Breaking into the music industry can be a hard and arduous process that takes proper financial planning. Although music should be your focus, keeping one eye on your financials will prevent you from burning through any savings and having a plan when things don’t go to plan.
Here are some tips to help you to finance your music career.
Understanding your financial needs
When you embark on a music career, there are often upfront costs that need to be accounted for such as equipment, marketing, recording and touring. These can all add up and spiral out of control.
By having a plan, you can see if you have enough savings to immediately spend or if you will need to save more or get a loan.
Exploring funding options
Like many industries, there are funding options available to people starting on their music journeys. Local governments sometimes have funding for artistic areas, and music is part of this. As well as governmental assistance, there are certain charities which can offer either financial support or advisory services to help you access funding.
Crowdfunding has been a popular choice for up-and-coming talent in recent years. This form of fundraising also has the potential to connect you to other people in the industry who may be able to help you on your way.
Maximising revenue streams
Society as a whole is moving towards a cashless system, so investing in a card machine will help you bring in funds at gigs for merchandise. Merchandise is a great addition to a gig as fans will often want a memento of a fantastic experience. Even if you have a small stand to begin with, as your wares sell out you can expand and offer different things.
There are multiple platforms to showcase your music on and you should utilise as many as you can. The more places that people can stumble upon your work, the better chance you have of gaining a following and traction.
Utilising technology for financial management
Many previously boring or challenging tasks have been made easier by smartphones and apps, and financial management is one of them. There are lots of apps on the market that are designed to make your financial life easier.
Accounting software such as Sage or Xero are great for tracking expenses and income, especially if you have to pay taxes on it all. These allow you to upload receipts and invoices and it sorts them out for you.
Legal and financial protections
Before you sign any contracts, it is a good idea to have a legal professional look over the documentation. They will be able to help protect your financial interests and prevent you from getting a bad deal.
