First 3 Steps to Making a Living with Your Own Business

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I got an email today from Maria. She wrote:

Dear Marc,

I'm a jewelry artist who is seeking to create a business that will support me. I have 5 mental disabilities and can't be employed conventionally.

My friend Anna loves to spend money on your music (I know, I have been gifted with a LOT of your work!!!! EXCELLENT STUFF!) and she suggested that I ask you how you managed to become self-sufficient while working as an artist.

Thanks for your time and insights. Sincerely,
M. T. Noah of M.T.Noah Design

If you take out the Amway junk of the early '90s, I started running my own business in 1997. That's when I started the Lone Star Network with my brother, Sean. That evolved into the Texas Musicians Network. Those were my first internet businesses. At the time, there wasn't much business though. I knew the internet would be big. I just didn't realize how big.

Since then, I learned a lot about marketing, online promotion and running my own business. So I thought I'd share some of the first steps you should take if you too want to make a living with your own business.

1. Determine Your Niche and Focus

Maria said she was a jewelry artist. That's awesome. But what kind? There are a zillion types of jewelry and artists making them. Pick something that sets you apart from everyone else. That's now your new Elevator Pitch (10 second description of who you are and what you do). Now, as an artist, you don't have to just do that. Feel free to make whatever art you want. But have a focus.

I know. That's easier said than done. I bill myself as “The Celtfather,” and my current tagline for my website is “Fun Celtic Music”. That means I'm a Celtic musician. However, anyone who actually listens to my music knows that that's just a starting point. I have songs about hobbits, Firefly, Star Wars, and cats. My musical rhythms lean a lot more towards blues and jazz than trad Celtic folk.

But I AM a “Celtic musician” first and foremost.

Oh! And if you need some inspiration about focus. Take “Irish Drinking Songs for Cat Lovers“. THAT is focus. It's also my best-selling album. Because people who love cats and love Celtic music, LOVE THAT CD!

Think keywords when creating your niche. Those same keywords will be used in your Elevator Pitch.

2. Determine Where Your Market Is

I'm a big fan of the internet, but it's not for everyone. Where is your audience? If you know your niche, you should have a better idea. Is it farmer's markets? Art shows? Festivals? Greeting card companies? If it is a small niche, the internet is by far the best way to go. The internet supports all niches big or small. But the question is will you make enough money to making a living with a big or small niche.

You don't need to be Apple to make a good living. A small niche is fine if it's in a certain market. Music is a tough market. If you're trying to make a living selling Celtic CDs through a podcast, you probably won't make a whole lot of money. But if you have a good product and a good market for people who love original cat earrings (there's a good, tight niche), then you can make a good living with it.

If you're unsure what market is best for you, pick two or three. Try them out. See which makes more money. Focus on that.

I play more Sci Fi Conventions in part because I make more sales at cons than I do a Celtic festivals. (That and they are easier to book than most Celtic festivals)

3. Create a Website and Start a Mailing List

Whether you are primarily selling online or not, I highly recommend that you create a website and get a mailing list setup on that site. Your website is your online business card. Most are easy to create thanks to things like WordPress. Build it. Take good care of it. Then send people to it.

Your mailing list is essential for keeping in touch with your fan base. Water it, and treat it with care. Now and then sell something through it. For sales, you can use paypal on your website, or try a third-party site like Etsy or eBay. Do what works best for you though.

People want to connect with small business owners these days. So make it easy to do so. You can do that through a Facebook Page, Twitter, podcasts, videos, or whatever. There's a zillion options. Again do what works best for you.

So there ye go. My first three suggestions for making a living online. If you have questions, register and post a comment below. I'd love to hear your thoughts.

 

 

5 comments on “First 3 Steps to Making a Living with Your Own Business

  1. Thanks for posting this! Very insightful! I’m glad to see I’m also on the “right track” to some degree as well. I also heard forming an LLC or something else helps protect personal finances should anything come up legally.

  2. You’re welcome Erin!

    In regards to the LLC. First I’m not a lawyer. That said, most business do not need an LLC. Yes, it will protect, but what do you need protection from? I have basically two business. Music and the Celtic Invasion Vacations. The later is the only LLC, because it costs a couple thousand to join and if there are any accidents on the trip, I can’t afford not to be protected. The music business is highly unlikely to be sued in that manner. Not impossible, but unlikely.

    The main problem with setting up an LLC is that you will be taxed twice. Your LLC is like another person in the taxable world. Hopefully, it’ll pay you and you’ll make money. But the government will tax the LLC and then after your LLC pays you, it takes that income too. So not the best idea. Especially early on. IMHO.

    But again, not a lawyer.

  3. Good advice! Now if you’re marketing yourself as an expert on some topic, I recommend joining conversations on that topic (online, or where people gather to discuss the topic). Answer questions, ask questions, be a part of the community without giving an annoying sales pitch. This will get you known as someone who knows what you’re doing – even if you ask questions, once you get beyond the basics, this shows that you have some idea what you’re talking about.

    Regarding the LLC, I don’t think you are taxed twice since your salary is a business expense, but perhaps an expert can confirm that.

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