Making your music career a part-time or full-time income stream requires dedication. It may be challenging to make enough money to pay for your expenses, whether touring, production or just a meal! How can new musicians fund their careers in music?
How to raise funds and help fund your music career
Before we begin, I’d like to mention something.
The new artists are frequently enticed to get credit cards or bank loans to start their careers.
This isn’t a financial advisor, but I would suggest thinking very carefully before deciding this at the beginning of your career.
Okay, now that’s all said. Let’s dive into it.
Arts Grants & Funding Schemes
One of the most effective (but equally one of the toughest to find) methods of financing your beginning career in music is to submit an application and get an Arts Grant.
You can apply for a variety of grants and financial aid based on the place you’re located. Look at our Music Map of Funding to find the places you can apply to according to your location.
Although the above is only for the UK and the USA, many other international funding programs are available for musicians from all over the world. Search online for funding opportunities in your area.
Arts and funding grants are always highly competitive, and you must stand out and fill in all your applications accurately. Here are some guidelines to increase your chances of winning.
Go through the instructions for the application thoroughly
Don’t simply send out general requests for music sponsorship or funds. Make sure you’re qualified and your application is tailored to meet the requirements. Be sure to know what the funder is looking for before making any submissions.
Give a long-term strategy and evidence of your achievement
The majority of funders want to see a solid foundation in place. Make your long-term plans in plain English and provide evidence of your accomplishments in your career regardless of the number of your fans and bookings for big shows or other financial backers or anything else that will ensure your name stands out.
Do not overcomplicate your application
Make sure you use simple, easy-to-understand language, and explain why you are worthy of the money as simply as possible.
Be patient
Make sure you complete your application carefully. Read, re-read, and re-read the application guidelines and yourself until you’re sure to sit complies with every requirement.
Crowdfunding
If you’re unaware, crowdfunding involves inviting and engaging your existing fan base to fund your next project in music.
It’s a strategy employed by many independent artists, especially those with an ardent and loyal fan base. It’s an opportunity to offer everyone a more significant stake in your career and a more personal relationship with your work.
The most convenient way to launch your crowdfunding campaign is using a reputable crowdfunding platform such as Kickstarter, Patreon, or Indiegogo.
It isn’t a good idea to invest time and effort into a crowdfunding campaign only to have it fail or not work. Here are some suggestions to ensure your campaign is successful.
Be clear about what you’re trying to achieve
Create a simple objective, and ensure that you are clear with your fans about what you’re investing in. It doesn’t matter if it’s a new album or a headline tour; let them know what they’re getting in exchange for the money they pay.
Make a reasonable and achievable goal
Many crowdfunding sites require users to select a funding goal. You won’t receive the money if you fail to meet the target. It’s that simple. Don’t set unrealistic goals to be sure you don’t fall short.
Create a video for a campaign
A video message that addresses your followers and describes the crowdfunding campaign’s goals can be the key to success. It’s an easy and efficient method to communicate with and engage your audience and explain your plan in the first person.
Give incentives for funders
Give people more reasons to donate their hard-earned cash by offering incentives to donors. It could be a chance to gain access to concert tickets or signed merchandise, or even funny freebies. Whatever is most beneficial to your fans.
Protest The Hero has launched an online crowdfunding campaign that has intriguing rewards. Any person who contributed more than $5k will be invited to sing as a guest for the project!
Gigs & merchandise
The sale of gig tickets and merchandise is usually among the primary sources of income for musicians who aren’t signed. Given this, maximizing your inventory sales is crucial if you wish to pay for your expenses.
Avoid pay-to-play schemes
A few shows for free is perfectly acceptable. Every artist that is emerging has to do it at least once. Don’t be a part of pay-to-play shows that require you to purchase tickets in advance and then sell them off and possibly make a loss.
Sell merch at each event
Set up a stand for merchandise at events as often as feasible. Sell stickers, t-shirts, vinyl, badges, and whatever else you think will please your patrons. Create something attractive and appealing to attract people’s attention and increase sales. Many people want to take home a souvenir from their experience, a tangible representation of memories. This is the perfect time to launch the sale of merchandise.
Get a card machine
Don’t be a victim of sales by only taking cash. You can easily purchase an affordable card machine online and quickly earn this money back through sales you would otherwise miss.
Offer discounts & incentives
Use marketing tactics such as discount offers and discounts that are limited in time to sell more merchandise. Offer discounts to those who sign up for your mailing list or purchase tickets for your events to reward fans’ loyalty.