It takes commitment to turn your music career into an income, whether part-time or full-time. Finding enough money to cover your expenses early on can take time. This could include production costs, tour expenses, or even just food. How can new artists finance their music careers?
How to fund your music career & raise money
It’s important to mention something before we continue.
Many new artists are tempted to borrow money from a bank or use credit cards to start their careers.
This is not my area of expertise, but I advise you to think carefully before taking action like this at the beginning of your career.
Now that we’ve said it let’s move on.
Arts Grants & Funding Schemes
Applying for an arts grant is one of the best ways to fund your music career in its early stages.
You can apply for different funding and grants depending on where you live. See our Map of Music Funding for where you can use it, depending on your location.
There are many other international funding schemes available for musicians around the world. Search online for funding schemes in your area.
It would help if you stood out to be considered for funding and grants. Here are some tips to help you increase your chances of success.
Please read all application guidelines
Do not send random applications. Make sure that you are qualified, and then tailor your application accordingly. Before sending anything in, make sure you understand what the funder wants.
Give evidence of your long-term success and a plan
Most funders want to see that you have a solid foundation in place. Indicate your long-term goals in simple language and provide evidence of your success, such as the size of your fanbase, big bookings, financial backing, or any other thing that makes you stand out.
Make sure to complete the application
Use simple language that is easy to understand and explain why you deserve funding.
Take your time
Please be very careful when completing your application. You should read the instructions and your application until you are 100% certain that it meets all requirements.
Crowdfunding
If you have yet to hear, Crowdfunding is a way to fund your next project by engaging and reaching out to your existing fan base.
Many independent musicians, particularly those with a large and loyal fan base, use this tactic. This is a great way to connect with your fans and give them a greater stake in your career.
Launching a campaign through a well-established crowdfunding platform such as Kickstarter, Patreon, or Indiegogo is easiest.
Please don’t put in the time and effort to launch a campaign only to have it fail. Here are some tips on how to make your campaign successful.
Be clear about what you are trying to achieve
Set a simple, straightforward goal. Let your fans know what they are funding. Make it clear to fans what they will get for their money, whether a new album or a headline tour.
Set realistic goals
Most crowdfunding websites require you to choose a target funding amount. If you fail to reach your target, the money is not yours. It’s that simple. Avoid disappointment by not setting an impossible goal.
Create a video for your campaign
It can make a huge difference to send a video explaining your campaign and addressing your supporters. This is a great way to engage and connect with your fans by explaining your plan in person.
Give incentives to funding sources
Donate incentives to encourage people to donate. You could offer exclusive access to concert tickets, merchandise signed by artists, or quirky freebies. Whatever works best for you and your listeners.
Protest the Hero launched a crowdfunding campaign with some exciting incentives. Anyone who donated over $5k was invited to sing as a guest vocalist on the album!
Gigs & merchandise
Unsigned musicians often rely on merchandising and ticket sales to generate income. In this case, you need to maximize sales to cover your costs.
Avoid pay-to-play schemes
It’s OK to play the occasional free show. It’s something that every upcoming musician does at some point. Don’t accept gigs that require paying upfront for tickets and then selling them, possibly making a profit.
Make sure you sell merchandise at each show
Set up a merchandise stand at your gigs as often as you can. You can sell t-shirts, vinyl, stickers, badges, and anything else you think your fans will like. Attract people with eye-catching designs to increase sales. Many people want to take a souvenir home from a concert – it’s a tangible reminder of the event. It’s a great time to sell merch.
Get a card machine
Take advantage of sales if you only accept cash. Online, you can buy a card reader for a meager price. You will quickly make up the money you spend on sales.
Offer discounts & incentives
Offer limited-time offers and discounts to sell more merchandise. To reward loyal fans, offer lower prices for people who join your mailing list and buy tickets to your shows.
Streaming & download royalties
Streaming and downloading royalty payments are a great way to ensure you get every penny possible from your music.
Release your music on Spotify. Apple Music, Deezer and iTunes.
You can use our music royalty calculator to determine the potential value of streaming royalties.
There’s no better time to release your music on major platforms. Upload your music to Ditto Music once it’s been produced to the highest standard.
Ditto lets you keep all your rights and 100% of your royalties. Get started here.