The number one struggle of nearly everybody in the music market is loan. How do you find the money to complete your tasks? This short guide to loan and the music market will stroll you through some of the options you have for moneying your music career while you’re still up-and-coming.
Before You Look For Music Industry Funding
Getting loan in the music industry is a big decision. Sure, the cash is handy, but there are some certain downsides you require to think about really carefully.
Much like with any other loan or financing source, where you get the cash and how you prepare to invest it are the most important elements to think about. You want to ensure a short-term cash infusion will not result in long-lasting debt that might hold you back.
Be prepared to compose a service plan, or employ someone well-informed to assist you. It needs to be clear to both you and your investors how you plan to spend their money, and why you deserve the threat.
Before You Work With a Music Industry Investor
Working with an investor can be the very best thing or worst thing that ever happens to you.While the infusion of money is likely welcome, depending on how the investment is structured you might be giving up a level of control over your music. Believe carefully and consider all the angles before accepting any financial investment, angel or otherwise.
Music Market Investors
Simply who invests money in the music market anyhow? It’s a similar cast of characters as those who buy start-up services, consisting of angel financiers (who do not take a stake in the investment) and investor (who frequently take a significant stake). Arts councils and music market companies are also prospective investors for up-and-coming artists, as are record labels and suppliers.
Before you go this path, determine how involved your financier expects to be in running business side of your music career. Preferably, you desire someone who has experience in the music market, who can assist you construct your business.
How to Write a Music Financing Application
Arts councils and public arts moneying bodies are popular sources for music funding (where they exist, anyway). The application process can be tedious, and one wrong step could blow your chances of sourcing the money you require.
Obtaining this kind of funding requires you to be able to clearly and succinctly describe your music job, and describe why it’s worth funding. Be cognizant of deadlines and follow guidelines for filling out the application to the letter.
Do Not Invest Cash You Don’t Have To
There are a lot of methods to get cheated out of money in the music industry, but if you’re savvy, you can lessen your risk of getting fleeced. Don’t fall for common scams, like spending for a list of music market “insider” contact names and numbers. Don’t pay to play any shows for “direct exposure.” There’s no property manager in the world who will accept direct exposure as payment for lease. It isn’t worth it.
And don’t pay out your hard-earned money to spend for some so-called expert’s suggestions. While there are genuine consultants in the market who might have the ability to provide assistance, look into their other clients and their track record prior to composing them a check.