Why would you want to have your own recording studio? To build a career and business by renting it out to others or to have their own private studio to use when and how they please.
Of course, one could set up such a studio and do both of these things with it. Personally I use my home studio exclusively for personal use but do have several musician friends who started this sway and have decided to make it a full-time money making business.
Starting a recording studio is a really good idea but to make it successful you’ll need to follow a solid business model. While this isn’t very complicated for anyone with the desire to do it, the right plan and business model should be in place for success.
If you don’t understand the business part of it you can do all the technical stuff all day long and not be able to make any money at it. The savvy person can turn it into a money making business by using the proper know-how with only half the technical knowledge.
A lot of people think that if there is lots of competition they have no chance. Lots of competition means lots of opportunities. Plenty of competition ensures a market will thrive.
In the world of music: bands, songwriters, singers, musicians there is always a never ending supply of potential customers for a good recording studio. It’s true that many are now making their own home studio but most of these setups are not and never will be a professional quality studio, meaning they will still be taking their home productions to be finished at a better studio than the one they have at home.
Let’s face it, it wasn’t that long ago that you couldn’t even think about setting up a professional quality recording studio for under a few hundred thousand dollars but because of digital technology advancements, competition and very accessible quality equipment in the recording world this just isn’t even close anymore.
For these reasons, many amateur and pro musicians are building their own home recording studios.
You’re still looking a t several thousand of dollars to set up a pro studio but compared to hundreds as it was not a long time ago, anyone with the right mind-set can still get it done.