Are you an artist looking for ways to fund your music project?
Then you are at the right place. We will be discussing some of the best strategies to find finances for your project.
If you are a musician, you need to work hard to raise capital for your business unless you have independent wealth.
Getting the backing of a record label with money can be challenging, mainly if you do your first recording.
Luckily, we have compiled proven strategies to help you finance your music project.
1) Start a side hustle
You will need to put in a lot of work to raise the capital you need for your music project.
And one of the best ways to do this is to get a side hustle.
There are so many side-hustles that you can do depending on your passions, knowledge, and skills.
Luckily today, you can find very flexible jobs online.
Some of the best online side jobs you can find include transcription, proofreading and editing, freelance writing, web design, content creation, and advertising.
Upwork, Fiverr, Guru, Peopleperhour, FlexJobs, and LinkedIn are some of the best online marketplaces to find these jobs.
You can also search for work within your locality and make extra cash.
The only downside of having a side hustle is that you might not be in a position to concentrate on your music career fully.
It would be wise to take one that offers some flexibility.
2) Do crowdfunding
Crowdfunding has been a go-to strategy for many people looking for capital to fund their music projects.
It is a fast fundraising strategy, and you can get support from people all around the world if they are pleased with the work you want to do.
These platforms were created to bring projects to life, and people support projects they are passionate about.
If you would like to raise money on these platforms, you simply login and explain what your project is about.
It is a great way to raise money since you will not need to pay it back.
Here are some tips to make the most out of crowdfunding;
- Ensure that your project is appealing
- Set realistic and achievable funding goals
- Offer rewards
- Select the most suitable crowdfunding platforms. Each platform has different features, fees, funding models, terms, and conditions.
3) Gather money from family, friends, and investors.
If you have supportive family members and friends, why not ask them to help you raise money to release your music.
The great thing about this strategy is that these are people who know you well, and they most probably believe in your work.
They would therefore be willing to support you with some money.
While at it, you can consider presenting your idea to investors who could be interested. Attracting investors might not be an easy task, and you would need to do a lot of convincing.
The best way to do this is by coming up with a business plan- take your music project as a business. This way, an investor will see that you are serious and focused.
In your business plan, outline your budget, expenses, financial projections, and project timelines.
By doing this, you will know the exact amount of money you need to raise from investors.
4) Find gigs in your area
You might also want to consider gigs, mainly if you are an unsigned artist.
People love music and performances to entertain themselves. You, therefore, need to find gigs within your locality and perform.
Ask to perform at weddings, parties, graduation ceremonies, coffee shops, and bars. You might not make lots of money, but this is a great way to create a fan base for your music.
Also, consider approaching artists and asking them if they can allow you to perform at their shows. You might get lucky. Do not be afraid to ask.
Making connections with upcoming artists and even those who have already established themselves will also place you in a better position to finance your music career.
5) Start a music blog
If you are looking for money to release your music album, you are passionate about music.
Even better, if you love writing, you can earn money by starting a music blog.
To make money out of your blog, you would need to study your market and determine the kind of information they would appreciate.
You can write about your experiences so far as a musician. You can provide them with news and trends in the music industry. Educating people would still be ideal.
All of these strategies will increase the traffic and engagement to your site. You can earn money by doing paid advertising and selling products.
A music blog would also help you create awareness about your music project and establish a music fan base.
You can get started with creating your blog here.
6) Start making videos and YouTube
YouTube has come in handy for many artists. It has provided an excellent way to showcase what one can do and connect with the right audience.
You can entertain your fans or audience through video content. You can sing for them, educate them and even enlighten them about your project.
There are several ways you can monetize your YouTube channel. You can do affiliate marketing, influencer marketing, and advertising for companies. YouTube also pays.
To monetize your channel, you will need to create valuable content that attracts several people to watch your videos.
The more views and engagement you get, the more money that you will earn.
Companies looking for advertisement services prefer to work with YouTubers who are consistent in creating valuable content and engaging with their followers.
7) Offer music lessons
You can also consider offering music lessons to raise money for your music career.
If you have composed songs, you have adequate skills and knowledge in this field. Why not make money teaching other people how to get to your level?
You can teach several things, including how to start a music career, songwriting, dancing, and playing instruments, among others.
Gathering interested people within your locality and offering them music classes would be a great way to get started.
You can also create a course and sell it online. The best thing about creating a course is that it will provide a passive way for you to continue making money for a long time.
There are also online music tutoring platforms like Takelessons that allow you to teach music online.
You will need to signup, create a professional profile, start teaching and make extra cash. This platform offers a lot of flexibility as you teach when you have time.
8) Government grants
Government grants and funding can also help you concentrate on your project thoroughly and launch your music album.
Different countries have different programs meant to help the artists work on and finally release their music. There are quite some grant resources that you can apply for.
One of the best financing resources is New Music USA. This organization supports upcoming artists financially and helps you create valuable connections in this industry.
Your music must have been created in the USA to receive support.
Actors Fund is also another place to apply for financial assistance.
This organization supports artists in different ways, including finances, affordable housing, career development, healthcare, and insurance counseling.
To get funding, you will need to apply, and if you are considered, you will get the support you need. Keep searching for grants!
9) Raise money through a patronage model
Modern patronage programs provide excellent ways for artists to raise money.
A site like Patreon allows fans to pay a certain amount of money for every music release.
It sets a budget so that fans continue to enjoy your music and video releases, and you also get paid for the same.
Patreon also allows fans to subscribe and have access to the music videos and releases that they love.
You can also have a way to allow your fans to support your work through your website. Have payment options like PayPal so that they can send you money directly.
10) Donations from a non-profit organization
There are non-profit organizations that would be willing to support your music career.
You would need to approach them and inform them about your project and give them a convincing reason why they should support your work.
An excellent way to win these organizations over is by supporting a community cause or activity.
If you are making your music to help the community in a certain way, even better.
Supporting causes like poverty eradication, youth and gender empowerment, environmental sustainability will increase your chances of receiving NGOs’ support.
11) Sell merchandise
Having merchandise to sell as you create connections is very important.
There are so many things that you can consider customizing and selling. These include T-shirts, hats, bands, and bags.
You must ensure to carry these merchandise during your performances. Some people will be willing to buy. Also, ensure that they are of good quality.
Online platforms and marketplaces are also excellent places to sell your merchandise.
Etsy, for instance, creates a space for creatives to sell their products. If your merch is of excellent quality, consider listing them here.
Social media platforms like Facebook, Instagram, and Pinterest are also platforms to find your target audience and sell to them.
While creating your merchandise, be creative to attract more people to buy your product.
After making sales, save as much as you can for use in your music project.
12) Loans from financial institutions
This will be a great option if all the others listed above have failed and if you have a plan on how to pay back the loan.
Financial institutions would be willing to give you money based on various factors like your credit score and your current source of income.
You would need to have a comprehensive business plan including all the details regarding your business, in this case, your music project.
You also need to have some form of collateral security.
Traditionally and even in some cases today, music is not considered a business. You will therefore need to do a lot of convincing for your loan request to be accepted.
If you feel strongly that you will be in a position to pay back the loan, then go ahead and apply for one.
Ensure that you have a plan on how and when you will pay the debt back.
Remember, even after you launch your business, you still have other expenses like doing tours. Capture all of this information to know exactly how you pay the loan.
You can also loan money from your friends and family.
There you have it! These are some of the best strategies to raise money for your music project.
It is wise to look for a method that will not leave you in debt and huge loans to pay later. Finding additional sources of money and grants reduces this burden in the future.
Before raising money, ensure that you know the exact amount of money that you are looking for.
Outline your project and outline the tasks and activities, expenses, and timelines. Do some research and determine the amount of money you expect to make once your project starts bringing income back.
With this information, you will be in a position to find the best strategy to raise money.
You will also be in a position to borrow money from family, friends, investors, and financial institutions.
Since people support worthy projects, ensure that your music is ideal for your target audience and that the project proposal is appealing.
- 1) Start a side hustle
- 2) Do crowdfunding
- 3) Gather money from family, friends, and investors.
- 4) Find gigs in your area
- 5) Start a music blog
- 6) Start making videos and YouTube
- 7) Offer music lessons
- 8) Government grants
- 9) Raise money through a patronage model
- 10) Donations from a non-profit organization
- 11) Sell merchandise
- 12) Loans from financial institutions