Business_Manager_AdrianCarballo_MUM2702x - DrCalle.com

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Nov 20, 2013 (3 years and 28 days ago)

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Business Manager

Adrian Carballo

MUM 2702, Professor Calle

Miami Dade College

Spring 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
Degree


Emphasis in Accounting or Management.


More Knowledge and Experience = Better
Opportunities.


Degree is usually required.


Colleges offering two
-
year
degrees


University of Miami


FIU *


Berklee in Boston


Degree is Business Administration with emphasis on
accounting, management, or entrepreneurship.


Colleges offering four
-
year
degrees


FIU, UM, BERKLEE


www.fiu.edu


www.berklee.edu


www.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 employed


A 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 passion


3. Make good connections/contacts
(remember its
WHO you KNOW.)


4. Make good habits.


5. Save money and invest in real estate to
become rich.

References

http://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
.