Who doesn’t love to tickle the ivory or pluck at the guitar strings? If you’re thinking about buying a music studio, then here a five things that you need to consider in order to make your studio a success.
1. Is the space sound-proof?
Now this might be a no-brainer but when recording you need absolute silence other than from the artist or artists who are recording. Any interruptions will ruin a take and make it longer to produce the albums or singles in question.
2. Does the space have climate control or AC units?
Your recording studio is going to be filled with at least $10,000 worth of equipment or more depending upon you a budget and set up. As such you want to make sure that the building is properly insulated free from mold and has an AC unit or some type of climate control to protect the equipment as well as the instruments.
3. Is the studio in an area where other recording studios have been established?
If you want to set up a recording studio but you have competition already, it may not be profitable to set up in the area in question. Do your research about businesses in the area and reach out to members of your community to see what if any recording studios are out there? There are some recording studios that will exclusively produce one genre of music. As such, you should meet with your potential competition to figure out whether the area would be right for you.
4. How big do you want the studio to be?
Are you considering solo artists and small bands or a full-size Philharmonic Orchestra? The bigger the space the higher the costs. So obviously, you have to look at what your overall business model is and who exactly you wish to cater to in terms of recording opportunities.
5. Can you afford all of the overheads?
Owning a recording studio is incredibly expensive from mortgage payments if you have one to insurance and property taxes the costs can skyrocket and easily overtake your earnings. In order to make your recording studio purchase a success you must do your research make sure you have a solid business model and ask yourself if you can truly afford the cost of running a recording studio.
Taking the plunge and following your dreams is never an easy task. Following your dreams and starting a business comes with great responsibility and a greater risk of failure especially in the first year of business. Following your dreams is admirable, but if you cannot afford the business, then you should reconsider any purchases you want to make.
If you are considering buying a recording studio, then meet with Rusty Tweed. Rusty has years of experience in the real estate business and he is an expert on purchasing unique buildings for unique businesses such as the recording industry. He has a wealth of knowledge and is ready to help you figure out the pros and cons of your next recording studio purchase
