Six Ways to Finance Your Next Music Project

online_music_salesIt’s the lament of struggling musicians across time – you never have all the money you need for that next great project you have envisioned. Whether it’s a new album, or a live show, or something completely new… you gotta have some funds to get going in independent music!

Whatever your musical dreams, there are options available for paying for them. Here are a few ways you might be able to make your next project a reality!

Six Legit Ways To Pay For Your Music

1 – Save Up

Hey, there’s nothing wrong with making money the old-fashioned way. The trick is to truly set it aside. Have a jar, or set up a second account at your bank, so that you can always be putting money into it. Always look for chances to do gigs and add to the pot. Don’t just keep everything in one account, though, or you’ll be too tempted to spend it.

2 – Credit

Going into debt is always an option, of course, but it’s rarely a good idea. Paying for projects on credit cards and loans usually just works out poorly for you in the long run. None the less, if you have a unique idea – such as for a new website – you might be able to obtain a small business loan from local banks.

3 – Crowdfunding

Crowdfunding has become one of the hot new ways of making money for just about any independent project. Sites like IndieGoGo and Kickstarter allow you to take pitches directly to the people, getting fans to pre-pay for your next project. Pay-what-you-like options can also entice people to plunk down a little money, even if it’s not full CD price. Look for ways to get a lot of people to pay a little money, and you’ll still get the funding you need.

4 – Local Arts funding

Virtually all local governments have funding in place for artists. Take a trip down to your local city hall and inquire as to whether they have any funding grants available at the moment. It’s a long shot, but if you happen to have what your city’s tourism department is looking for, you could find yourself with a very nice backer.

This might be an especially good route if your music could be considered experimental, avant garde, or otherwise not something likely to be a high-seller.

5 – Sponsorship

It’s not just for the big bands. Local stores will often be happy to talk about sponsorship, product or ad placement in exchange for funding a project. This is a very effective way of putting multi-band shows together, especially any sort of festival venue. It can also pay off quite well for everyone involved, assuming as many people attend as you plan for.

6 – Angel Investors

There are, in fact, many would-be philanthropists in this world who are actively looking for projects to throw money at. A standard rock act probably wouldn’t impress them, but more artistic or culturally-based projects might have a chance of catching their eye. Websites like The Gathering of Angels or Go4Funding would be good starting places if this sounds interesting.

Also, begging a few grand off your rich uncle would also count as angel investment.

Always Keep Your Eyes Open!

These are tumultuous times we’re in, but with those come opportunities as well. The chance to pay for your next musical project could come any time. Any source of funding is worth investigating, so do your homework and look for new chances to arise to get the word out about your group!

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