Getting started in the music business can be tricky when it comes to handling money. Between band touring costs, equipment upgrades, and general expenses, there is a lot to keep track of—and you won’t want to deal with money issues on top of your other responsibilities as an up-and-coming artist.
Here at SongCast, we have a few tips to help you manage your money.
As you start to build up a bigger fan following as a musician or a band, it’s important that you keep a budget in mind and know where to invest your income.
If you don’t have a manager who can keep track of your finances, consider starting a bank account just for the band. Make sure each band member knows what is in the account and when anything is taken out.
Make a spreadsheet.
Map out your monthly or even weekly budget. Include money spent and what it was spent on, as well as what was saved in the budget. If you are planning to go on tour, list out the band touring costs that will be involved including hotel bookings, meals, gas and other expenses you may encounter while on the road.
Plan out your funds.
With what’s left in your budget, decide how you want to invest it. Perhaps pick out some new music gear. Or, keep saving up for a bigger tour in the future. More cities covered means a wider fan base.
You may want to also figure costs for future recording sessions. Talk with the band and write out some potential time frames and costs for new recordings, tours, music videos or smaller gigs.
If you budget right, you will be able to choose where your extra money goes at the end of each month or year and you’ll quickly climb your way to music stardom without running into financial woes along the way.
So, how do you manage band touring costs?
For more tips on how to make it in the music industry as an indie artist, check out our SongCast blog!