The Cherry Red Records story is everything you want from a record label story - it was label created by a music fan with the simple idea of releasing good music, and it worked. To me, these are the stories that make the music industry great.  Doesn't it remind you why we're all here? Well, don't take it from me. Check out the story of Cherry Red Records.

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I have something very uncool to tell you. I still use MySpace. Now, when I say I still use MySpace, you should understand I never really "used it" in the traditional sense. I finally caved and set-up a page about 2 years after it stopped being the coolest thing going, and after being amused for about 3 days by sending friend requests to people like Prince Paul and whoever is running the Josef K page, I stopped using my actual page for much more than exchanging occasional messages with my friends. Then we remembered we have email, and that was kind of that.

Add to that the fact that I don't have many MySpace friends - and that a fair share of my friends on there are, well, my friends and therefore completely uninterested in listening to anything I have to say - and you may wonder what exactly I mean when I say I used MySpace. Well, here's the thing - sometimes I post things I write on the musicians' bulletin board there. When I do, I get more traffic from those links that any other social networking site I may post my links on.

So go figure. Despite reports of its death, MySpace works for me. You never know, do you. But what about you? Which social networking sites seem to be the best bet in terms of promotion for you? Why do you think they work? Share your thoughts.

Reader Lou asks the very timely question: I read your information about preparing for SXSW but I still don't know how I should know if I should go to things like this. I have played some shows and have recorded some songs. I want to do music as my job. Should I be going to all of these conventions?

Answer:  For independent artists, the decision about whether or not to attend a trade show/convention comes down to one thing - money. It is important to look at not only if you have technically have the money in the bank to pay for the event but also what you will be diverting money from to pay for your attendance - and if what you get out of going to a trade show is at least as good as what you could have spent that money on. (Opportunity costs, my econ friends.)

In other words - if you pay for admission, travel, accommodation and other expenses to attend a trade show, and spending the money there prevents you from traveling to five live shows, then you need to make sure you're going to walk away with as much career benefit from the trade show as you would from playing those shows. That is a little bit hard to quantify, but you can get a good idea of whether or not you are ready to get the maximum benefit from a trade show by asking yourself a few questions:

• What do I want to accomplish? - Are you hoping to land a deal? Network? Learn more about the industry? You should have a very clear idea about your goals - not only will they help you prepare for your trade show, but they will also help you get an idea of what kind of event you should attend. If you aren't quite sure what you want out of going, you may not be ready to attend an event.
• Do I have what I need to accomplish what I want? - One of the most ineffective thing people do at trade shows - and tons and tons of people do it - is walking around handing our promos/flyers/postcards/etc. So, whether you want to land some kind of deal (label, distro, promotion, etc) or simply network, you need to have a plan and a story to back-up whatever music or business you are there to promote/establish. In other words, don't just have the promo, but have the press release, press clippings, tour dates, etc, etc.  Be ready to let people know why they should pay attention to what you're doing with concrete examples of your accomplishments and future plans. Just walking around with some music  is a little too vague to help you connect with the opportunities at an event.

But what about trade shows as learning/networking opportunities while you are just launching your career? Sitting in on trade show panels and chatting with industry people can be an excellent way to learn things. However, if money is an issue, consider smaller events as you work your way up. You can learn an awful lot at smaller trade shows, local musician groups and events hosted by music business programs at colleges, and you can do so for a lot less than going to say, Midem or SXSW. The money you save can be invested in building your audience and promoting your music so you get to the point where you have a story to tell at a larger industry event that you may be able to turn into some new opportunities.

The bottom line? You'll get the most out of any event when you have a clear goal in mind and a story to tell. Until then, it may be more cost effective to look for networking and learning opportunities closer to home and to invest the money you might spend attending a larger event on touring, recording and promotion. You can learn more here.

Do you have some more advice to share with Lou? Leave a comment here. Do you want your question answered on the site? Send me an email to musicians(dot)guide(at)about(dot)com. Please put "Reader Question" in the subject box and please be sure to tell if I can use your first name. If you want a link to your website/online profile included with your question, please let me know that as well.

SXSW is technically in full swing, but the music part of the event starts on Wednesday. Will you be there? Are you prepped? Find out about getting trade show ready so you can make the most of your time in Texas. Is your plan already in place? Let me know what is on the cards for you - what you hope to achieve at the event, and of course, which shows you can't wait to see.

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• SXSW
• How To Prepare for a Trade Show
• Should You Go To a Trade Show?