Money doesn’t come easy for musicians that is why apart from aiming to earn more, musicians should also aim to save on expenses.
Here are some of the ways musicians can scrimp and save:
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Know the Tax Deductibles
If you’re a tax-paying musician, then you must know that there are many things you can deduct from your taxes from your meals, gas, and electric bill.
Here’s a list of things you can deduct from your taxes, written by a lawyer/musician: http://www.peterirvinelaw.com/pdf/Tax_for_Musicians.pdf
Get the Headlining band to Fund Marketing
The bands who are leading the show should hopefully pay for the posters and other promotional materials for your gig.
Rehearse on Off-peak Days
If you really must use a rehearsal studio, check whether they have cheaper rates on certain days or if they have special discount offers and try to have your band practice on those days.
Buy Second- Hand Items But Be Picky
If you really need a new gear, go to second-hand shops like eBay or music forums.
You can get good items at half the price! But make sure that when you check the item, you bring one or two instrument experts with you to scrutinize it.
Nothing is more expensive than buying a cheap instrument that’s not in good shape.
Ex Deal
Don’t forget that you can always offer your services (talent) in exchange of good and services.
You can approach a company and ask if they can offer you their warehouse/garage on some days and in exchange, you can play in their company event.
You can also ask a filmmaker friend to do a music video for you and in return you can score their film.
Ask Help From Fans
If your music video has a crowd scene, you can ask your fans to volunteer on your video.
If you need a design for your shirt, let your fans design it. Same goes with CD artwork and posters. But make sure you know what kind of favors you can ask your fans (are you already in the level of artwork-contest?) because if not, it would be bad for you.
Imagine not getting any entries (not even one) a month after posting the “design a shirt contest” on Facebook.
Determine the Number of CDs You Need
No musician wants to make 5,000 CDs only to let half of it sit in the basement to gather dust. We don’t want to waste money by overestimating the number of CDs we make.
Here are some questions to guide you in coming up with a good estimate: https://www.unifiedmanufacturing.com/blog/cd-manufacturing-determine-number-cds/
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James Hill is a veteran of the music industry. He first worked at Warner Reprise Records then later joined Interscope/ Geffen Records where he managed producers and songwriters and got his first platinum record for Keyshia Cole’s The Way It Is. He is now helping indie artists with branding and manufacturing through his company Unified Manufacturing, a CD/DVD, custom vinyl records and merch company in LA.
