It's Okay To Budget Your Expenses, But Are You Doing It Right?
Keep reading along and let's see...
Your expenses are what you pay for when you need to make something happen for you. It is that simple. As an upcoming artist expenses can truly add up, whether you are paying for studio time, marketing materials or even performances. What is crucial while on the come up is how you are using your expenses and if the expenses you pay for are needed at the moment in your career.
There are many artists that come to me expecting PR services, show bookings, or even features from extremely successful independent artists in my network. Now, although show bookings and PR services are well worth it, you have to take a step back and truly look at what you are investing into to make sure what you are paying for is actually needed at the moment.
Here is a checklist of the order in which you should be going about things:
Most artist struggle and need help with...
1. Creating a plan and brand development budget
2. Finding and developing their identity, sound, image and personality
3. Being surrounded by experienced people willing to help mentor and guide them
4. Making quality music 5. Displaying their music/brand on a high quality EPK/Website
6. Having quality marketing materials (photos of them, banners,covers, flyers, etc.)
7. Building relationships with followers giving their supporters something to believe in
8. Creating a database of followers
9. Making money selling music and merchandise
10. Booking shows and events
11. Networking and building relationships with other artist, dj's, producers, influencers and promoters
12. Building credibility and brand awareness through Public Relations
As you see, Public Relations, booking shows, and making money is at the bottom of the list. This is because until you get the return on investment or what us consultants call ROI, you have to ensure you are putting in the correct work to get to that point.
Half actions equal half results.
If you refuse to believe this is true - we tell indies continue making music and putting money where it doesn't make sense and see the results that you get. When you are upcoming, your expenses should only be spent on having someone create your plan and studio time. Once you've found your sound and have something that is tangible with your target audience, this is when you can begin to perform and build your team of credible people who believe in you.
With that being said, let me know where you've been putting your expenses and if its been working for you. Hopefully I can help you get on the right track to ensure you are working forwards and not backwards.