In the Spotlight:
Step-by-Step Guide to Launching a Diversified Revenue Stream

José Valentino Ruiz and Marcos Sanchez

MTNA Business Digest, Volume 3, Issue 1

October 2023

Diversifying revenue through coaching or other professional services, such as marketing consulting, website design or social media engagement, creates a sustainable business model for long-term success. Get started with seven proven steps.

Musicians, by their very nature, are hyper-empathic beings, driven by a passion for their craft and a desire to connect with others through their music. This inherent generosity often extends beyond the stage, as musicians willingly offer advice, mentorship and support to aspiring artists and fellow industry professionals (Greenberg 2015). However, this tendency to give freely can lead to a common pitfall: being taken advantage of. It is essential for musicians to recognize the value of their time and expertise and to strike a balance between their generosity and the need to sustain their own livelihoods.

Establishing Business Continuity

Diversifying revenue through coaching, consulting or other professional services creates a sustainable business model that supports long-term success. As the demand for your expertise grows, having a clear structure in place ensures effective time management, resource allocation and client expectation management (Fauteux 2018). Additionally, announcing and promoting your consulting services conveys professionalism and positions you as an authority in your field, enhancing your credibility and market positioning. Establishing pricing or packages and effectively marketing your services are essential steps in building a thriving consulting practice (Spellman 2013).

Let’s explore seven proven steps to make your consulting services official, set competitive pricing or packages and market your expertise successfully. These steps have been instrumental in my own journey, and I am confident they will help you achieve your goals as a music entrepreneur. Embrace these steps and embark on a journey of growth, fulfillment and shared success, benefiting both yourself and the entire music community.

Adapting the 7 Steps for Various Professional Services

The strategies outlined in this guide can be seamlessly adapted to a range of professional services. Whether you’re offering business coaching, website design and consulting, social media optimization, marketing consulting or any other professional service, these seven steps remain highly relevant. The key is to recognize the value of your expertise and time while establishing a sustainable business model that supports your long-term success.

1. Define Your Consulting Offerings

Start by clearly defining the specific consulting services you will offer. Identify your area of expertise, whether it’s business strategy, web design, social media optimization or marketing strategies. This clarity will help potential clients understand the value you bring to the table, regardless of the industry.

2. Determine Your Pricing Structure

Consider your experience, expertise and the market demand for your services when determining your pricing structure. Whether you’re offering advice on business growth, creating effective websites or optimizing social media presence, research industry standards and establish competitive yet profitable pricing.

3. Craft Compelling Service Packages

Create enticing service packages that cater to different client needs. For instance, you can offer a basic consultation package for beginners, a comprehensive package for established clients or a specific package focused on a particular aspect of the industry you are serving. Ensure that each package clearly outlines the services included, duration and deliverables to provide clarity and value to potential clients.

4. Develop a Professional Online Presence

Build a dedicated section on your professional website that highlights your consulting services. Present your expertise, experience and success stories in a compelling manner. Use engaging visuals, testimonials and case studies to showcase your value and credibility. Ensure that your website is user-friendly and optimized for search engines to attract organic traffic.

5. Create Engaging Content

Produce informative and engaging content that demonstrates your expertise and provides valuable insights to your target audience. Write blog posts, create video tutorials or host webinars that address common challenges in your industry and offer practical solutions. Consistently publishing high-quality content will position you as an authority and attract potential clients.

6. Leverage Social Media Platforms

Utilize social media platforms to expand your reach and engage with your audience. Share snippets of your expertise, success stories and client testimonials on platforms such as Instagram, Facebook, YouTube and LinkedIn. Engage in conversations, answer questions and participate in industry-related discussions to establish yourself as a go-to resource.

7. Network and Collaborate

Actively network with other professionals in your industry, attend conferences, and join online communities to expand your connections. Collaborate with complementary experts in related fields to offer joint consulting services or refer clients to each other. Building a strong network can open doors to new opportunities and enhance your credibility in your chosen field.

In conclusion, these seven steps provide a versatile framework for establishing and marketing consulting services across various industries. Whether you’re a music entrepreneur, a business coach, a web designer or a social media consultant, embracing these steps will set you on a path of growth, fulfillment and shared success.

References

Fauteux, B. 2018. The Cultural Capital Project: Digital Stewardship and Sustainable Monetization for Canadian Independent Musicians.

Greenberg, D. 2015. Additional Considerations to the Model of Musical Empathic Engagement: Empathy Facets, Preferences, and Openness: Comment on ‘Music, Empathy, and Cultural Understanding by E. Clarke et al. Physics of Life Reviews 15, 89–91.

Spellman, P. 2013. The Self-Promoting Musician: Strategies for Independent Music Success. Hal Leonard Corporation.

José Valentino Ruiz, PhD, DMin, is a multi-Latin GRAMMY Winner and EMMY Winner. Ruiz is also the program director of Music Business & Entrepreneurship at the University of Florida. Visit www.josevalentino.com.

Marcos Sanchez is a Latin GRAMMY Award Winner & the 2021 Producer of the Year Nominee. He is a professor of music production at the Universidad del Sagrado Corazón in Puerto Rico. Visit www.msanchezmusic.com.