The music industry is often a daunting yet intimidating thought for most people looking to work in the music industry. However this blog will hopefully give you an clear understanding of the main factors and considerations for working freelance in the music industry. This blog was made to help everybody who wishes to work freelance in the music industry by identifying common considerations and factors to help you embark into the the music freelance world.
Pension
A pension also know as a retirement plan is a type of income funded from government which aims to fund your retirement fund in an tax efficient way. Pensions are long term investments usually more than ten years. Pensions become can become available to you once you reach the age of fifty five or when you choose to retire from service.
Pension values often differ depending on these factors: where is it invested, the duration of when you started saving, the value of the pension plan and also how much you have saved.
Pensions often come in four different plans: state pensions, workplace pensions, personal pensions and also armed forces and veterans pension.
State Pensions
To obtain a state pension you must fist reach the state pension age which can be found in the link below.
https://www.gov.uk/calculate-state-pension
Similar to other pensions personal pensions are also retirement saving plans used to finance your retirement. Personal pensions commonly know by individual pensions are given to individuals who do hold a company pension or is self employed. Personal pensions allow you to acquire a state pension in addition to the personal pension.
Pension providing organizations will often claim tax relief at a basic rate and transfer the funds into your pension pot. High rate tax payers must claim an additional rebate through their tax return.
Armed Forces/ Veterans Pension
National insurance is a payment contribution system used to build your individual enlightenment to certain state benefits such as state pensions and job seekers allowance. National insurance contributions and benefits are only payable if you meet the national insurance contribution conditions. To receive a national insurance number you must be 16 years old or over and must be a resident of the united kingdom and also have the right to work in the united kingdom.
Tax
Property Tax
Compulsive Tax
Cooperate Tax
Capital Gains Tax
Inheritance Tax
Gross and Net
Gross profit also know as sales profit and gross margin refers to the revenue made from an product or service before deducing expenditure costs also know as spending costs. in simple terms gross profit is the diversity between the expenditure and revenue for proving a service or creating a product. Gross profit usually shows an clear balance of costs which must be compensated and also outline financial considerations within a budget.
Net
Goal Setting
Goal setting is a thoughtful process which is used to think and plan your ideal future and show you how to turn your dreams and ambitions into a reality with the use of planing. Goal setting often helps individuals or corporations choose exactly where they would like be and what they would like to do in life. Goal settings are incredibly important because they can help you achieve you hopes and dreams and also motivate/ drive you to succeed, accomplish and overpass your potential to become the the best.
Time Management
Time management is a process of planning that's sole focus and exercises the control of time spent on specific activities, and used to increase productivity, efficiency and also effectiveness. Time management is simply the management or control of time and is vitally important for anybody looking to succeed within any industry. Without incorporating time management individuals or corporations can lose opportunity's, contacts and also reputation.
Contracts
A contract also know an agreement is a legal document which legally binds two competent parties or more to a legal agreement which is enforced by law. Contracts are often written documents however contacts may also be implied or spoken and are commonly related to lease, sale, tenancy and also employment. Contract agreements can often be breached by a party which can result in the contract being broken however all broken or cancelled contracts must go through a court system to legally decide if a contract has been breached and to determine if law enforcement is needed.
Delegation
National insurance payments will not be required if you earn between £111 and £153 per week from an employer.National insurance credits can be gained if you claim child benefits to children under the age of 12, job seekers allowance, employment allowance, support allowance and also careers allowance however if you do not work or receive credits you may be required to pay voluntary national insurance contributions. State pensions also allow you to claim state pensions overseas which covers most countries.
Workplace Pensions
Workplace pensions are retirement saving plans used to fund your retirement though an employer. Like state pensions you receive still regular payments however you receive your payments from your employer instead of the government.
Workplace pensions work by collecting a percentage of your daily pay and then investing it into your pension scheme, in most cases this is done automatically by your employer. Workplace pensions also allows you to claim tax relief. Tax relief is a way to either avoid paying income tax on contributions or repay your tax.
Workplace pensions allow you to receive a cash sum at the start of your retirement, however only 25% of the cash sum is tax free , this means you must pay income tax on the rest of the money. Workplace pensions often allow you to receive the income at the minimum age of 55 unless you become seriously ill.
Personal Pensions
Personal pensions are usually arranged and operated by financial organizations such as insurance companies and also banks. Personal pensions works by having to choose a provider e.g. Liverpool Victoria (LV), Aviva. After choosing a pension provider you will then be required to choose a payment plan which can range from: single, monthly and annual payment plans. Once payment has been delivered, you'r pension provider will transfer the funds into you'r pension pot.
The link below is used to calculate your pension.
https://www.moneyadviceservice.org.uk/en/tools/pension-calculator
Pension values often differ depending on these factors: where is it invested, the duration of when you started saving, the value of the pension plan and also how much you have saved.
Pensions often come in four different plans: state pensions, workplace pensions, personal pensions and also armed forces and veterans pension.
State Pensions
State pensions also know as retirement pensions are regular payments from government available to collect once you reach you state pension age. State pensions offers a maximum of £113.10 per week to help fund your retirement, although it is believed that in 2015 the pension will increase to no less than £148.40 per week.
To obtain a state pension you must fist reach the state pension age which can be found in the link below.
https://www.gov.uk/calculate-state-pension
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| The picture above shows my calculated state pension age and also date of eligibility.
To be eligible for a state pension you must also have a minimum of ten qualifying years on your national insurance record. To earn qualifying years on your national insurance record you must either work and pay your national insurance, this is required if your employed and earning a total of £153 or more per week from an employer as an alternative if you are not working due to illness or disability you may still be able claim national insurance credits.
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| National Insurance Card |
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| Tax relief example |
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| Pension providing organizations |
Armed Forces/ Veterans Pension
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| The form above is an official armed forces pension scheme.
Pensions for veterans and armed forces include: occupational pensions, war disablement pensions,war widows’ pensions,related allowances and also other payments to service veterans. These pensions are only subject to everyone in the ministry of defence.
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| Benefit | Class 1 - paid by employees | Class 2 - paid by self-employed people | Class 3 - paid by people who want to top up their contributions |
|---|---|---|---|
| Basic State Pension | Yes | Yes | Yes |
| Additional State Pension | Yes | No | No |
| Contribution-based Jobseeker's Allowance | Yes | No (except for share fishermen and volunteer development workers employed abroad) | No |
| Contribution-based Employment and Support Allowance | Yes | Yes | No |
| Maternity Allowance | Yes | Yes | No |
| Bereavement benefits | Yes | Yes | Yes |
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| Current SA100/ tax return |
Compulsive Tax
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| Example of compulsive tax |
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| Current corporation tax rate |
Inheritance Tax
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| The funding circle |
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| Example of excel book keeping |
Gross profit also know as sales profit and gross margin refers to the revenue made from an product or service before deducing expenditure costs also know as spending costs. in simple terms gross profit is the diversity between the expenditure and revenue for proving a service or creating a product. Gross profit usually shows an clear balance of costs which must be compensated and also outline financial considerations within a budget.
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| Gross profit formula |
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| Net profit formula |
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| Common invoice example |
Goal setting is a thoughtful process which is used to think and plan your ideal future and show you how to turn your dreams and ambitions into a reality with the use of planing. Goal setting often helps individuals or corporations choose exactly where they would like be and what they would like to do in life. Goal settings are incredibly important because they can help you achieve you hopes and dreams and also motivate/ drive you to succeed, accomplish and overpass your potential to become the the best.
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| Smart targets |
Time management is a process of planning that's sole focus and exercises the control of time spent on specific activities, and used to increase productivity, efficiency and also effectiveness. Time management is simply the management or control of time and is vitally important for anybody looking to succeed within any industry. Without incorporating time management individuals or corporations can lose opportunity's, contacts and also reputation.
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| Time management mind map |
A contract also know an agreement is a legal document which legally binds two competent parties or more to a legal agreement which is enforced by law. Contracts are often written documents however contacts may also be implied or spoken and are commonly related to lease, sale, tenancy and also employment. Contract agreements can often be breached by a party which can result in the contract being broken however all broken or cancelled contracts must go through a court system to legally decide if a contract has been breached and to determine if law enforcement is needed.
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| Contract example |
DelegationNational insurance payments will not be required if you earn between £111 and £153 per week from an employer.National insurance credits can be gained if you claim child benefits to children under the age of 12, job seekers allowance, employment allowance, support allowance and also careers allowance however if you do not work or receive credits you may be required to pay voluntary national insurance contributions. State pensions also allow you to claim state pensions overseas which covers most countries.
Workplace Pensions
Workplace pensions are retirement saving plans used to fund your retirement though an employer. Like state pensions you receive still regular payments however you receive your payments from your employer instead of the government.
Workplace pensions work by collecting a percentage of your daily pay and then investing it into your pension scheme, in most cases this is done automatically by your employer. Workplace pensions also allows you to claim tax relief. Tax relief is a way to either avoid paying income tax on contributions or repay your tax.
Workplace pensions allow you to receive a cash sum at the start of your retirement, however only 25% of the cash sum is tax free , this means you must pay income tax on the rest of the money. Workplace pensions often allow you to receive the income at the minimum age of 55 unless you become seriously ill.
Personal Pensions
Personal pensions are usually arranged and operated by financial organizations such as insurance companies and also banks. Personal pensions works by having to choose a provider e.g. Liverpool Victoria (LV), Aviva. After choosing a pension provider you will then be required to choose a payment plan which can range from: single, monthly and annual payment plans. Once payment has been delivered, you'r pension provider will transfer the funds into you'r pension pot.
The link below is used to calculate your pension.
https://www.moneyadviceservice.org.uk/en/tools/pension-calculator
Armed forces/ veterans pension is a pension plan specifically made for individuals currently in the armed forces or have become an veteran. Pensions for the armed forces and veterans are automatically issued on recruitment. Armed forces and veterans pensions are run by veterans uk, additionally the veterans uk is also part of the ministry of defence (mod). As a bonus for being part of the ministry of defence all individuals can claim: 1-1 veteran welfare support, compensation payments to those wounded and permanently impaired and can also receive financial allowances.
National Insurance
National Insurance
National insurance contributions often start either just before your 16th or after your birthday and are only payable if your an employee earning more than £153 per week or you self employed and making a profit of over £5,885 a year. National insurance contributions don't apply unless there is a certain circumstance e.g. becoming seriously ill.
The table below shows national insurance contributions and also what they pay for.
Class 4 National Insurance contributions - paid by some self-employed people - don't count towards any state benefits. Class 1A and Class 1B contributions - paid by employers only - don't count towards any state benefits.
National insurance contributions are collected from HM Revenue and Customs (HMRC) and receive payments from the PAYE (pay as you earn) system, as well as income tax and also student loan repayments. National insurance contributions currently receive 12% of you weekly earnings from £153 - £805 and 2% on earnings over £805 per week.Tax is a compulsory payment contribution system for individuals and corporations used to finance the government. Tax collected from individuals and corporations go towards improving government services in the following categories: health and medical care, unemployment and labour, social security, food and agricultural, transportation, military, education and also veterans and armed forces benefits.
Tax comes in many different types and varieties which differ depending on the corporation or individual. The main types of tax are to follow: income tax, property tax, compulsive taxes, cooperate taxes, payroll taxes, capital gains taxes and inheritance or estate taxes.
Income Tax
Income tax contributions apply for anybody who earns any source of income.income tax receives payments from the PAYE ( pay as you earn) system. Self employed taxpayers must complete a self assessment form (SA100) form or if the taxpayer earns an income above personnel allowance they must then annually deliver a tax return.
The current basic rate of income tax is 20% on taxable income which can be up to £34,370 per year. The current higher rate of income tax is 40%, this can be from £34,370 to a whopping £150,000. If you earn more than £150,000 per year tax is 50% of your annually income.Income taxes are often subject to tax credits or deductions if the individual does not earn a certain income each year or if there is a certain circumstance e.g. disability.
The link below will show you how to deliver a SA100 form/ tax return.
https://www.gov.uk/how-to-send-self-assessment-online
Property tax is another compulsory payment contribution system for owners of land, commercial real estate and also homes. Like income tax property tax also gives individuals deductions or tax credits for individuals with certain circumstances like disability or illness. Property tax is also apply's for recreational vehicles,water craft and also the licensing fees commonly found on cars.
Compulsive tax also know as value added tax (VAT) is used to tax items,services or sale goods which can be used either by corporation or an individual. Compulsive tax is incorporated with every single,service, item or sale good sold from trader to a buyer and is used to generate more income for the government. Compulsive tax comes in three types for all services,goods or items. The types of compulsive tax are to follow: standard (%20), reduced (%5) and also zero, however types often differ depending on the product or service.
Corporate tax also know as company tax and corporation tax is alike other taxes and must pay contributions to government. Unlike other additional taxes corporate tax is only subject to corporations and must pay contributions on the income made from the particular corporation. Corporate taxes are often against profit earned by a corporation over a given taxable period, usually a year. Corporate tax mainly apply for companies who operate earnings after expenses like selling,general and administrative expenses (sg&a) and also the cost of goods sold (cogs), after this deprecation gets withdrawn from the revenue of the corporation.
Payroll tax is alike other types of taxes however is mainly subject to employers instead of employees. Payroll tax works by taxing an employer who withholds or pays on behalf of employees, this is usually based on the salary or wage of the employee. Payroll taxes are often deducted by a business before income is delivered to the individual in exchange for the work that was completed. Often exchanges are referred to as; fica(Federal Insurance Contributions Act) and also fuda and business are required to match a specific amount of payroll taxes.
Capital gain tax usually refers to the profit or gain you revive once you donate or sell something. Capital gain tax often relates to investments that have been sold or given away e.g. real estate, stocks and goods. Capital gain generally occurs when an increase value in a asset like real estate generates a high value than its original purchase price. Capital gains could be long term(on year or more) or either short term (one year or less) and must all ways be claimed on income taxes for legal reasons. Capital loss's also occur when there is a decrease in value of the asset .
Inheritance is the only type of tax that is imposed on those who inherit assets from a deceased person. Inheritance cash only applies who's estate is worth more than the tax threshold is from £325,000- £650,000 if you inherit your civil partner or spouse's unused allowances. Once somebody becomes deceased their spouse or civil partner will receive allowances, however spouses or civil partners must pay a whopping tax sum of %40 of all allowances.
Expenses
Expenses also know as expenditure refers to the finically reassures need to run an or operate a business, gig, product etc. Expenses are commonly know as an outflow of money from a corporation to individual or vice versa or the payment of a service or product and finally the category of costs. Examples of expenditure are to follow; parents and students must contribute to tuition, tenants must pay rent and also purchasing services or goods are all expenditures.
Business Plans
A Business plan is a formal document that consists of what is the business goal?, what is the purpose of the company or product? and also how are these goal achievable? A solid and clear business plan is essential for all business because it can change a company's perception and global image, this is due to large community's, customers and also client taxpayers. The picture below will show the concept of a business plan and give you an understanding of business plans.
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| Business plan concept |
Funding
Funding refers to the act of receiving finical resources (money) to help fund projects, business, individuals and also any public or private institutions. The process of receiving a funding is often referred to as a fundraiser which often comes in the form of an event and promotion or also a donation to help finance a business or individual. Funding often comes in many types, some are to follow: donations, grants, venture capital, credit, taxes and savings.
Profit and Loss
Profit
Profit refers to the amount of revenue gained after the expenses needed to operate a business or service. Profit is usually made when a product or service is sold for more than its original buying cost. Profit summarizers the costs needed to run the business or service, and also show the revenue gained from a specific period of time usually one year.
Profit refers to the amount of revenue gained after the expenses needed to operate a business or service. Profit is usually made when a product or service is sold for more than its original buying cost. Profit summarizers the costs needed to run the business or service, and also show the revenue gained from a specific period of time usually one year.
Profit usually varies from year to year;
this is due to expense needed to operate and run the business or service. When
a loss is made in a business or service profit is decreased, this occurs when
the running costs of the business or service cost more than its selling cost.
Profit can be increased by reducing the expenditure costs or by raising the
initial cost of the service or product to the public.
Loss
Loss refers to the amount of revenue lost after the expenses needed to operate a service or business. Loss usually occurs when the expenses of the service or business cost more than the selling price of the service or product.
Loss
Loss refers to the amount of revenue lost after the expenses needed to operate a service or business. Loss usually occurs when the expenses of the service or business cost more than the selling price of the service or product.
Book-keeping
Book keeping is a financial record that shows your personal transactions and is commonly used by accountants. Book keeping is similar to bank statement because they both show your latest transactions e.g. purchases, receipts and sales. Booking keeping is extremely useful for all individuals and corporations because they can give income statements,balance sheet, cash flow statements and also the retained earnings statement.
Book keeping is often done by an account, or a book keeper who writes done daily transactions of a corporation or individual and creates an financial to show income coming in and going out and also help guide you with your financial decisions e.g purchases and investments.
Book keeping is often done by an account, or a book keeper who writes done daily transactions of a corporation or individual and creates an financial to show income coming in and going out and also help guide you with your financial decisions e.g purchases and investments.
Gross
Gross profit can often consist of the following expenditure costs: product value, tax and also interest and also inform the of the costs needed to run an operate a service or product. Depending on the revenue earned a tax contribution is compulsory, gross profit usually shows ho much money is contributed to the government.
Net profit also know as net income relates to gross profit however works by deducting expenditure costs from an organization or individual and also deducting from revenue. Net profit can show an organization or individual if they have made a loss this is useful because it can make you rethink about your business plan and also think about raising or decreasing the expenditure costs from your service or product to finally generate a profit. Net profit is commonly know as "the bottom line" this is due to the fact that net income is listed at the bottom of the income statement.
Invoices
Gross profit can often consist of the following expenditure costs: product value, tax and also interest and also inform the of the costs needed to run an operate a service or product. Depending on the revenue earned a tax contribution is compulsory, gross profit usually shows ho much money is contributed to the government.
Net profit also know as net income relates to gross profit however works by deducting expenditure costs from an organization or individual and also deducting from revenue. Net profit can show an organization or individual if they have made a loss this is useful because it can make you rethink about your business plan and also think about raising or decreasing the expenditure costs from your service or product to finally generate a profit. Net profit is commonly know as "the bottom line" this is due to the fact that net income is listed at the bottom of the income statement.
Invoices
invoices are written document often in the form of bills and also receipt's which shows recent purchase's and investments which are often used to indicate what must be payed by a buyer under a financial agreement from buyer to seller. Financial agreements often last for a specific time usually around 3 days and if they buyer has not payed the seller within the time period the item or service will be cancelled and the then the buyer may receive a refund depending on the service or product initially purchased.
Invoices are generally similar unless you manage or work for a rental company, this is because the financial agreement is slightly different. Rental company must include a distinct reference to which a service or product's time of duration when billed, in addition to this invoices must also include: price, quality and also the discount amount of the product or service. Rental company invoice mostly refer to: days, weeks, months and hours an item or service has be billed for.
Self Management
Invoices are generally similar unless you manage or work for a rental company, this is because the financial agreement is slightly different. Rental company must include a distinct reference to which a service or product's time of duration when billed, in addition to this invoices must also include: price, quality and also the discount amount of the product or service. Rental company invoice mostly refer to: days, weeks, months and hours an item or service has be billed for.
Self Management
Self management refers to managing your own life and showing you how to organise your own life. Self management is beneficially to everybody because you must all become independent and organise and run your own life and make decisions for yourself. Self management often relays on your strengths and weakness's and can help improve life skills which can help you progress through life and better yourself.
Self management is often challenged by procrastination which is know to avoid completing some work at a certain time and postponing it for a further date often described as "ill do It later" and "ill finish it tomorrow". I personally have procrastinated with work which caused major setbacks and also delays once submission dates become closer however now I begin my work as soon as I receive it and rarely procrastinate which has showed me how to stay on track and keep me focused on my personal career.
Planning
Planning also know as forethought is the growth and development of an idea that allows you to achieve a desired goal or objective. Planning refers to the creation and maintenance of plan. Plans often feature a diagram with many resources, timings and steps which help guide you to your specific goal or objective and show you how to accomplish your ambitions. Plans must always be well constructed and well thought off or else the individual or corporation will have to sacrifice a large amount of time and money to correct or improve corporations and individuals products or services.
My personal plan is to become a freelance music producer and to be living in the Los Angeles area creating music daily and working with notorious artists to create masterpieces. My plan is to study music production/ audio engineering in Los Angeles however Manchester university is also considerable If I don't qualify for Los Angeles.My personal plan may seem impracticable or unimaginable however I am determined, motivated and excited to continue and will never abandon my plans and dreams to succeed.
Goal settings are often constructed with smart targets: specific, measurable, attainable, relevant and time bound. As an aspiring producer my goals are to study music production in an Los Angeles or Manchester university to advance my expertise and to learn more about music production and eventually produce music with and for notorious artists and finally live in Los Angeles by the age of 21.
As a an aspiring music producer, I must constantly consider the importance of time management because it could create more opportunity's for myself and also loose opportunity's if not used correctly. As an producer im required to arrive on time to the studio and to finish projects e.g. songs and albums by set deadlines.
As a future music producer I must incorporate the use of contracts due to its importance. To succeed I must review musical contracts offered to me from e.g. artists, studios and record labels. Musical contracts are required to show financial considerations from two or more parties and must clearly state what is required from a minimum of two parties, this is to ensure certainty and trust between the two or more parties.
Working Within a Team
A team is a group of individual's who are organized to work together cooperatively to meet customer needs by completing goals and accomplishing purposes. Teams are often created by individuals or corporations to increase workflow, efficiency and to help build staff morals and improve work performance. Teams are often united to achieve a certain goal or objective and often operate with a high degree of interdependence and usually share responsibility over completing a task.
As an aspiring producer teams are important because they can increase the speed of workflow and can highlight the expertise of certain people. In the music freelance world teams are incredibly useful because they can create new and more ideas, enhance staff communication and also increase the efficiency of work.
Delegation
Delegation refers to delegating or assigning an individual to a certain job that suit their particular expertise e.g. delegating a back line technician to a bands equipment logistics. By entrusting another person to perform a specific task or responsibility one is creating a division of labour. This division of labour is important in the music business as it ensures that a musical event or session is properly carried out since the many different tasks involved may be too much for one individual to handle. As a producer I will have to delegate responsibility to certain people, e.g. setting up microphones. Taking Responsibility Responsibility in music is incredibly important because accountability is central to the success of a musical endeavour. This means that maintaining equipment and operations, and taking care of different channels takes place. This is not so that one can place blame on another, but so that tasks are delegated and completed by individuals that are authorised to do so. As a producer I must take responsibility of creating sounds and achieving results. Networking
Networking in music is essential because individuals must learn to exchange information, contacts and other experiences in group settings for their professional music purposes. This way one can enhance one's own musical career by potentially getting more gigs and reaching a wider audience. As a producer I will interact with others in the music industry and exchange change information, while developing these contacts, because they serve to further my career.
Resources Required Musicians need resources to be able to carry on their job. This could mean everything from employing other musicians, to actual devices like microphones, audio cables, mixing desks, computers, DAWs, and monitors. As a producer I will need all of the items listed above to conduct my work properly. Human Resources Among the resources required in the music industry is other humans. People are needed not just in the foreground of music projects, but also behind the scenes in jobs like that performed by a musical technician. Throughout the music industry it is critical to have people with expertise in all positions to carry out important functions that will make a musical project work. As a producer human resources would be extremely vital because projects would be completed faster and done Qualifications Qualifications in music are certificates or anything signifying that an individual has accomplished what is required to make him or her suitable for the musical job. A person's qualification is an important condition that must be fulfilled before they gain the right to work on musical projects. Experience Another important thing for musicians is experience. Experience in the music industry means practical contact with and observation of work in the musical arena, and gaining knowledge and skills that will leave an impression on the individual as a result.
Opportunities In the music industry a person will encounter a set of circumstances that make it possible to do something, like chances for employment or promotion. It is important for a person to weigh his or her options very carefully when an opportunity arises, because opportunities are notoriously consequential in the music industry.
Training courses A training course is often used by companies to help teach the skills and knowledge for a particular job or activity. Training courses are vital in the music industry particularly because many don't have the time or luxury to take school for several years in order to obtain a degree. Attending Trade Fairs / seminars / conferences As a producer, attending trade fairs, seminars, and conferences is extremely important in order to learn about new equipment and network. Learning about new equipment is important because new equipment enters the industry all the time and one needs to be updated on what the latest technology is, while networking is also of crucial importance as exchanging information and contacts is an important way to further one's own career. Self- critique Self-critique is important for a person in the music industry because it is one of the most important ways to grow and become better. Self-critique requires self-awareness and the ability to analyse and judge the merits or faults of a work in order to learn from what was done right and correct mistakes so that they do not appear in the future. Targets Targets are personal aims or goals often associated with individual's or corporations. Targets are extremely important because they allow you to work towards something and help guide you through certain tasks or activities. Action plans Action plans are essential in the music industry as a person needs to have a set of decisions about what he or she is planning to achieve. This is important in the music industry because a musical project does not begin and end with the recording of one song, but rather needs thorough and detailed plans in place in order to make the most of the art that is created. Realistic goals One problem that many entering the music industry face is that they set unrealistic goals that are hard or impossible to achieve. There is a great deal of competition in the music industry and the percentage of those who "make it" is very small. It is therefore important for an artist to make realistic goals that are achievable in order to progress. Inter-personal skills A quality that is important for people in the music industry to have is inter-personal skills. The music industry is one in which social skills are important for upward mobility and without these skills progress can be very difficult. Networking is also another important part of a musicians life as it helps to further one's career, and this makes inter-personal skills even more important to have. Motivation Motivation is important in the music industry as this is a "cut throat" field and competition is very fierce. One must have a strong desire and willingness to work hard particularly because failure is so prevalent and commonplace in this industry. Values Having a set of values is important for someone in the music industry because this is an intense field and it is common for a person to lose track of what is important to him or her in life. Those who have principles and standards of behaviour that they believe in and things that they regard worthy have an easier time prioritising how to proceed with their work.
