Business Manager Adrian Carballo MUM 2702, Professor Calle Miami Dade College Spring 2007-2 Adrian...

Business Manager

Adrian CarballoMUM 2702, Professor Calle

Miami Dade CollegeSpring 2007-2

What Does a Business Manager Do?

A business manager handles the day to day business & financial affairs of musicians and entertainers.

Skills

Although musical skills are not required, a business manager must have effective negotiation, problem solving, money management, and investment skills.

Must also be proficient in tax law.Audition and music theory test not

required.

Education

Educational Certification: Two to Four-year Business

Administration DegreeEmphasis in Accounting or

Management.More Knowledge and Experience =

Better Opportunities.Degree is usually required.

Colleges offering two-year degrees

University of MiamiFIU *Berklee in Boston Degree is Business Administration with

emphasis on accounting, management, or entrepreneurship.

Colleges offering four-year degrees

FIU, UM, BERKLEEwww.fiu.eduwww.berklee.eduwww.universityofmiami.edu

Education and training costs

About $7,000 for Business Admin Degree per FIU.edu

Sources of Payment:Family Funding, Loan

Additional Income:Freelance: Web design/Graphics,

Recording, Producing

Markets and disciplines

A good Business Manager is always in demand, whether in the music business, or regular businesses.

Skills can all be applied to unique situations in all market types.

Locations

N/A but may be able to look here in Miami, Fl

Employability

Over 230,000 Management Occupations in Florida (in 2006).Business management Skills are

malleable and easy to implement in other markets.

Security and benefits

Job security for a business manager really depends on his or her skill set and dedication level.

If employed by a large corporation, may have good benefits.

Salaries

About $30 per hour if employedA good business manager has the

potential to make an indefinite amount if he has an entrepreneur mindset.

Advancement

To advance as a business manager, one must keep learning, improving, and sharpening skills. Additionally, must be up to date with newest technology, internet business/promotion, and future trends.

Business managers can be employed by the label or artist. They can also be self-employed and freelance.

Benefits and retirement

Health Insurance? Usually not, unless employed by a large company.

Retirement Plan? Depends on employer.

I would obtain insurance and save for retirement from my personal sources.

Flexibility

Depending on the complexity of the particular client’s needs, there may be time to pursue other ventures or side jobs.

Personally, I would not want to put all my eggs in one basket at any given time.

Pluses

Good contacts/connections.Financially rewarding.Mentally rewarding.Interesting and Challenging.

Minuses (challenges)

Risky.Heavy workload.Lots of different skills must be

applied.Artist may have an “ego problem”.

Summary

Business managers are put in place to handle an artist’s financial matters thus relieving the artist (or label) from this very important task. It allows the artist and label to spend more time on other things like creativity and promotion. I am personally leaning more toward the entrepreneur side of things because I find its rewards for creativity and flexibility more appealing. Overall, if you are business minded, a career as a business manager might be the perfect job.

Recommendations

Five educated recommendations for those interested in this field.

1. Stay on top of your game (by researching, reading what other successful people are doing.)

2. Develop the passion3. Make good connections/contacts

(remember its WHO you KNOW.)

4. Make good habits.5. Save money and invest in real estate

to become rich.

Referenceshttp://www.dvc.edu/career/Career%20Sheets/MusicBusinessManager.htm

http://www.berklee.edu/careers/mbm.html

U.S. Department of Labor, Bureau of Labor Statistics. (2008). Overview of BLS statistics by occupation. Retrieved March 17, 2008, from: http://www.bls.gov/bls/occupation.htm.