Funding a career in music is perhaps the hardest thing that I have delved on as a musician. But I was determined. I was lucky enough to get a day job as an accountant, and it pays well. I used my salary to support myself and my music but it wasn’t enough. It is difficult enough to obtain recording deals, thus music development will all depend on me. So I sought out for other resources in order to keep things going.
How To Fund Your Music Career Without A Record Deal
Business Loan To Fund My Music
Good Credit is Pertinent
Getting a loan was a tempting option to fund my music. I first checked if I was qualified to get a loan. One of the requirements to qualify is to have a good credit standing. I believe that I had a good credit standing as I did not take out a loan in my life. And if ever, this would be the first. I used Cafe Credit to check on my credit standing, I was surprised to find out that I am not eligible as I do not have a credit history. So lesson learned, to have a good credit, one has to get a credit and build it.
Talking to a financial advisor. This is among the most important steps I have taken in my journey to get funding. My financial advisor advised creating a business plan. Creating music and introducing it to the public is just like any other business, your goal is to sell. The difference is that you are selling your music. With this in mind, my financial advisor and I sat down whenever possible to finish a detailed business plan for my music.
Getting an investor
The business plan took a while to finish but when it was finally done, it was a helpful tool in presenting my music to possible investors. We have spoken to many producers, brands, and solo entrepreneurs. The process was really daunting. But again the process requires a good marketing and social skills. After weeks and months of talking, performing, and presenting to investors, we have finally got an investor signed up.
Today, I am glad that my music is recording and selling both digitally and in CDs. We got busy recording week after week to publish something on YouTube as part of our marketing strategy. To date, we were able to sell 5 to 6 songs and tunes in a month which I think is good enough for a startup. We hope to sell more by testing and using various marketing techniques.
The music industry has a promise of huge returns but not everyone is successful in this journey. When you have good music, and you think that it has potential, recording it professionally will require money. And it is not easy to get the funds to get your music out there and start selling.