How Much Money Do You Need to Start a Music Studio?
Behind all the great music that we love are not only the great artist but the best music studios that successfully stood by the artist each recording. Most bands in the Philippines want a specialized facility for sound recording, mixing and audio production of instrumental or vocal musical performances.
Since there are a lot of music studios out there, you must conceptualize a pitch that addresses your client’s interest. For instance, a music studio that will set you apart from the others. How to do that? You must manage and plan how you will create a studio that produces results.
You also have to decide what kind of music studio you’re going to invest on: a bedroom studio, a dedicated home studio, a semi-pro studio, or a pro studio.
Pro studios are usually located in commercial facilities and include whatsoever tools necessary to produce professional results in the most well-organized way possible.
Here is a guide to give you an idea of how much money you will need to prepare if you plan to establish a music studio.
Recording Equipment – To produce a high quality of music, you must own the essential equipment. You should have the equipment most studios don’t have, including the essential ones. One of the most important equipment you may need is the desk since it’s the centerpiece of the music studio.
A good desk should cost around P10-20,000. You will also need studio chairs, bass traps, acoustic panels, diffusers, reflection filters, monitor isolation pads, studio monitor stands, rack mount, power conditioner, microphone preamp, headphone amp, monitor management, virtual instruments, MIDI controller, electronic drum kit, control surface, software/plugins, snake cable, uninterruptible power supply, direct box, digital converters, master clocks, analog hardware.
Now, these equipment ranges from P2,000 to 50,000 depending on the type and quality. You have the freedom to check out and manage the prices of the equipment you will need.
Business Permit – If you’re planning to make a pro studio you will need a business permit. You will need around P40,000 to secure one, and this will depend on the location. This excludes the mayor’s permit you will need that costs around P12,000. You will also need Certificate of Registration and TIN to be applied from the Bureau of Internal Revenue.
Rental Costs – Depending on the location you’re going to have your music studio; the rental fee might be higher or lower. Note that you will also need to make a two months’ deposit and rental fees could cost up to P75,000 – P150,000
Renovation fees – Now the place you have decided to build your music studio in might not be suitable or ideal for your studio so getting a repair and renovation is a must. You need a good electrician to check and make sure that your electricity is working well and that there is no other cable connected to it. You might spend around P200,000 for the renovation including the plumbing and electrical wiring structure.
Monthly bills and taxes – There are percentage tax imposed on businesses that are usually equal to 3-5% of profit if the gross annual sale is not exceeding P1.5m. For the music studio with plenty of electronic equipment, air-conditioning system, electronic bills can range from P40,000.
Building a music studio business is not a joke, you will have to shell out more than a million peso. However, doing a research and having a concrete plan of knowing how much money you will need can help you stay within your budget. Note that the prices mentioned above are estimates based on research and average prices of the equipment may actually be higher or lower.