We often stress how expensive it is to be an artist, especially if you are independent. It is extremely easy to go broke while pursuing your dream. Therefore, it is imperative that you create a realistic budget for your music career.
Ask yourself what your financial goals are and how you plan on reaching them through your music. Today, we’ll explore several tips for creating a music budget.
Determine Your Expenses
After identifying your goals, determine every expense you have as an artist, no matter how small you may think it is. Factor in components such as:
- Cost of music production
- Cost of studio time
- Cost of merchandise
- Website hosting fees
- Social media marketing fees
- Graphic design fees
- Costs of live show
- Staff salaries (DJs, engineers, etc.)
- Costs of lodging
- Costs of photoshoots
- Costs of music video shoots
After determining these expenses, get rid of anything that does not benefit your career. This will free up some extra funds.
Project Your Income
Try to estimate how much money you expect to make through merchandise sales, show ticket sales, music sales, YouTube revenue, royalties, songwriting fees, Instagram promo, and any other music venture that regularly puts money in your pocket.
Keep Track Of Your Budget
Make a spreadsheet of your expenses and projections. This will help you see if your efforts are actually making you money and what adjustments need to be made. Having your budget organized in this way can also assist you when doing your taxes at the end of the year.
Sticking to your budget can help to ease the financial burden that comes with being an artist. Never be afraid to tweak your budget according to your evolving circumstances.
Best of luck!
Blogged by @cakedupdrippedout