By Burnett Munthali November
The Small and Medium Enterprises Development Institute (SMEDI) has called on Malawian musicians to explore investment opportunities and diversify into other business ventures to secure their financial futures. SMEDI’s Business Training Officer for the Northern Region, Chimwemwe Botha, made this appeal during a training session held in Mzuzu, organized by the Northern Chapter of the Musicians Union of Malawi (MUM).
Addressing the musicians, Botha emphasized the importance of financial literacy and entrepreneurial skills, pointing out that many artists fail to invest their earnings wisely, particularly at the height of their careers. “Musicians have immense potential to thrive beyond the entertainment industry. Diversifying into businesses not only ensures financial security but also contributes to the country’s economic growth,” she remarked.
The training session, which aimed to equip musicians with essential entrepreneurship skills, covered topics such as financial management, investment strategies, and business planning. It also highlighted success stories of artists who have ventured into businesses and reaped significant benefits.
Northern Region Chairperson for MUM, Francisco Visisi, described the session as transformative. “This financial literacy training is an eye-opener for many of us. We now understand the need to think beyond music and invest in sustainable ventures. As a union, we will take this call seriously and ensure that musicians start exploring opportunities to secure their futures,” he said.
The call by SMEDI comes at a time when many musicians in Malawi face financial challenges after their music careers wane. Industry observers have often noted that a lack of financial planning and over-reliance on music revenues leave many artists vulnerable.
By diversifying into business, musicians can create multiple streams of income, build wealth, and establish lasting legacies. Botha underscored that the creative industry holds untapped potential for fostering entrepreneurship.
The Musicians Union of Malawi pledged to continue organizing similar training sessions and networking opportunities to support its members. The union also plans to partner with financial institutions and business development organizations to provide its members with the tools needed to succeed in the business world.
As the music industry evolves, initiatives like this are crucial in empowering artists to think beyond entertainment and embrace entrepreneurship, ensuring they remain financially secure long after their musical careers peak.
