How Much Do Arts and Entertainment Business Managers Make

Chris King, Vice President of Concern Development and Customer Services at Nashville's Blue Sky Grouping says "to summarize what a Business Manager does, we handle all financial needs for our clients, both personal and concern-related. We work in conjunction with an artist'south Director, Attorney, Booking Amanuensis, and other squad members to ensure a truthful cohesive financial plan is in identify at any given time.

"Included with handling finances (exterior of what a basic Bookkeeper does) are tax filings, worldwide tour budgeting and reconciling, asset protection with insurance and company structuring, assisting with investment strategy, estate planning and oversight, contract review and negotiations, royalty tracking and auditing. The list tin proceed and on.

"If there is such a thing equally a 'typical' mean solar day it would include treatment greenbacks receipts and neb payment, income tracking, bank reconciliations, greenbacks flow direction, tax planning and grooming, and tour budgeting. On top of that, if a client calls and needs assist, for the almost function, nosotros end what we're doing and help them.

"Whether that means setting upwards utility accounts for a new residence, filing an insurance merits, paying a bill over the phone/computer, [or] figuring out why their credit card isn't working.

"On top of this is the fun piece of work that happens a few times a twelvemonth for a number cruncher – going to a client's show and seeing all of the hard piece of work you do in the part come to fruition with a show in front end of hundreds/thousands of fans stepping out of the struggles of solar day-to-day life and enjoying an amazing amusement!"

The average annual salary for Concern Managers is approximately $78,600. Business Manager salaries can range from $50,000 to $119,000.

"Nigh business management firms themselves earn income based on a percent of the income received by their clients, or hourly," King explains. "Employees within the firms are paid hourly or [receive] bacon depending on their experience and level within the visitor. Annual income tin vary greatly depending on the number of years y'all've been with a visitor, your function within the firm. and the size of the clients you lot're working with."

Every bit there'due south an entertainment attribute to the job of a Business Manager, the piece of work lifestyle can differ on occasion from that of a typical financial professional.

King explains, "A bulk of our work is done during normal concern hours, 9 am to 5 pm, Mon through Friday. There are the occasional shows at nights or weekend meetings with clients equally you lot further your career, just we mainly stick to bankers' hours.

"But of class, the more pop an creative person becomes, the more demanding a Concern Manager's hours can become. Equally a firm, we attempt to stick to normal business organisation hours, but working longer hours isn't a bad affair in our world. Information technology means that the clients are growing and that's the ultimate goal in all of this."

He adds, "Business organisation management is 100% a team business. There is no way I could serve my clients to the best of my ability without an amazing team effectually me!"

Most Business Managers start their careers as Interns before finding full-time employment and working their fashion up the career ladder. Knowing where to outset can exist confusing, equally "different firms telephone call their entry-level position past different names."

King says, "Essentially, a new hire would be applying for a Bookkeeper position and first to learn the accounting side of the business. Every bit you learn and abound, there are a variety of positions you can employ for. [At] a firm similar mine, we similar for our employees to be versed in all areas of business management, so an employee works on all areas of the client – personal, touring, royalties, etc.

"Then, there are firms that have different departments for each of those categories instead of [existence] all-inclusive. As someone learns the business organization and feels confident in their knowledge, they can apply for jobs that all-time fit their skills." This could mean landing an Business relationship Manager position, then working one's way up towards a VP of Business Development championship, and somewhen becoming President of an existing firm or opening ane'southward own firm.

Business organization management demands a special set of skills, in both music manufacture and financial knowledge. If you're looking for an entry-level gig in this field, your path may differ from the paths of others.

Male monarch says, "Funny story about myself, I got lucky becoming a Business Manager! I went to the University of Tennessee at Martin to get a degree in Bookkeeping and decided I'd figure information technology out from at that place – non sure I'd recommend that, but it worked for me. My university didn't offer whatever Music Concern courses. After college, I moved to Nashville in hopes of finding a job I loved.

"Later on reading about a business direction firm hiring for someone with multiple years of tax experience, I submitted my resume, having no experience at all. I introduced myself equally outgoing and up for anything. The HR Managing director laughed at my electronic mail and kept my resume on file until they had an entry-level opening.

"I got the phone call and interviewed, explaining that I had no noesis of the music industry, but was able to clearly bear witness my determination to succeed in any job I set my mind to. And as they say, the rest is history."

He adds, "For anyone looking to start a career in business management, information technology's obviously important to be in a city that has a lot of opportunities within the music industry – Nashville, New York, Los Angeles, Atlanta, Miami. If you lot're able to go an internship during college, I extremely propose doing so. Almost companies want someone to graduate higher with experience and there's no improve way to obtain that than an internship.

"Next, apply everywhere and exist confident in interviews. If yous don't know an answer to a question during the process, don't tell a lie because it's easy for the interviewer to read body language and be turned off if someone already seems untrustworthy.

"Finally, after landing a job, work hard and empathize your role within the house. Each role you lot obtain, knock it out of the park and your work will be rewarded with new opportunities and moves up the chain of command."

• "Intern or work while getting your teaching. This shows your willingness to learn and the ability to multitask.
• Apply and submit your resume to every company y'all can find. You may non think the job clarification is for yous, but it never hurts to try.
• Brainstorm networking with anyone yous can find that's willing to lend advice. I go to coffee or dejeuner with students at least once a month who are looking for information on business management and ways to get started. I dearest when students accomplish out to me. It shows their eagerness to be great!"

Experience in the worlds of finance and entertainment, gained through internships and education, is important for whatsoever aspiring Business Manager. Beyond this, King says, "when interviewing new graduates for jobs at my house, I don't recollect at that place's whatsoever experience or special skills that will drag them above other applicants.

"Myself and others are looking for someone with a expert work ethic, an understanding that the job isn't as glamorous as outsiders see it when yous say yous 'work in the entertainment industry,' and the willingness to get the task done no matter if it takes putting in extra time above the normal forty-hour workweek."

"I remember it takes a diversity of personalities to build a great business management firm," King says. "All firms (which goes for most business) need introverts and extroverts – the combination of both these type of people alloy into a great team! Nevertheless, in club to move through the ranks and advance in your career, you've got to be able to communicate with clients easily, without being intimidated, and network inside the music industry."

"Although a passion for the industry is beneficial, at that place are more aspects than existence an avid music fan that ascent upward as of import," Rex advises.

"The most important knowledge to take to start out in business management is a good agreement of bones accounting principles. Until you've worked within a business firm for an extended menstruation of fourth dimension, 90% of your job revolves effectually accounting." To acquire these bones principles, aspiring Business Managers should wait into college degree programs in Accounting, Business organisation Management, Business Assistants, or Finance.

"I've noticed they are not a lot of professional person groups or online resources for individuals looking for a task within business management," Male monarch says. "Nashville, however, has some cracking industry groups for people looking to get involved: Leadership Music, SOLID, and Young Entertainment Professionals."

While Nashville, in particular, seems to have many helpful organizations for those just beginning their music business organisation careers, it'south a skillful thought to take a look for groups operating in your own community — especially if you live in an entertainment industry hub like New York, Chicago, or Los Angeles. Meetup.com is a practiced identify to check for informal networking groups.

Chris Rex

Chris King is the Owner/Business Manager at King Business & Financial Direction in Nashville, TN.

Prior to hitting out on his own, he served as Vice President of Business organization Development and Client Services at Blue Sky Group in Nashville, a full-service business management firm that works with top record labels, artists, and publishing companies, before Rex was eventually promoted to Partner. As a Business concern Manager, King has represented Songwriters with multiple #i hits along with some of the most respected artists in the industry.

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Source: https://www.careersinmusic.com/business-manager/

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