EditorialsMusic AdviceNewMusic Advice: Budgeting for Musicians

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corsomarketingmusicale2A thinking musician would spend $500.00 on the video, place $500.00 in real advertising, spend $500.00 to create posters, wrist bands, CD’s, shirts and so forth to give away during shows. Then spend the rest on getting as much exposure on radio, blogs and if you can swig TV with the go ahead. Doing it this way might will tell you the musician if the song is a hit of not and you might gain a few more fans instead of “Fake Fans.”

But to do so you much know how to budget. So check out this article called, “Budgeting for Musicians” by Takelessons.com

Starting out as a musician takes planning and patience. There may not be a lot of paying gigs rolling in, and you need to devote lots of time and attention to your craft. When you’re just starting out the idea of creating a musician budget could seem almost laughable; with no money, what is there to budget? But as you try to get gigs at bars and other venues, you’ll need to have some numbers handy, even if they’re small. Everything starts somewhere so get a calculator and let’s crunch some numbers!

Expenses
Start with three lists of expenses. One list is for expenses that are ongoing, the second list is for gig-specific expenses, and the third is a “wish list” for things you want but maybe don’t need right away.

Ongoing expenses are the part of the musician budget that you’re spending on your music right off the bat. This list should include things like instrument maintenance and insurance, lessons if you’re taking them, music you know you need to buy to fill out your gig book, and any money you may have to spend on a rehearsal space.

Gig specific expenses are the part of the musician budget that helps you decide if you should take a gig or not. Especially when you’re starting out, you need to find venues to play your music, and you may not get paid much, if anything, until you develop a following. This list should include any expenses you may encounter when traveling and transporting your gear to the gig, and if you have to rent the venue you’re performing at. When deciding to take a gig or not, this list should be compared against a few things. Will the gig pay? Can you get a cut of the door, or put out a tip jar, or sell merchandise if it doesn’t pay? Could being seen playing there lead to paying work? These are all questions to keep in mind for establishing your musician.

Wish list expenses should be reserved for things you don’t actually need right now, but would like to have. This includes things like new instruments, extra music and studio time. As your following grows and you start booking paying gigs, you may find that some of these wish list expenses can easily become ongoing expenses. For example, studio time to record a CD may seem like a dream now, but once you have a fanbase, a CD will become necessary for your career.

How To Make Ends Meet
There are many day jobs that are convenient for musicians that won’t get in the way of your gigs or practice time. You’ll want to find something flexible that allows for time off for gigs and performance opportunities, which sometimes come up last-minute. Many musicians find that coffee shops, diners and other restaurants are flexible enough for this.

Another great option is teaching music! If you like teaching, it can be a very lucrative and rewarding experience. Private lessons are a great place to start. It’s a fun and easy way to make money while sharing something you love with someone else.

By reviewing your musician budget and keeping close tabs, you’ll be able to avoid the cliche of being a starving musician. Good luck!

 

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