Musician Scott Andrew posted a theory that basically says if you can build 5000 hardcore fans that will spend just $20 a year each on your stuff, you will bring in $100,000 and can quit your day job:
Now, 5000 is a big number, but not that big. That's like, what, one-eighth of an average baseball stadium? And you might not even need that many. Here's an exercise: take your own salary, pre-taxes, and divide it by 20. If you were to quit your job right now and start living as a full-time musician, poet or author, that's how many fans you'd need, spending $20 each year to support your art. So, if you're making $30K yearly, you'd need 1500 paying fans each year to replace your salary. And it gets better if you're willing to take a pay cut. In Washington state, where I live, a person working for minimum wage would only need around 700 paying fans. As Hobbit sez, there are a lot of people working for minimum wage doing stuff they hate.
Of course, as the commenters on his site pointed out, if you have a band, you have to divide that between the number of members, and it doesn't take expenses into consideration, but it still seems like an attainable goal.
1 comment:
The 5000 Fans Theory highlights the power of a dedicated audience, which also applies to the construction industry. Just like a business needs loyal fans to thrive, electrical contractors need precise estimates to secure profitable projects. This is where outsourcing electrical estimating services becomes crucial. By leveraging expert electrical takeoff services, contractors can bid more competitively and win more jobs, ultimately building their own "fan base" of satisfied clients. Investing in accuracy and efficiency can be the game-changer that sets a company apart in a competitive market.
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