The dream has been achieved! I am living the life I've always wanted and it feels great to work in my own studio everyday. The rewards are tremendous and there is nothing I'd rather be doing with my time. Being so immersed in my work on a constant basis has given me the knowledge and experience that is required to work at a professional level in this industry. I know many of you are looking to attain the same goal, so let me share just a fraction of my awareness with you.
First, running your own business, regardless of what you do, is no easy task. There are quite a few things you need to consider before diving into starting up a recording studio. Consider this, you'll need to cover your overhead and start up costs before you see a dime of profit. The initial investment is what overwhelms most entrepreneurs and that is just the tip of the iceberg. You're going to need a computer that is powerful enough to handle the processing, a DAW software program, an interface, lots of cables, mics, mic stands, headphones, headphone mixers, racks for gear or road cases, power conditioners, external hard drives, and potentially a studio space. This is just the foundation, there are plenty of other bells and whistles that you'll need to pull off a professional studio.
Now that that idea is rattling around in your head, tackle this notion, you will need to budget for electricity, water and sewage, garbage service, insurance, a security system, and rent. So your budget on a monthly basis is around $2,000 just to keep the doors open. That's the cheap end of the spectrum, which will probably not be adequate enough to compete in the market.
Now if you've invested a large chunk of change into an education in audio production, owning your own studio is the ultimate goal. These startup and recurring monthly costs are just scratching the surface of what you need to consider for operating a steady and reliable studio business. I just wanted to get your mind in motion for all that needs to be considered. Check back in soon as my next few posts will dive deeper into the elbow grease that is needed to keep a studio running smoothly and having the stamina to build a solid reputation to keep the machine well oiled.