If you’re like most people, you probably listen to music; but you may rarely consider all the financial planning and strategy that goes on behind the scenes when creating records. Even if you are a musician yourself and have thought of pursuing music professionally, you might find yourself at a loss as to how to get your career off the ground. The intricacies of record labels and contracts, the up-front costs of equipment and studio time, and the inconsistency of live performances all make the music industry the unstable and exciting world that it is.
If you’re interested in breaking into the industry yourself, financing your career is an important consideration, and high upfront costs can often be a stumbling block. Below, we’ll also cover some options for generating income and borrowing money, including the use of sites such as geldlenen-spoed.nl, which offer ways to compare different loans all in one place.
The Music Industry: an Insider’s View
It can be tough if you’re musically talented to also manage the business side of your career. These two skills rarely come together, and when your focus is on the creative, it can be easy to lose track of the day-to-day things. For instance, Elvis Presley’s success was unarguably due in part to his manager Colonel Parker — raw talent might have been enough to make Presley a star, but his public image and finances were crafted only in the deft hands of Parker.
Many musicians in history have been unlucky enough to put themselves in the hands of inept or outright dishonest managers simply because they didn’t know better, leading to bad record deals and poorly managed finances. That’s why it can be so important to have a basic knowledge of how things work to prevent being taken advantage of and ensure that you can be adequately paid for your work.
How to Learn More
There’s also a great resource of books to be found about the industry side of music, with many people working in the business sharing their tips and info. These can be great sources for musicians who want to get started on their own but feel they lack the necessary expertise.
All You Need to Know About the Music Business by Donald Passman is exactly what the title advertises: an essential intro guide to the industry. An experienced L.A lawyer specializing in music and film management., Passman shares his knowledge on everything from record deals and contracts to the legalities of songwriting, publishing, and performing.
Bob Tulipan’s Rockin’ in the New World is an insider’s overview of the modern music industry, sharing his anecdotes and expertise to help you manage your band’s interests and creative potential. Having worked with bands like the Talking Heads to the Police, Tulipan is an indispensable voice in navigating the ins and outs of a musical career.
Another great read is Stoned, written by Andrew Loog Oldham, which tells the thrilling story of the Rolling Stones’ rise to success from the perspective of their manager and producer. Oldham had as much creative vision as any of the band members, helping to guide them through the flashy scene of the 60s, and his stories are brimming with enough glitz and ambition to keep you interested page after page.
Options for Financing Your Career
Once you have a basic familiarity with the industry, it can be easier to get a big break and take advantage of it. But there are many options for starting a business in music – read below for just a few.
Private Loans
If you find yourself short on money for a specific project, taking out a loan from a private lender can help you out. Private loans are a good idea for investments that require a set amount of money in a short span of time. They are a particularly good option if you’re investing the money in something that will allow you to produce a profit directly, such as start-up costs for touring or time in a studio that will allow you to sell records.
Geldlenen Spoed offers access to lenders such as Saldodipje and gives a complete overview of the loans they provide, making it easy to decide which one is right for you. Thorough research can help you find an option that allows you to finance your career while paying a minimum of interest.
You can also find out the terms of the loan at Krediet Groep, where you can check everything from interest rates to payment plans and compare them. But remember, never take out a loan if you’re uncertain about whether or not you can repay it; being in debt is something that certainly won’t do your career any favors.
Label Advances
Label advances are still the most common and well-known way to start a music career. A publishing label will sign you to a contract, agreeing to pay the up-front costs of recording and publishing with the promise of an eventual return through sales. However, this is never a sure bet, as the outcome of a record is never completely predictable. If your music doesn’t perform well on the market, you could end up without a net profit, or even owe your label at the end of the day.
You also need to get noticed by a label in the first place, which may require some costs of your own. Many musicians string along with a series of low-paying performances and infrequent studio time, trying to get their material signed to a label. If you already have some momentum going on your own, crowdfunding may be a better way to tap into your audience directly.
Crowdfunding
With the rise of the internet in recent years, crowdfunding has become a viable option to fund creative work. Platforms like Patreon and Kickstarter allow your fans to subscribe for a fee to access the content you publish. The profit you make is directly correlated to your number of subscribers, no investing or recouping is necessary.
If you’re able to put in the time and meet the upkeep costs of making your content, it’s easier than ever to publish your music online for free and gain an audience through underground
channels. Crowdfunding sites give you a way to profit from this audience, making a music career financially feasible.
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