You will need
  • Talent
  • Musical instruments
  • The ability to compose music
One of the ways to make money on music – selling related products: t-shirts, hats, badges and similar merchandising is quite cheap to manufacture and things like that users can download for free on the Internet unlike the music of a particular artist.
You will not be able to confront the fact that most music is now bought via the Internet, mostly in digital format. So you should not focus on large-discs with music, (although a small number can be sold together with merchandising) best post music for sale in the major stores with similar content (ITunes, eMusic, etc.) and spread the link to resources where you can purchase music among fans.
Earn by music with concerts. Go on a big tour, use the fact that the audience never refuses to pay for a concert ticket. Speak as much as you can: so, you not only earn, but also acquire new fans, increase the number of concerts and music sales.
Make music for other, less talented artists. If you will be able to successfully compose music as a writer, you will be able to earn money solely by writing songs for others.
To make music possible as a tutor. When you have no concerts, or you are free from Studio work, why not give lessons on guitar or drums? Maybe it's not the most brilliant work, but at least you will continue to do what you love and try to instill this love to others.