S8E10: Angela Parrish - Multiple Streams of Income

This week I have singer/songwriter Angela Parrish who shares with us about the importance of having multiple streams of income and how she runs her business. She also talks about how she saved for and completely self-funded $20,000 to record her latest album, Faithful and Tall.

Based out of Los Angeles, Angela creates her own brand of music, drawing inspiration from the likes of Carole King, Ray Charles, Eva Cassidy, Gregg Allman, and Alison Krauss. Her music has brought her great acclaim including second place for her song “The Couple Down the Hall” at the Songwriters Hall of Fame Song Competition, and having her song “Higher” selected as a finalist in the 2013 John Lennon Songwriting Contest. You may have heard her song “Different Tomorrow” which earned a primetime placement on CBS TV last summer. Thats not even mentioning her collaborating with top producers and musicians in the industry.  

 

Success Mantra

I realized early on that success was tied to not giving up. Most people in this business gave up and went on to other things. If you simply didn’t give up, you would outlast the people who came in on the bus with you. - Harrison Ford  

 

Multiple Streams of Income

• Talks about the different streams of income she has which include performing, album sales, and teaching piano.

• Teaching people one on one.

• Limiting how much she teaches so she can focus on the other aspects on her business that she has more passion for.

• Talks about the different percentages each of her streams of income are bringing in and where she’s focusing.

• Music industry in general and where she thinks it’s headed with music being sold online and subscription services like Spotify.

• How people will support the artists they love.

• How Periscope can help to build an audience.  

 

Managing Business

• Tells how she wasn’t good at managing her business and how she got better.

• Read All You’re Worth by Elizabeth Warren teaches how to manage your finances.

• 50% of your income is survival/basic needs, 30% is discretionary, 20% is savings.

• Talks about how she self-funded her album, hiring all of the help she needed in musicians, studio work, designers, etc.

• Tells how much it took to create her album. Spoiler alert: It was roughly 20,000 completely self-funded.  

 

Other Topics Covered

• Having tenacity.

• Not giving up, yet knowing when to quit.

• Fear of rejection.

• Finding yourself.

• How all your experiences make up who you are.

• Taking risks to be true to yourself and your art.

• Talks about her early performing days.

• Immersing yourself in the community that you want to be a part of.

• Balancing business and art.

• The importance of building a following which makes you more attractive to labels and other people to work with.

• Collecting emails. Opt-in magnet.  

 

Failure Moment

Putting out her record without any business knowledge. She feels it isn’t doing as good as it can be and now she’s changing that.  

 

Favorite Success

The songwriter’s hall of fame competition and being recognized by her peers.    

 

Parting Advice

Don’t sell yourself short. Set out to accomplish your dreams. Dance with fear.

 

Recommended books and resources:

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