever have uncertainty,
it's always a good idea to consult with legal experts.
Don't forget to do some of
your own research to ensure that you
are making decisions that will
ultimately benefit you and your business.
If you've already signed a contract,
the most important thing to remember is
to keep the lines of communication open.
If there is a problem, discuss it
immediately so that you can keep
a healthy working relationship.
In a good working relationship, everyone should benefit.