Before making it big in the music industry you will inevitably face the challenge of financing your music, especially at the beginning stages of your music career. You’ll need to pull together enough money to afford expenses like your music instruments, production, and touring whilst maintaining your livelihood. Begin by identifying brands and companies that align with your musical style, values, and target audience like local businesses, music-related companies, and brands with a history of supporting and craft and a compelling sponsorship proposal.
Apply for Scholarships and Grants
Starting your music career while young exposes you to a variety of opportunities for funding as you grow in your music. For example, you could secure a student's scholarship where you can learn to play the piano with one-on-one weekly lessons with a teacher like those at South Shore Piano School who will develop a customized plan for your music journey with detailed weekly assignments.
Get Into Crowdfunding
Crowdfunding can work well for you especially if you already have a big fanbase early in your career. It is a tactic that has been employed by many independent musicians who thrive on their loyal supporters contributing because they want to see them succeed. It can be tricky for your fans to support you without knowing what their money will be spent on so be sure to:
- Set a realistic achievable funds target
- Put out a great campaign video
- Let your fans know what they are funding and define clear goals for your campaign.
You can also consider straightforward risk-free crowdfunding platforms like Kickstarter, Patreon, and Indiegogo that help musicians easily get their crowdfunding campaigns going.
Save Up From Your Gigs
Doing gigs can end up being one of your top sources of income that can help you finance your music career without debt. A great way to up your game with such gigs is to apply marketing strategies like offering discounts or limited-time offers to drive up your sales and secure the funding you need.
Seek Record Label Advances, Music Licensing, and Publishing Deals
Music licensing opportunities can provide you with a consistent income as you work on your next project. With your music being placed in films, commercials, TV shows, video games, and other media channels you enlarge your fanbase through exposure and also earn income that you can use to:
- Further, develop your career
- Invest in new equipment
- Increase your merchandise variety and volume
- Finance your music studio time
You can also opt to sign a deal with a record label and get an upfront advance to help you cover the costs of recording, publishing, video production, marketing, promotion, and more.
Borrow Money Wisely
The key to taking on debt is to discard the idea that you'll take care of things later. You need to maintain financial discipline and only borrow an amount you are certain is enough to help keep things running that you are sure you’ll be able to pay off. Spend your loaned money wisely and pay it off on time to raise your credit score and enable you to borrow more in another time of need.
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Ultimately, carefully weigh all of your options, look at your long-term goals, and get feedback from a professional or legal expert to make sure any deal you sign is good for you in the long run. Remember to approach your investors with a comprehensive proposal that showcases your potential to generate income, reach more fans, grow in the music industry, and pay back any money you take on a loan.
