There’s one unavoidable truth about music careers: money is required to make them a reality. While working a day job or side employment to help pay for your recording projects, tours, merch, and other expenses is totally acceptable, it’s also beneficial to be aware of various kinds of financial support like Tribal Installment Loans online and assistance for musicians. Just keep in mind that you should be realistic about your goals and not hold on to a sense of entitlement.

Trying to get a compensated six-month vacation on a tropical island to record an EP seems a little indulgent, and it’s unlikely that those who might be prepared to support you will think so financially. You might be able to justify it as a “business expense,” but you’re not going to obtain a grant for it.

Grants Available For Artists

Music grants are available in Canada and are a major thing. To get a grant, you must, for better or worse, submit a large amount of material for examination. You’ll also be up against some stiff competition, and your initial application might not be regarded seriously. You’ll need the courage to keep submitting until you get the money you desire, but it’ll be well worth it.

Unfortunately, there aren’t as many grant options in the United States. It’s still worth investigating, especially if any local organizations are known to support the arts, but don’t hold your breath. Also, keep in mind: Grants must almost universally be used for the purposes indicated in your request. You can’t simply divert some funds to frivolous pleasure at your leisure and expect to get away with it.

Music Projects and Crowdfunding

What resources are available to musicians in terms of financial assistance or support? Crowdfunding is a popular and easy approach to get money for projects you’re working on. This isn’t to say that it doesn’t require effort. Many individuals have told me that running a successful crowdfunding campaign is like having a full-time job.

If you set grandiose or unrealistic financial goals, you won’t succeed. You must first examine the tools, resources, and connections at your disposal and then choose a figure that reflects an accurate evaluation of your fan base and willing backers. Also, be wary of: With crowdfunding campaigns, there are a lot of “hidden” costs. Delivering on the rewards or incentives, you specify various contribution levels, for example. If you need to send out tangible goods, you’ll probably incur shipping expenses, which you should figure into your game plan before going bankrupt trying to keep your promises.

You’ll need to set up your campaign page first. Though you can start a campaign without a video, it’s always a good idea to develop one to attract more backers. At this point, you’ll also need to decide on a campaign goal. Then, depending on how much your backers donate, you’ll need to develop rewards for them. This is more significant than you may realize since you will waste a lot of time and money processing orders if you establish incentives that are difficult to satisfy. For the interests of both your fans and yourself, it’s essential to keep your offers straightforward.

Your campaign will need to be marketed once it has been started. Although campaigns aren’t always successful, certain sites, such as Indiegogo, will allow you to retain any money you make, while others, such as Kickstarter, will not.

Work with willing investors

“Investor” is a bit of a stretch. People aren’t going to invest money in your music career because they think they’ll get a great return on their investment someday. They might get a response, but the chances aren’t in their favor.

But the point is that you may look through your contacts to see if anyone in your extended network is ready to take a chance on your music. Perhaps they have some extra cash that they are unsure what to do with. Perhaps supporting the arts has been on their minds. Perhaps they like you and trust you enough to give you cash for your next 20 Christmas gifts.

It may seem idealistic, but it’s not out of the realm of possibility to believe that there are people who would be ready to assist a struggling artist or band. Crowdfunding projects would never succeed if this were not true. If you can’t seem to come up with a large sum of money, consider contacting several people for lesser sums of money. Set your sights on obtaining what you require rather than what you desire. It’s difficult to ask for money, especially when you can’t guarantee your investors’ success, but it’s occasionally necessary.

Organize a Fund-Raising Event

You’re a musician, so if you’ve been performing for a while, you’re already an expert at planning and executing successful events. This isn’t something you wouldn’t do if you were pursuing a career in music. A fundraising event would be similar to any other concert you’ve put on, except for a few additions. A buddy of mine planned a fundraising event for her career a few years ago before going on tour. It wasn’t a show to raise money for any other cause; it was solely to promote her music.

Make it exceptional if you’re going to put on a show like this. Bring in a great opening act. It would help if you held it in a lovely location with ample parking and tasty food or drink. 

It should be well-publicized. You can go about it whatever you want, but make everything about your audience, from the music you play to the benefits you provide your donors. Nothing destroys a show faster than failing to consider the needs of the audience.

Obtain a Loan

What can I do to persuade people to pay for my music? To get appropriate financial help, it’s preferable not to fall into debt or tie yourself into a payment plan (with interest). Taking out a loan should be viewed as a distant “plan B” or backup alternative rather than your first choice.

Remy Shand’s parents reportedly took out a second mortgage to support his music career. 

It’s a good thing it paid off because this would have been financial suicide for most individuals.

The good news is that unless your personal finances are in tip-top shape, you’re unlikely to get approved for a loan. A bank will never loan you money if you don’t have a consistent annual income and if you have any outstanding obligations (particularly massive amounts).

This isn’t to say you can’t borrow money from a wealthy family member or acquaintance. 

Just keep in mind that when money is involved, the nature of a relationship changes, and usually not in a positive way.

Make Your Own Path

We can get enslaved by conventional thinking at times. Because of our narrow-mindedness, we often miss opportunities. If you’re prepared to put in the effort, you can make money in various methods. Avoid “quick-fix” solutions such as get-rich-quick schemes, lottery tickets, or “under the table” trades to handle your financial troubles. There are more possibilities open to you than you may realize.

Musicians that are proactive and self-motivated can always find a way. Here are several options for getting the money you need, with the proviso that not all of them will work for you:

Get a part-time job. 

It’s likely that you already have a day job. However, if you require additional finances to advance your profession, you may need to forgo your art to work a second job.

Freelance. 

You’ve come to the right place if you’re a writer, editor, photographer, artist, consultant, teacher, composer, or designer. Are you skilled in computer programming, electronics, mechanics, or construction? Do you have any abilities outside of music that you may use to supplement your income in your leisure time? I’ve helped several artists supplement their income by writing blog posts and articles, and I know others who supplement their income with other abilities.

Add more shows to the schedule. 

There are almost undoubtedly unexplored live performance opportunities in your area. 

Playing at more bars, pubs, clubs, and other venues will help you earn more money over time. Also, try if you can land a high-paying residency or get paid to host a regular jam or open mic.

Blog. 

It’s not easy to make money blogging, and it’ll take a lot of time and effort. However, if you can enlist the help of your fans, friends, and family and make them the center of your material, you may be able to establish a new revenue stream for yourself.

Last Thoughts

If everything else fails, look into more traditional options such as saving and investing or speak with a skilled financial planner or counselor. Perhaps you should try your hand at business.

Note: I’m not suggesting that these are excellent choices; if you’re investing in something, you need to know what you’re doing. However, you may discover some success where others have failed. Everyone has their path to take, and I can’t say what will work best for you. 

You may have to try a variety of ways.