Business Manager Adrian Carballo MUM 2702, Professor Calle Miami Dade College Spring Adrian Carballo MUM 2702, Professor Calle Miami Dade College Spring

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.  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.  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.  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     FIU, UM, BERKLEE   

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  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.  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.  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.  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 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.  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.  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.  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. DDepending on the complexity of the particular client’s needs, there may be time to pursue other ventures or side jobs. P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.  Good contacts/connections.  Financially rewarding.  Mentally rewarding.  Interesting and Challenging.

Minuses (challenges) Minuses (challenges)  Risky.  Heavy workload.  Lots of different skills must be applied.  Artist may have an “ego problem”. RRisky. HHeavy workload. LLots of different skills must be applied. A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.  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 U.S. Department of Labor, Bureau of Labor Statistics. (2008). Overview of BLS statistics by occupation. Retrieved March 17, 2008, from: U.S. Department of Labor, Bureau of Labor Statistics. (2008). Overview of BLS statistics by occupation. Retrieved March 17, 2008, from: