Spending Money to Make Money

Sorry for the delay! It's been a few days... 

During the last post, I briefly mentioned something that I now realize needs it's own post.... Band finances.

It's really hard for bands to pay for things, and I understand that certain situations prevent certain bands from having money... BUT, as a general rule of thumb, there are a few simple things that you can do to make sure that your band is set up well, financially.

First of all, I recommend that every single band that's trying to "make it" gets set up as an LLC immediately (Google it, it takes very little time, and if you do it right, very little money). It's an important step to becoming a professional band. This way, you can get a band bank account setup, and any time you're paid as a band, you can put it in a safe, communal place. Also, if you're ever paid by check, you can have the checks written out to the band, rather than putting that trust into one member.

After you have taken those steps, I urge you to set up a budget for each member to contribute monthly. If you're all working, even making minimum wage, try to make sure that you can set aside a small amount of your paycheck and equally deposit money into your band bank account every month... even if it's $20/month for starters, it's an important gesture... this builds unity, equality, and above all; a bankroll. Proper bands need to have a solid foundation, and though this might not apply to all bands (trust fund babies, or groups that have been assembled by a central leader), if you're one of the millions of start-up rock/metal/hardcore/alternative/indie/whateverthefuck bands that are trying to make a career out of this, you need to take these words to heart.

Once you have your band officially registered as a business (because that's what this is...), and after you have a bank account, and every member is contributing equal shares (because that's how it should be...), you need to budget WISELY.

There are so many expenses, your head might start spinning if you give it some real thought, but sooner or later, you'll need to sit down, figure out your priorities, and figure out a way (via long or short-term budget planning) to pay for them.


You should feel really fortunate though, because you're a band in a very exciting time. There are more ways than ever for you to make money. There are more venues than ever, and more outlets for your to sell your music independently... BUT, this is all part of a vicious cycle, and if you don't enter the cycle under the right circumstances, it'll chew you up and spit you out.

Here's what I mean:

Without money, you probably can't afford a place to rehearse... and you need to rehearse to be a good band (see post 1) ... Without being a good band, you often can't get good shows that actually pay... then you can't afford to record with anyone decent, so if you put songs online for people to buy, they'll probably suck AND sound bad... so no one will buy them... then you STILL can't afford a place to rehearse, and it starts the cycle all over again... get my drift?

So, if you enter the cycle as a band that has been paying it's dues (by everyone working and contributing to the band account), then you can usually find ways to afford the necessities, which will make you a better band, and then you will be able to use the band to make money, and further pay for things that will help build your career. 


I'll get into more ways out of this cycle, and clever ways of making money on my next post. I've gotta pace myself. ;)  Rome wasn't built in a day, and good bands aren't either.

-Ryan