To live “like a rock star” means to constantly be surrounded by luxury and parties, right? But even Dan Reynolds of the highly successful band Imagine Dragons admits, “It’s not glamorous”– at least, not at first! For sure, you need to manage that budget wisely to advance your music career. Here are some things to keep in mind.
Make a Fair Payment Plan
Some bands prefer to split all income derived from their music equally — each member gets paid the same amount in all aspects. Others split income proportionately, and the vocalist or songwriter(s) gets the largest amount. When playing gigs, you usually get paid in cash and each member gets paid equally. But when it comes to more complicated things like royalties, only the designated songwriters get paid. Make sure you discuss all these financial aspects to avoid future conflict.
Use Spreadsheets
Track income made from your music on spreadsheets. Group items by month and year and variables such as touring, recording, publishing, etc. You’ll be able to see what is currently generating the most profit and what you could focus more on. You’ll also be able to see trends and fluctuations over time. You’ll probably do better in the summer months, when bands usually go on tour.
Use Available Resources
It’s important to work with what you have and not go overboard. Try to record at home with less fancy equipment and then slowly gain enough money to work with professional recording studios. Distribute music, merchandise, and whatever else you can via online sources. Book local gigs before traveling too far and spending money on hotels and gas.
Further, you should save income made from your music in a separate bank account. Remember: “The humble make room for progress. The proud believe they are already there.”
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Michelle Nguyen is a writer whose passions include music, sports, health, and wellness. She loves playing drums and bass guitar, as well as swimming. If she indirectly helps you write the next “Stairway to Heaven,” she will be very happy.
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