If you’re looking to pursue music as a profession, then understanding how to budget and diversify income streams is essential. This is true whether you go part-time or full-time, successful musicians treat their careers as a business.
One excellent income building option is to utilize fundraising via crowdfunding. Why fundraising? Because without it, you may be limiting yourself and your growth.
Say you or you and your band have four songs written but no money to record, mix, and master the tracks. Or maybe you already have that first album professionally compiled, but now lack the funds for any promotion efforts? Where do you go next?
One option is to work with a record label and have them underwrite, but as you undoubtedly already know, that option can leave you hostage to the record label's demands. So instead you can do what many have done before - you fundraise independently!
Start With a Goal and a Plan
As you first start out professionally, fundraising will be your bread and butter. Music is not a cheap art. Equipment costs money, recording costs money, and touring requires money up-front. Unless you have a wealthy relative or super-fan bankrolling your early projects, you’ll need to go bigger and bolder with your fundraising.
To get started, you first need a plan. Don't start asking for money until you know exactly how much you need and where the funds will go. Also, consider how fast you need to raise the money. Be reasonable. $5,000 in 30 days as a goal is much more likely to succeed than $5,000 in 5 days!
Once you’ve outlined your financial needs and a timeline, it’s time to get out there a start raising funds to get your career off the ground. Here are three fundraising options to get you going:
1) Get a Musician or Songwriter Loan
If you already have some success in terms of published songs and paid gigs, then you may be eligible for special funding via financial service groups like Lyric Financial. Lyric Financial and similar services are designed specifically for creatives. They offer loans or advances on future royalties and won't require a credit check or monthly fees. This option allows you to raise money in the quickest fashion to really hit the ground running.
2) Jump On Every Gig
It’s a lot of work to find, book, set-up, play, and close up on gigs. But doing so can earn you a lot of cash in a short amount of time. It can also help you and your bandmates become better musicians -- and you shouldn't just focus on playing only your music, as working as a cover band has its own huge benefits.
It's no secret that one of the reasons why The Beatles became as talented as they were was because they played thousands upon thousands of hours together as a cover band before releasing their own music!
3) Set up a Campaign on a Crowdfunding Website
The above two options do require you to have some songs and gigs under your belt in order to be successful, but if you don't have the experience, that’s okay! If what you need is funds to really get the ball rolling, then consider a campaign on a crowdfunding website.
Here, your friends, fans, family members, and other connections can help chip in so that you can take that first big step forward. Maybe you need funds to cover your first club gig, or some better equipment to add some polish to your sound. Whatever the detail, crowdfunding the specific goals can lead to your dream coming true!
Come Join Us at dreamOway.com
Are you ready to get started with a crowdfunding campaign and connect with a supportive community? You can find these people on dreamOway, a social crowdfunding app that connects you with donors who can provide the support and funding necessary to achieve your dream of a career in music.