Between budgeting, buying new music equipment, marketing and financing band touring costs, making it big as an indie musician is no cheap task. There are plenty of expenses involved, which is why it is so important to manage your finance situation as an up-and-coming artist.
Have a monthly or weekly budget
Set up a chart listing income, expenses and extra funds for the band. Know what’s in your budget to spend on gas, music equipment, food and other band touring costs. If you exceed the budget one week, cut it down the next week.
Keep all band members in the know
Every band member should know where finances stand at any given time. Let each other know if you need to use the band account for any purchases, and know what goes into the account as well.
Save, and decide what to use extra funds for
Saving a little extra money each week or month is crucial to any band’s financial success. Perhaps you want to invest in new music gear, or save up for another tour down the road. That means food, gas money, lodging, etc.—take everything into account for your saved finances each week or month.
Consider hosting workshops to make some additional income
Teaching drums or guitar, or hosting workshops in songwriting can help build connections and contribute to your financial security as an indie artist. Look into booking some workshops before your next tour.
Use spreadsheets to keep track of your income and expenses, no matter how small they may be. Don’t fall behind on your budgeting charts, and you’ll be A-OK on the road to music stardom!
So, how do you manage your finances as an indie artist? Let us know in the comments below, and don’t hesitate to visit our SongCast blog for more tips on how to manage band touring costs!
I agree that it is important to keep all of the band members in the know. Some bands tend to just let one of the members handle the finances, but really everyone should be involved. I appreciate your helpful tips, I think I will be able to create a workable budget. Thank you!