5 Tips On How To Not Get Ripped Off By Your Manager or Record Label
If you're a musician, singer, rapper, or indie artist, you've probably heard horror stories about artists getting ripped off by their managers or record labels. It's a sad reality that many talented people never get to realize their full potential because they're taken advantage of by the very people who are supposed to be helping them. But it doesn't have to be this way! With a little knowledge and preparation, you can avoid becoming a victim of music industry greed. Here are some tips on how to not get ripped off by your manager or record label.
Do your research - know who you're dealing with and what their business is about
Doing your research on a new business you may be dealing with is of utmost importance. Make sure trust is established by conducting due diligence to confirm the authenticity and trustworthiness of whoever you're partnering up with. Third-party verification can help, but it is also important to get as much information from reliable sources and do independent research to ensure trust between both parties before taking any decisions. Being informed about who you're dealing with and what their business is about are essential steps in the process and will help ensure success from the beginning.
Get everything in writing - don't just rely on verbal agreements
Verbal contracts may seem convenient in the short term, but it's always best to get everything in writing when it comes to agreeing. Not having contracts or contracts signed by both parties leaves you without much accountability if something goes wrong. Having contracts is the only way to legally bind an agreement, so make sure you take the appropriate steps with a lawyer to ensure contracts are binding and up-to-date with regulations. And remember, never rely solely on verbal agreements!
Be prepared to negotiate - have a clear idea of what you want and be willing to compromise
Being prepared to negotiate is beneficial for both parties involved. When going into a negotiation, it's important to have a clear understanding of the outcome you're aiming for and to set realistic but reasonable expectations. While it may seem advantageous to hold tight and not budge on what you want, having the willingness to compromise can often lead your negotiator to greater success in the end. After all, compromising results in everyone walking away happy, leaving money on the table that could've been left unclaimed if negotiations had stalled. Knowing how far you are willing to bend can help ensure beneficial outcomes for both you and your counterparty.
Don't be afraid to walk away - if something doesn't feel right, trust your gut instinct
When options present themselves, don't be afraid to walk away if something doesn't feel right. Trusting our gut instincts is essential for successful decision-making; we all need to focus on our internal compass and view options objectively to ensure the best result for ourselves. It may be difficult at times as it can involve risk or discomfort - but with our instinct as a guide, it will bring positive outcomes in the end. Don't be afraid of seeing options through until completion; just remember that it is always ok to trust your gut and walk away if things don't feel right.
Seek professional advice - get a lawyer or accountant involved if necessary
When starting or running a business, having access to professional advice is essential. It's important to remember that lawyers and business managers have decades of experience and can provide truly valuable insights into the legal and operational aspects of your venture. In addition, an accountant can help you understand the financial framework of your business and advise on the best way to maximize profits while minimizing costs. Seeking out their advice can be both a time saver and a money maker, so don’t hesitate – to enlist the help of experienced lawyers, accountants, and other professionals wherever necessary to ensure success!
Entering the music industry can be a daunting task. You need to be sure that you have done your research and gathered all the information you can beforehand so that you know with whom you are doing business and what they offer. It is also important to get everything in writing and to be prepared to negotiate. If something doesn’t feel quite right to you, do not hesitate to walk away from a deal. However uncomfortable it may be, seek professional advice if necessary – such as from a lawyer or accountant. All of these steps will help ensure that any deals made are beneficial for both parties involved. It is also important to stay up-to-date on news in the music industry – Subscribing to our newsletter is a great way to do this. By following these simple steps, navigating the music industry can be relatively straightforward.