In today’s episode, Fabiana discusses a crucial but often overlooked aspect of financial success for musicians: profit margins. Rather than focusing solely on income goals, Fabiana emphasizes the importance of understanding what it takes to keep more of what you earn.
This episode dives into practical strategies for managing expenses, making calculated investments, and building a sustainable music business that aligns with your personal and financial goals.
Key Highlights:
- Income Goals vs. Profit Goals: Why focusing only on revenue can leave musicians financially drained.
- Essential Cost Management: Fabiana breaks down the importance of tracking expenses, including operating, team, and advertising costs.
- Strategic Investment Decisions: Insights on investing in skills, team, and marketing to grow your bottom line without sacrificing profitability.
- Pricing and Value Alignment: How to set a price that reflects the true value of your services and enhances your business’s sustainability.
- Building Business Freedom: Fabiana shares her approach to creating an autonomous business structure that supports financial freedom and lifestyle goals.
In this insightful episode, Fabiana encourages musicians to go beyond surface-level income goals and instead focus on building a financially resilient business. By understanding profit margins, managing costs, and making strategic investments, you can create a business that not only sustains you but also grants the freedom and flexibility to pursue your artistic vision fully. Ready to elevate your financial game? Tune in and let’s prosper together!
Musicians Creating Prosperity Live Event:
Join Fabiana Claure for the Musicians Creating Prosperity Live Event in South Florida from Nov 14-15th, 2024! This unique event will bring together musicians from around the world for an immersive experience focused on building and scaling online music businesses. The event will cover essential topics such as business strategies, marketing, finance, communication skills, and the use of AI, while also emphasizing wellness and lifestyle balance.
GET YOUR TICKET HERE: www.musicianscreatingprosperitylive.com
The Musician’s Profit Masterclass:
Is your music business income able to grow without taking more of your time? If not, this masterclass is for you.
Discover the 5 steps to win back your time, increase your income, and make your music business self-sustaining – so you can live your life on your terms!
JOIN HERE: www.musiciansprofitmasterclass.com
Want to work with Dr. Fabiana Claure and her team?
Apply for a free Scalable Business Audit here.
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About Dr. Fabiana Claure
As a concert pianist, and former University professor turned 7-figure entrepreneur, Fabiana has helped thousands of musicians create scale their businesses while also winning back their time to focus on what matters most to them.
Prior to becoming a business strategist for musicians, She co-founded a nationally-featured music academy in 2011 called Superior Academy of Music®, and since 2016, she and her husband have managed it remotely across the country. By putting her business on autopilot, not only has the business benefited from them being able to work ON the business rather than IN the business, but it has also grown in efficiency and profitability.
Fabiana was the Founder and Director of the University of North Texas Music Business and Entrepreneurship Program for five years from 2016-2021. In this role, she spearheaded the creation of a major initiative that helped musicians launch their own businesses, win tenure-track University teaching positions, and gain arts administration jobs. The program was ranked among the top 15 music business schools in the country by Billboard Magazine during the entire 5 years she was leading it. She’s also maintained an active performing career playing in venues nationally, internationally, and virtually.
In 2020 she launched her signature online business mentorship program, using her Musician’s Profit Umbrella® method, which helps musicians all around the world package their skills into an online brand that allows them scale their businesses while also winning back their time. Her clients have been able to create six-figure income streams, 10x their revenue, step out of overwhelm and burnout, and design a completely new way of living.
In 2021, she took the entrepreneurial plunge and quit her full-time University job in order to focus on creating a lifestyle that embraces ease and flow, free from burnout, and that allows her to focus on her coaching business, her performing/speaking career, her family, and her overall state of wellbeing. She now help musicians unify their skills and scale their online music businesses to create rapid financial expansion and purposefully design their lives in alignment with their values and lifestyle goals.
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