You finally got your loan proceeds and ready to kick-start your music. Your next challenge would be how not to blow it all and make sure it’s spent in the most productive way possible, so you can pay off your loan. Otherwise, you are going to end up applying for another loan, running the risk of ruining your finances, and just prolonging your dreams of becoming a musician because of financial issues. The plan on where your money should be spent should be laid out even before a loan application is submitted. This is to avoid spending on unnecessary things.
Be wise - It may help if you put money in a separate account to control your spending. Your loan proceeds are meant to boost your career not to spend on anything unrelated. You can’t just spend because money is there otherwise you’ll you run the risk of making your financial situation worse. It would also help if you will track all your expenses so you will know where the money goes.
Demo Recording
You have pretty much-written songs that you think can get you signed to a record deal and all you have to do is submit a demo to make that possible. You want the best recording possible as you don’t want to blow off that chance. You’re left now with a choice to rent a recording studio. Will it be worth it? Although some musicians think that having your song recording a studio is the only key to make it sound professional, spending money for recording studio rentals is not something that you should consider.
Setting up a home recording studio would be a better option as it would be easier for you to work your craft as soon as you have new ideas.
Employing a Publicist
When you’ve been in the industry for quite some time and want your music to reach a much broader audience, you might consider hiring a Publicist. A publicist can help come up with a great image, schedule, strategy, and a great story. Since he/she will perform these tasks, he should be someone reputable and proven. It would help if you would talk to other artists whom he has worked with and check his references. Don’t hire someone too good to be true. Hiring him won’t guarantee you a huge career so if would promise fame, then you should not consider hiring him.
Album Pressing Costs
Choosing to have your music digitally released first might be a great idea to save money like this way, you can check if your music would sell before pressing hard copies.
Tour Support
If you think you’re ready and want to grow past the local scene, going on a tour might be something that you should also consider. Although it is expensive, it’s one of the ways to earn money, meet other artists, and get yourself known to more people. This of course after careful planning on whether or not it’s time to go on a tour, where to go, and more importantly if you are already financially ready to hit the road. What are the expenses that you need to prepare before going on tour?
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Accommodation - This depends on what kind of accommodation you would take but this can be one of the expensive aspects that should be considered. If you know someone from the place that you would be traveling, couch-surfing might be an option or you might also consider Airbnb.
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Transportation - Will you be traveling by plane? Bus? Train or use your cars? There are a lot of options to consider but regardless, you have to list down your preferred options and the possible costs.
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Insurance
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Marketing and Promotion
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Crew Salaries and Per Diem