When you have the talent and drive to make it big, it's so easy to get stars and dollar-signs in your eyes. Admit it. You've had a daydream or two about how you would spend your first million. I shamelessly have. There's nothing wrong with thinking big. But it's so important to keep things in perspective. Truth is, when starting out, you need to aim lower until you get to that point in your career where money isn't as much of an issue. Even with mere pennies in your pockets, you still are an investment. So its crucial to manage your finances at this early age. Aim for triple digit gigs and thousand-dollar profits. Then you can generate income a bit at a time, and get to the next step. Here are some more steps.
Budget! Budget! Budget!
You may have enough money in your account to buy an expensive MacBook Pro with the latest version of Pro-Tools and hook-ups and wirings. But that doesn't mean you should go and get it. At least not yet. Especially if you are not advanced in the basics first. There is so much free and cheaply-priced software out there to help start your studio or business. For producers, Audacity is not a bad way to start getting to know the basics. Maybe invest in some classes in which you would have free access to Pro-Tools or studio equipment. Hook up with a friend and know exactly what you need to do or spend to make the most frugal expense decisions while money is still a grave concern. Pencil down every expense and plan in advance for the more expensive things you want to get.
Start a new account!
Steadily add some money, whether it's loose change or like 5-10% of your paycheck from your regular job. It adds up. Make sure not to touch that money in this account, for it is just for your artistry expenses. Make sure you put other money away so in case of an unrelated emergency, you don't have to dig out of this account. You might start off with $100. Heck you may end up with just $100 if you forget about it and don't add to it. But as long as you don't touch it, you will have an extra $100. It can come in handy for something you may very well need. You never know. Add even pennies to a time. You may need a lot of pennies to get something useful. But it's something at the end of the day.
Network!
Make friends in the industry. Whether they have a decent resume or not, they may have some advice for you about what to invest in or what not to invest in. The less bad money-decisions you make, the more you will save and can invest in something that will get you on your way faster and more efficiently. Join organizations and forums, attend conferences and workshops, and meet the people in your field and beyond. A producer pal can offer you a discount to use their studio. An industry insider can give you contacts to certain lawyers and representatives that will be worth your money. Invest time in your network. Time is money. The more time you use to network, the less time you waste, and the more money you save.
Government cheddar!
There is this myth that the government does not have money for artists. This is not entirely true. There are artists, entrepreneurs, and investors that give money to grant and fellowship programs to finance artists. There are hundreds to thousands of grants out there that can help fund your projects. The New York State Council of the Arts (www.nysca.org), California Arts Council (www.cac.ca.gov), Tennessee Arts Commission (www.arts.state.tn.us) and more are just a few resources out there. Do your research and take advantage of the opportunities out there.
Get creative!
There are countless forums, articles, and blogs dedicated to the music industry. Utilize their advice to get you on your way. And because of the power of the internet, that information can be offered to you for little or no money. Go to your local library and read books from the past and present about the industry. Subscribe to a magazine or newsletter specific to your field. As far as finding finances, host sponsorships, rallies, and performances showcasing your talents. Offer voluntary donation opportunities. Use your resources and contacts. You'd be surprised how many people would want to invest in you. You just have to be smart and give them reason to. Market yourself.
So...there's nothing wrong with having lowered expectations starting out. There's no shame in being a thousandaire or a multi-thousandaire. This does not mean that you should dream small. It's important to be realistic while keeping an optimistic mindset. Once you learn to balance your mind with your heart, you will make great business decisions while reaching to new heights and possibilities that you never thought possible. Keep at it!
~L~
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