SINGING
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SONGWRITING:
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FINANCE:
Here are some great ways to finance your next musical project >>
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Make a commitment to yourself right
now that you will find a way to raise the money. A wise man once said, "Whether
you think you can or can't do something, you're right." Confidence and optimism
will take you a long way toward your monetary goals. Know that you can find a
way to raise the money and let your passion drive you toward making it happen.
Set up a Musical Project Fund bank account. Doing so will add more commitment
to your intentions--plus it will earn interest while you work your money plan.
Set aside a percentage of your "day gig" salary. If you have a regular income
from another source, take $20 a week (or more) off the top. Self-financing takes
a bit of discipline and sacrifice on your part, but it's well worth it, knowing
that you'll be in debt to no one when you reach your goal.
Earn extra cash from other music-related activities. Don't limit yourself to your
current financial situation. Is there a product or service you can make or perform
to bring in more money? What about music lessons, studio session work, repairing
equipment, publicity, computer-related services, booking bands, etc? Open your
mind to potential money-making streams you're not pursuing as much as you could
be right now.
Rent equipment you already own to others. Why let that PA system gather dust when
it could be generating revenue? Pin up fliers and run classified ads announcing
what you have to offer. And then put that extra cash into your Musical Project
Fund.
Sell off old equipment you don't use. Everyone has an amp, mixer, 4-track or some
musical gadget they would be better off selling for cash than keeping. Look hard
enough and you'll probably find something you can part with.
Set aside money from paid band jobs. This is perhaps one of the best ways a musical
act can go about raising money. If you gig regularly and don't need all these
funds to survive, you can build up quite a stash--possibly up to a few thousand
dollars or more--in a couple months.
Promote one or two live shows as fund-raising gigs for your next album. Not-for-profit
organizations use this method all the time. Why not you? Plus, you may be surprised
to find that your fans will support your project (with their dollars) if you simply
ask them to.
Sell your own CDs, cassettes and/or records. Even if it's only a primitive, two-song
demo, get some kind of recorded product out and sell it to raise money for your
project. If you play out or get any radio airplay at all, you're wasting a valuable
revenue-producing opportunity by not having a recording available for sale.
Sell T-shirts, caps, posters, stickers and other merchandise. Having music fans
watching your band at a club is the perfect environment in which to market your
paraphernalia. If they can't take the band members themsvelves home, the next
best thing is a cool memento your admirers can purchase and take with them.
Grants. If your project is of historical significance or has a cultural impact,
you may be eligible for the many grants offered each year by government, schools
and corporations. Check the library for grant sources.
Sponsorship. Instead of Coke, Pepsi or Budweiser sponsoring you, why not the local
recording studio? You promote their business to your fans, they give you free
stuff in exchange. It can't hurt to investigate this often-overlooked idea.
Bartering. The ancient art of trading goods and services works perfectly for Guerrilla
Music Financing. This may be one of your most powerful approaches to getting what
you want on a limited budget. Make a list of all you have to offer a studio or
store owner and then, most importantly, see what his or her needs are and how
you can find a way to satisfy them--without spending your hard-earned cash.
Set weekly and monthly money-raising goals. The only way you're ever going to
raise that capital for your musical project is to make the commitment and stay
on track. Therefore, break down your overall money goal into bite-size chunks
that you can achieve each and every week--or at least every month. By raising,
saving and/or trading a couple hundred dollars here, a few hundred there, a single
individual can quite possibly accumulate $2,000 to $5,000 dollars in about six
months. Multiply those figures by the four members in an average band (or partners
in a company) are you're starting to look at some serious investment capital--all
without going through the hassles of traditional bank/investment financing
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