Steps to Financing Your Music Career

If you’d like a career in music, then you’ll need to invest considerable time and energy into perfecting your craft. After all, the competition out there is fierce. Of course, you’ll also need the money you need to cover your costs. This will allow you time for practice and rehearsal, and cover the cost of your instruments and other equipment.

Let’s take a look at how you might finance this kind of career, starting with a frank and thorough assessment of your needs.

Understanding Your Financial Needs

Different kinds of music careers demand different levels of financial input. If you want to run your own studio, then you’ll face very different costs to a person who plays trombone in a wedding band. In the former case, you might have a much larger initial outlay on equipment, and the ongoing costs of keeping a premises running. In the latter case, you’ll need to worry about keeping your instrument running, and having the money to sink into transport, maintenance, and practice space.

What really matters is that you’re able to distinguish between shorter-term goals and longer-term ones. If you lose sight of either, then you’ll ultimately end up with less time and energy to devote to improving as a musician.

Exploring Funding Options

The good news is that there do exist people and organisations who will pay you to get the ball rolling. This means that, even if you don’t have wealthy parents to bankroll your career, you can still get started. 

Local government can help. Arts Councils in England, Wales and Northern Ireland, as well as Creative Scotland, will put money into everything from theatre to 3D art, via National Lottery Project Grants and Open Funds. 

You might also look to crowdfund a particular project – but doing this will require having a base of existing customers. If you want to follow up on your band’s well-received four-track EP, this is the best way to do it.

Maximising Revenue Streams

Bringing in money as a musician can be tricky – especially if you’re performing original work. Royalties from streaming are notoriously meagre, but they can be supplemented with the help of merchandise sales, and gig work. Think of your released music as a way of promoting your upcoming gig calendar. 

Of course, music can also enhance visual media. Television producers, YouTube channels, independent filmmakers, and others will always be on the lookout for original music that fits the vibe being created.

Utilising Technology for Financial Management

There exist a number of specialised tools and apps that will help you to get your finances in order. They’ll help you keep your income and expenses in order and make life easier when you file an income tax statement. Even if you decide not to use one of these programs, you might still benefit from a more rigid, structured approach to your financial life.

Legal and Financial Protections

As a musician, you might find yourself vulnerable to disputes with venues, other performers, managers, agents, and students for whom you’re providing instruction. Getting the right professional advice will help you to stay on the right side of any industry-specific wrangles and problems.