All artists want to fund their careers and stay independent at the same time. But low money, no planning skills, and no business setup make this even harder. The problem is that nobody is really putting these issues in order so creatives can see them. This is why you feel like it's a bit impossible to accomplish this task. However, at your state, this is a simple fix to stop losing your money funding your career.
No Business Plan
In the beginning, things start slow. While you have time, cultivate a plan that consists of the average yearly revenue you’d like to make within three years. Be realistic. How many releases do you want to have in three years, and what type of hired help will you need to achieve this in the three-year time span? Lastly, it would be hard to guess how much money it would take to get there because all artists are different, but you still need a ballpark figure on what it would take to get you going. I’m going to start you at $12,000 a year.
No Job
You don’t have to be a broke artist. You can get a job. In fact, an artist with a job is commendable, so you don’t look like you’re begging for a ticket to get in. You’ll need this job to start saving some funds for investment.
No Savings Plan
If you’ve got a job, then you need a plan to save some funds. To get things up to speed, you’ll want to maintain savings of $1,000 per month, but if you can only do half of that, that’s fine as well. At least save something over $200 a month if you can for this music! This money will be used to pay for all creative services.
No Business
No business means no credit. In previous videos, I’ve stated all credit will be used to flip opportunities that yield a quick return, like merchandise and self-touring shows. If you have no business setup, we can’t get the funding we need for these opportunities. Trust me, you don’t want to do this with your personal money.
No Monthly Spending Plan
The business needs to operate. So, how much do you need to spend monthly to keep your label operating every month? This is called operational expenses. Make a list of all tools and software it will take to run your label, and you’ll now have a spending plan or operational budget that you can edit to make your business operate more efficiently.
Make It Make Cents to Me!
If you know how much you’re spending a month to stay open, have a biz plan to know where you’re going, have a business to get credit financing, and a job to stash some clean cash aside, you can then self-fund your career. With all of these elements, funding your career becomes calculated instead of making a wild bet.
But I Could Go to a Record Label for All of This!
You can, but now they would be paying for everything. Because you’re in the beginning stages, this makes you dependent early on instead of independent.
Do I Need a Business to Complete This Process?
If you’d like to grow, yes. Nobody really does any planning when they don’t have a business. However, when there are stakes at play, then the planning starts to work.
Check This Out!
If you're a music creative or executive looking to build your label or publishing company in 60 days or less, grab the 60-Day Record Label Course and get it done today! You’ll gain the ability to get real funding, avoid contractual pitfalls, and keep the middleman out of your pockets. Click the link below to get started now! If you’re skeptical, grab the free guide, "10 Ways to Increase Your Record Label Profits," which comes with a free split sheet download.
If You Plan for Success
Your growth will be much more focused.
You begin to possess the skills to run a million-dollar cash machine.
And you’ll finally stop losing money while investing in your career.
If You Don’t Plan at All
You’ll probably never grow.
The label will be a mess because nothing is organized.
And your career more than likely won’t see the light of day even if the music is good.
Conclusion
If you were struggling with getting funded and not losing your money, this is the way to do it to start practicing for that million-dollar label you want to have in the very near future.
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