EPISODE 20 ~ MAKE MORE: Selling Royalty Free Music Is a Creative, Lucrative Side Hustle
Thanks to modern technology, if you’re a musician and composer, you can easily record your songs and sell them as a creative side income. My next guest doesn’t want us to use his full name because he’s a respectable government lawyer by day and a secret musician at night. Please welcome Evan Barrett to Easy Money. Hi Evan!
When did you first start playing music and get the bug?
I have been playing music pretty much since I was in 2nd grade. Started with piano lessons. Back when I was a kid there was software where we could write music. My friends and I wrote a song – Gerbils like to Fly – and it was pretty great as you can imagine. The bug stuck with me and most of my life I have been playing an instrument and writing songs consistently since middle school.
Did you ever consider a full-time career in music?
I play guitar, bass and keyboard. I’ve been in bands and then when I went to law school I just focused on that. At some point I realized I had a hard drive of half finished songs and I didn’t have the time or energy to be in a band to get them out there and didn’t know how to promote them to launch an album so I started to look at other ways to release my music.
Did you do it for love or money?
In law school, by the time I graduated, in addition to student loan debt I had $10,000 in credit card debt. I paid it all off. That was my first order of business. Paid it mostly off before licensing. But I think it was a motivator for finding more ways of making money. It helps pay off student loans.
How did you come up with the idea of selling your songs online as stock music?
One day some little part of me realized that all my songs needed to hear the light of day (to mix metaphors), and I began researching sites to license music. After lots of research I found a few sites that let me pretty easily record, upload and I didn’t have to promote. Buyers would find them on their own. In your 30s you often feel done with music and I say no – there is still a way of getting it out there if you want people to hear it.
What sites do you like and why?
I am on several sites. The sites I know that work well are Audio Jungle, Pond 5 and Premium Beat. Most sites that have video stock also have audio stock. Pond 5 is the most artist friendly. They let you be more experimental. I make the music I want to make. I don’t try to make it for licensing. I just record and put it up. Pond 5 also lets you set your own prices which is nice.
For those who don’t know how stock music sites work, can you explain?
It’s sort of like Ebay or Amazon. You type in – fast, classic rock songs – as a buyer and the search engine will pull up sound clips. You can listen to a preview. It is pretty easy. People that need the music know where to go.
Who was the client?
Clients are anonymous so don’t know who buys your song. I really do wish I knew more where songs are going. But one day I was home and we turned on a Fios on demand movie so we were on the guide and this really familiar song came up and she wasn’t in the room and I said did you put my song on the computer. The song was over before I realized it was my song. So for about twice an hour for about a year, Verizon was using it on their On Demand channel. That was one place I have seen it.
Is there some street cred in having your song picked up by a well-known company?
In terms of credibility, it definitely helps if you can find one placement and pitch or mention that to other people. Because that Verizon thing happened I was able to go to a friend who is a contractor with NPR and get him to put a few songs on his broadcast. It’s allowed me to get music on the radio!
Are you ever surprised by which songs sell?
You don’t know what your big songs will be. They sometimes surprise you. Probably about 5 or 6 tracks (various versions of them) are 70%-80% of my earnings. That changes over time. Certain songs hit and I can’t really predict which ones it will be. I think the search engine may reward success so if you sell a song, it might show up higher. It might not have to do with the song. It could be about the site.
How much time do you spend, how many sites are you on and how many songs have you put out there?
•I spend about 20 hours a week.
•I am on about 7 sites but only 2 or 3 actively.
•On the main site I’m on I probably have 200 songs and little edits and clips of those songs cut into stingers and things.
So how much do you make per song?
It’s about $10 -$20 a song but there are other licenses if larger productions need it that can take it to $50. Also are back end performance royalties where if used on TV for example, the networks have to pay a performance royalty. I haven’t gotten one of those yet. They run about a year behind when the song is broadcast so fingers crossed.
Has this become a nice side income for you?
I started 2.5 years ago and it was about $15 a month. It has grown pretty consistently since I started. I make about $300-$400 a month at the moment. As this grows I definitely see it becoming more and more significant. I would imagine that part of it is getting my music on more sites which I’ve been lazy about bc it’s more fun to me to write the music. But if I got on more sites I think my earnings could multiply considerably. It’s sort of an addiction so I can get more gear and write it off which is a nice side bonus. As a musician you find things you want. It’s sort of an addiction so I can get more gear and write it off which is a nice side bonus.
Speaking of gear, what equipment do people need to do what you do?
It requires at a bare minimum:
- a home computer
- a piece of recording software that ranges from $300-$500.
- An audio interface which is $100-$200
- and a lot of practice.
OK, so advice for other musicians who want to sell their music as stock. First, you say you don’t need to write Grammy-worthy tracks, just clean, consistent songs. What do you mean?
You need to be able to write songs and not every musician can do that. There isn’t enough margin to send this out to a producer or go into a studio. You have to do it yourself at home.
What type of music should people try to sell?
The broader you keep it the better. Looking at the market I think almost every kind of music works if you can do it well. You have to make the music you can do well. Go with what you are skilled at writing and playing because comes down to that performance.
You say avoid knock-off songs.
If you are just doing a knock off song it will sound like 500 other knock off songs on the site and people wont buy it. If you go with the genre you are familiar with you can probably also do it faster and this is a numbers game to some extent, the more you can get out there the better.
And, finally, you say, if you can sing, do it!
I can’t sing to save my life, which is unfortunate. If you can sing there is more money to be made because there is premium placements with singing and song writing.
Evan Barrett, song writer and music licenser, thank you so much for joining us. Evan has provided even more detailed advice for licensing music in a guest blog post and that will be at EasyMoneyShow.com/20.
EPISODE 19 ~ MAKE MORE: Raises: Follow These Tips To Increase Your Chances Of Getting A Raise At Work
Time now for our make more segment of the show.
Asking your boss for a raise can definitely be intimidating and I’m going to do an in depth interview with a negotiation strategist at some point. But, for now, here are eight killer tips that can increase your chances of getting a “yes.”
First, lay the ground work. Improve your standing in the workplace by not only doing your own work, but by helping with other tasks. In particular, see if you can do any problem-solving for a future role you might want. Never say “That’s not my job.”
Do PR for yourself. In other words keep track of things like how you helped increase revenue or reduced the time it takes teams to complete projects. If you receive an award for outstanding work, that’s great. But even compliments from clients or higher-ups counts. Compile these and find non-obnoxious ways to make your boss aware of them.
Third, set the stage: Long before you ask for a raise, ask for feedback on your current position and what they need from you and clearly communicate your goal of moving up in the company. Talk about the future to show you’re invested.
Fourth: Research average salaries for your position in your area. If you’re current pay is below average, that’s an opening. If it’s above, you’ll know you need to add value to get value.
Fifth, practice your pitch. This means out loud, in the mirror, or to someone you trust. But then, don’t just practice asking for more money. Also practice responding to various responses your boss may give you and be ready for those.
Sixth: time it right. Ideally you will ask for a raise soon after you’ve accomplished something noticeably helpful to the company. You don’t have to wait for your annual review. Also be sure it’s a day that your boss isn’t under undue stress that could make him or her feel negative in general.
Number 7: It’s about them, not you. When you make your case, remember that bosses kind of care about you but they really care about what YOU can do for the company. So don’t talk about how you need the money. Talk about why you DESERVE the money because of what you are doing for them.
And finally, have a graceful exit strategy. No, I don’t mean quitting if you don’t get what you want! Rather, if your boss says no to the raise, ask for SPECIFICS of what you need to do to earn a raise in the future and then ask to reconvene after a set number of months to see how you’re doing and revisit the idea of a raise.
EPISODE 18 ~ EASY MONEY PODCAST
EPISODE 18 ~ MAKE MORE: Used CDs: Use These Sites To Sell Your Old Music Collection For Extra Cash
This time we’re talking about the best way to sell old CDs.
That’s compact disks, not Certificates of Deposit! I know many many people now have everything digitized, so those old CDs could be a source of cold hard cash. Here then, in alphabetical order, are a few different options for “making more” on your CDs.
Number 1: Amazon Trade-In, is best for those who already have accounts on Amazon, which seems like everybody these days. You can search by UPC code or artist and album name to get your offer. If you accept, Amazon emails you a prepaid shipping label.
Number 2: Bonavendi is best for people who want to make sure they’re getting the most for their CDs. It’s an aggregator that checks multiple different sites for you to see what they’re paying for that album. Bonavendi also offers a smart phone app so you can scan your CD UPC codes and make money faster!
Number 3, BuybackExpress is great if you want to sell off a bunch of CDs at once. The site allows you to enter 15 albums at a time, which is ultra efficient.
Number 4, Decluttr, is best for those who want to be paid fast. The site boasts it will pay you the day after it receives your CDs in the mail.
And finally, Number 5 F.Y.E. is a great site for selling unusual or rare CDs. The word on the street is that they pay top dollar when it’s something special that they want.
These links have funny spellings and could be hard to remember, so as always, I have posted them for you. They are at EasyMoneyShow.com/18.
Personally, I still listen to CDs because I like to see the liner notes and all that. If you are retro like me, consider SwapACD.com. This site facilitates trades between individuals. So if you’ve got CDs you don’t like anymore you can trade them for something new to you.
EPISODE 17 ~ EASY MONEY PODCAST
EPISODE 17 ~ MAKE MORE: Car Rental: Create Your Own Small Business By Letting People Rent Your Car Through Turo
EPISODE 17 ~ MAKE MORE: Car Rental: Create Your Own Small Business By Letting People Rent Your Car Through Turo
Today we’re talking about whether it’s a good idea —and whether it’s a lucrative idea— to rent out your car to strangers. Should you get in on the sharing economy? Thanks to peer-to-peer services like Turo, it seems like everybody’s doing it. And one person who is doing it well —and doing well at it— is Turo user Kyle Clark.
Kyle, first explain what Turo is and how it works.
Turn is basically the AirBnB of cars.
What possessed you to give Turo a try?
My dream car is what started the whole thing. Ever since I was a young boy, a black, sleek BMW has been my dream car. I was able to afford it about 3 years ago. I bought it and that left my old Honda Civic with 100,000 miles just sitting there. I didn’t want to trade it in for a bad price so I went online to see what I could do with a spare car. I stumbled across Turo which was branded as relay rides. The Honda was well maintained and clean but high mileage. I put it on the site on a whim, renting it out in my neighborhood and Denver area. It was booked out almost solid.
I think a lot of people are queasy about the idea of renting out their car to strangers or just even interacting with strangers. Did you have to get over that?
Well, I don’t rent out my own BMW. But I have always been the quasi entrepreneurial type. Before I got into Turo I was one of the first drivers on the Lyft and Uber platforms when they were new. That had been a pretty lucrative way of getting some side income. So I was used to the idea of the sharing economy.
So the Honda that you already owned did so well, that you actually decided to BUY another car to rent out, right?
After that we took a look at everything and realized 80% of our people were coming from Denver’s airport. We looked at companies there and they charged a lot. We knew people came here to go to the mountains. So we decided to buy an SUV. It did really well. The idea was we will have a ski vehicle! Soon after that, we sold the Honda Civic.
And then in 2016, you really ramped things up with Turo, right?
Between early 2016 and late 2016, our fleet became 7. We purchased 5 cars in addition to the SUV we had. And then my girlfriend put her car on the system too. We keep them at the airport. The public lots that locals use. I go out at night, make sure they are set up for the renter, and we use a lock box.
And there’s enough demand to support all of these privately owned rental cars?
We are doing great. Denver is one of the busiest markets. We average 80-90% rental days a month. All of our cars are equipped with snow tires. For the mountains it is something that out of towners love so ours are rented. Our 3 SUVS and one minivan are always booked in the winter. We only see some of our cars once or twice a month when they are needed for maintenance.
How much do you charge to rent the cars? And is that up to you or does Turo have a say?
We adjust prices seasonally. Our minivan is usually $79/day. On the low end, we have a Nissan hatchback and that rents for $33/day.
Why would someone rent from you instead of from a big established company?
•I think you have to be a certain personality to use the service. Up to 60% of my renters are first time Turo users and they often say ‘I decided to take a chance on you because of glowing reviews.’
•We look at the prices on a daily basis. At Denver International Airport, occasionally you can get a sedan for $15-$20 a day. But under $25, you probably can’t. You can rent my car for $30.
•If you want to drive a Toyota Prius you can’t get that at a lot of big companies, but you can from me.
•In December and January, all cars in Denver are sold out. They could be $150-$200 a day. So our $79 is a good deal.
How much work is it to rent out multiple cars through Turo?
For me it’s about 15-20 hours a week, all in the evenings. Not hard, just time consuming. My full time job is I’m in charge of production of videos for a large software company. That is my 9 to 5 job. Something that has surprised me is that there are only 3 or 4 multiple fleet car owners in our region because it is a bit of work.
What’s the hardest part of the work?
I have had half a dozen flat tires or torn tires or bent rims. I replaced one windshield this year. 3 last year. Rock chips are very common. If a customer has a breakdown or problem they can call me and let me know even though they are supposed to call Turo because they have 24-7 roadside assistance. I was out of town halfway around the world and I contracted with a company to manage cars for me and they let me know a renter had a flat. Turo towed the car to a fit it shop, The renter and I split the cost of the tire 50/50.
What about insurance and liability if a customer gets in an accident?
In most cases, any damage caused by a renter, I will get reimbursed. My insurance company exists merely for state minimums. Their policy is never active. The Turo policy is primary when the car is rented. There’s a million dollar liability policy on all trips thanks to Turo. As long as I meet their terms of service and I’m not negligent, I’m pretty well covered. I’m also covered under the Graves Amendment. The owner of a car who lends it to someone else can’t be held responsible for a death.
So that’s the serious stuff. Do funny things happen too?
Being in Colorado we have a pretty consistent challenge with cannibas smoke in our cars. We have no problem with it but often the next renter doesn’t like it. We have an ozone generator to eliminate odors from closed space and we will run it for an hour if we need it and charge the renter if need be.
Now the fun question: how much money are you able to make renting out cars on Turo?
Last year we grossed $57,000. On a monthly basis, we make about $4,500 gross and $3,500 net after insurance and maintenance. This business is delivering a much larger percentage return than any of my other investments like my 401k.
And you have a plan to make even more money, right?
Yes, in approximately 10 months we will own all of our cars outright. We will pay off our next set of cars faster and our third set of cars we will pay cash for. So we will make profit faster and faster as we go. Because it is a side hustle, and I don’t rely on the money, I am putting 90% back into it.
How meaningful is this extra money to you?
For my girlfriend and I…my multiple nest eggs on wheels is how I feel about it. “I approach it as my small business. It’s how I ensure retirement for my family.”
In addition, I was able to take 8 weeks off and took my girlfriend around the world.
You also say to start small. Why?
Don’t grow too big too fast. Start with one car at a time. Bring one car on at a time slowly. The problems like maintenance and unexpected damage can really throw people for a loop.
You advise Turo owners to respond to renter requests quickly.
Turo uses a 5-star rating system. The quicker you respond to people’s requests, that affects your search ranking and that is what keeps you busy. When people have one of my cars, I always get back to them in 15 to 20 minutes. They are my top priority. People with a trip within the week are my second priority.
And finally, you recommend checking the car yourself between renters.
I visit each car before each trip to make sure they are up to my standards. I give the personal touch to renters by telling them where they can find the cars in the airport lot. Not all owners necessarily visit.
I’m delighted to tell you that Kyle has written a guest blog post with even more nitty gritty tips about ‘making more’ on Turo. Find it at EasyMoneyShow.com/17.
To see Kyle’s car rental page, check out: www.rentcarsfromkyle.com.
EPISODE 16 ~ EASY MONEY PODCAST
EPISODE 16 ~ MAKE MORE: Home Improvement: Certain Paint Colors Can Help Your House Sell for Thousands More
Real estate website zillow.com says you can make thousands more dollars when you sell your house if it’s painted certain popular colors. Paint is cheap, so it might even be worth it to change the color!
Zillow found that homes with cool, neutral walls sell for more compared to other colors. If you’re getting ready to sell your home, think hard about the color and consider these incredibly detailed stats Zillow came up with:
•Painting your kitchen a blue-gray pastel can help you sell your home for $1,809 more.
•Neutral beiges, oatmeals, and browns in the living room garnered a $1,926 premium.
•Bedrooms with shades of cadet blue sell for $1,856 more than expected.
•And veer away from the typical white walls in your dining room and go with a slate blue or pale gray to sell for an additional $1,926.
• Interestingly, mellow colors were better than no color at all, as white bathrooms can cause homes to sell for $4,035 less than other homes.
•And get this: while we’re in the bathroom, light blues and periwinkles help houses sell for an amazing $5,440 more than expected.
Tweaking the outside of your home can also help you sell for more than you’d expect:
•Homes with an exterior between beige and gray sold for $3,496 more compared to similar exterior colors such as a soft brown or tan stucco.
•And the finishing touch to prepare your home for the market could be a touch of color on the front door. Dark navy blue doors helped sell homes for $1,514 more.
Bottom line: Whites aren’t good. And vibrant colors that are overly specific aren’t either. Cool, neutral colors seem to attract a wide range of buyers and rule the day! Here is a link to Zillow’s full article.