So you’ve played multiple times in local concerts and created music that you think more people should hear. You have been looking for ways to balance time between your day job and being a musician; Eager to have your music released yet you know that your funds are not enough to continue upgrading your musical instruments, paying for the recording studio, and hiring someone to manage your social media sites. At the end of the day, you know you can't handle everything and need a team to create the important things like creating a website that will identify your brand well... plus all other expenses that you may have to get your music out there.
Don’t let finances steal that dream that you’ve had for so long. People need to hear your music and if you are confident that this is the truth, the perfect time would be NOW.
So how and where can you get your music funds? Here are the best ways to find the right funding for your music business.
Crowdfunding
Also known as fan funding is the practice of raising a campaign to earn funds from a number of people. For musicians, it’s one of the ways in getting funds for their music instead of getting signed by a major record label. This also allows musicians to have a deeper relationship with their fans for a number of reasons. Crowdfunding is not that easy because for one, asking people for money may sound awkward. That's why you have to set a proper plan on how to do it. Get your pitch right - It is important for you to let the people know why you need the money, to begin with. Let them know your goals and be transparent as much as possible. Be personal in telling your story. You need to earn people’s trust that the money will be placed in good use.
Investors and Sponsors
One huge thing to consider when getting investors and sponsors to finance your music is the fact that you will be giving up part of your business so it is important to check their conditions or how they wanted to be paid back. Before asking for sponsorships, It is important to establish yourself as an artist by building a solid fanbase and we’re talking about many followers in your social media pages, thousands of youtube views, a credible-looking website, and sold-out concerts.
Personal Loans
One of the most popular ways of getting funds for your music is through the loan application. But before deciding on whether or not you should apply for a loan, be sure to shop around and check which has the lowest interest rates. It is also important to decide on the amount that you need, how you can pay for it, and last but not the least, the length of your loan as you don’t want to end up doing music while being stuck with the debt.