HSH 004 - The 4 Jobs You Can Take in Your Home Studio
This is Home Studio Hustle Podcast #4 - The 4 Jobs You Can Take in Your Home Studio - Part 2 - The Money/Work Relationship Hello Hustlers and welcome to the show I’m Mike Brown and today we’re going to be talking about The 4 Jobs You Can Take in Your Home Studio. This one is a two-parter and part 1 is already up on the blog, so head on over to homestudiohustle.com and check it out or find a link in the show notes at homestudiohustle.com/podcast. Part one of this series focused primarily on the frequency of the gigs you’re taking. In this part, I’m going to focus on the money/work relationship. This is exactly what it sounds like- it’s the relationship of how much money you get for a given amount of work. This episode isn’t going to talk about HOW to price your services just yet. We’ve got that coming down the pipeline, though. (Spoiler: It’s SO much easier than you think and doesn’t require any research at all) Because I am not a huge fan of ambiguity with this stuff, I’m going to ignore the middle of the road. We won’t be talking about medium amounts of work or medium amounts of money because they’re so subjective. Today we’ll be talking in “extremes.” If you’re sitting down at a desk or table, I have a little bit of extra work for you to do. If you’re not, don’t worry- I’ve got you covered in the show notes. For now do this exercise in your mind. Take out a piece of paper and grab a pen. Go ahead and draw a square on it. Use as much space as you need. We’ll be dividing this square up and writing inside it. Now, draw two lines in the square. One splitting it in half vertically, and one splitting it in half horizontally. What you should have now should look like every window I ever drew on every house I ever drew. There should be four smaller squares now. I’ll refer to them as quadrants. Above the top left quadrant, write low, and on the right one write high. Then do the same along the left side- low on top and high on the bottom. The top is going to represent the payment you receive, or the “money” and the side is going to represent the amount of work it takes to complete a project. We’re going to be talking about the pros and cons of each of these squares as well as a few types of jobs that could go in each. The first one here is the low-low. A low-low gig is low work and low money. Maybe it’s a small one-off gig that you bang out in 15 mins and get $10 bucks for. The pros of this type of job is that they’re so quick! You can fill up your schedule with them and earn a reasonable amount even though they aren’t necessarily as lucrative as other options. Another pro to this is that if you’re constantly shifting gears, you’re less likely to get bored or burn out during your pre-scheduled studio time! (You’re pre-scheduling your studio time, right?) Some of the cons are that if you can’t load up on them, they don’t really make enough to support you just on their own. Also, if you’re doing a different type of job every 15-30 minutes, it eliminates the ability to use one of the best productivity practices out there- batching. A few examples of low-lows are: Cutting up audio for a wedding dance. Doing a sound-effect for a YouTube video Doing a few lines of voice acting for a small video game. These are all gigs I’ve taken that take me around 15 minutes, but range from $20-$50 a pop. They’re simple and don’t require a ton of nitty-gritty work. That 80-200 dollars if I fill up an hour with 4 of them! I’m going to reiterate here, though, that you should create your own pricing plans for your products and services. Mine work for me because I’ve figured them out. We’re going to go down a square to the High-Work/Low-Money square. Now, at a first glance you may just assume I’m going to tell that you these gigs are all downside and just not to take them. Unfortunately, however, there are a few pros that may even outweigh the cons. We’ll still START with the cons for this one though. There’s one major one and it’s right in the name. You’re going to be doing a high amount of work for low pay. It’s hard to get excited about things like this because who gets excited about making less money??? They can often leave you feeling like you didn’t get paid enough or you worked too hard. Even for High-Work/Low-Money gigs, make sure you deliver on time and match your standard of quality! No cutting corners! You’re probably wondering what could POSSIBLY be a pro for this sort of gig. Off the top of my head I can think of two. The first is that any gig that requires you to learn a new skill is almost by default put into this box. This vastly increases the amount of work you need to do to deliver, BUT creates an opportunity for you to learn! Let’s face it- learning is one of the most important things you can do while you’re working in your home studio as it increases your ability and efficiency for all future projects! Man if you factor that into the payment, the “money” aspect doesn’t seem so bad anymore! Another pro to this kind of gig is that it can also be in this category if you had to buy something new in order to do the gig. Maybe the pay for the gig is just fine until you deduct the money you had to spend on Melodyne or Superior Drummer. This expands your horizons to more and different gigs in the future. Just like the fact that learning a new skill should be considered in the payment, so does the opportunity to add a new product to your collection!Disclaimer here: I’m talking about buying a product for a specific gig you have. Not going out and dropping hundreds on pieces of software you will THEORETICALLY need in the future. So what specific gigs could these be? A few examples of High-Work/Low-Money gigs are: A Hip-Hop artist wants to track with you but you’ve never dealt with rap vocals before An A Cappella group needs you to tune up their vocals, but you don’t own melodyne yet An up-and-coming 3-piece band wants to live-track with you but your interface only has 2 inputs. All of these have intrinsic payment in the form of knowledge! Now, knowledge doesn’t pay the bills, so don’t accept ONLY knowledge, but keep it in mind when taking or rejecting opportunities like these. Moving to the right, we’re going to talk about the High-Highs. These are gigs that are High-Work/High-Money. Much like in part one of this series- this is what most people think of when they think about making money in a recording setting. And I understand why! High-Work/High-Money gigs are usually fun, high-profile, and glamorous. They’re the gigs you post about on instagram so people can fawn over how cool you are. Because of this, it’s basically all you see when people share what they’re doing with the world. These gigs are not as hard to come by as you’d think. They just take a little bit of work to find and close. So let’s look at the Pros and Cons of High-High Gigs! Some pros: Uh DUH! They pay a lot! They’re a great boon to your ability to sustain a home studio business. They’re also usually fun! Barring a difficult client, projects like these are probably the reason you got into home studio recording in the first place! As far as cons- they can take up more time than you’d like. They also take a little bit of work just to find the gig. I have a tip here, though. Do you know who usually has a bunch of money to record and often no idea where to spend it?College A Cappella Groups. This is no joke. As someone who was once deep in this world, I can tell you that my group once received $10k from our Student Government to record an album. Now, maybe I’m lucky because Connecticut has one of the largest number of colleges per square mile in the country. Still, even if you need to buy a laptop, a portable interface, and drive 200 miles to your nearest college or university, you can make your money back tenfold. There are, of course, innumerable ways to get the High-High gigs so head over to the comment section of the show notes at homestudiohustle.com/podcast and let me know your way!I just wanted to share what, in my opinion, is one of the BEST ways to get High-High gigs. Lastly, we move to the only square left- the High-Money/Low-Work. These are obviously the Holy Grail of Studio work. If you can find them, jump at them! To be honest, I think the pros and cons are obvious for this one, so I’m not going to tediously lay them out for you. Instead let’s talk about how to find these elusive opportunities. The first and best way to find High-Money/Low-Work jobs is going to sound like a no-brainer: If you take a bunch of High-High gigs and streamline your productivity enough, the work investment will drop so that you’re still getting paid the same, but the job is getting easier because you’ve honed your skills and abilities. If you do ten albums for the same band, obviously the tenth will be WAY less work than the first! You know how they like their snare. You have a template saved in your DAW for their tracking sessions. You already have the mic matched to the lead singer from the last album you did for them. This principal works for all aspects of the home studio. The more you practice the more money you make without even raising your prices! I will also say this, though. Another, more advanced, way to get High-Money/Low-Work gigs is to utilize the principle of pricing your CLIENT rather than your SERVICES. Since this episode is dealing less with pricing and more with broad money concepts, we’ll save this for another time- but keep it in mind. It can be a powerful tool to help you increase your profits! So that’s it. Between part one and part two of this series, I’ve illustrated 8 total types of jobs you can take in the home