Working in music can mean an almost constant struggle to find the money to keep things going. Whether you're a band in need of money to tour or a label in need of cash to press some CDs, it seems like it is ALWAYS something. Music business funding is never easy, but you do have options. Find out how to uncover the cash you need to make your music career dreams take off.
1. Identify Your Needs
You know that you need money to get your music off the ground, but one of the most important steps in getting the money you need is figuring out just how much of it is going to be required. Hint: the answer is not "as much as possible." Figuring out a realistic budget for your project will help you. Ending up with more money than you need leads to bad spending. Start your project off right with understanding your costs.
2. Put It In Writing
If you're going to apply for a small business loan or for a grant, you're going to need a business plan. Even if you're planning on financing your music project with your own credit cards, writing a business plan forces you to think about the potential of your project and how you can make it happen.
3. Investigate Your Sources
The available sources for music business funding vary from location to location to location. The best way to learn about what is available to you where you live is to ask around among your fellow musicians and check out your local government website for more information.
4. Approach Your Sources
After you've identified the people most likely to come through with funding for you, it's time to start making your pitch. One thing you should keep in mind here is that yes, you're trying to work in the music business, which can be a bit more laid back and casual than a traditional industry - but the people whose money you want will almost always be more business types. Be professional and give the impression that you are capable of pulling off your proposed venture.
5. Get Ready for the Long Haul
Getting funding for any business can be tough, but the creative industries are a special case (largely because the people who control the purse strings are secretly convinced we can't be trusted to manage the money). Finding money can take a long time, and you may have to apply for money from several sources to fund one music project. When you're planning your project, make sure to build in plenty of time to tap into the right funding sources.
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