So, you dream of making it big in the music industry. Whether you’re a budding concert pianist or the next Slash, you probably already know one thing: Music isn’t cheap. There’s the cost of lessons, instruments, gear, travelling to gigs, promotion, and so much more. That very quickly adds up to a whole lot of dough. Add to that the fact that most up-and-comers in the music world don’t make much money and it’s easy to see why so many musicians barely scrape by at first. But if it’s your dream, why let a little thing like money stand in your way? There are lots of ways to fund your music career. Here, we’ll explore a few ways you can get the funding you need to start paving the way to your star on the Walk of Fame.
Music grants or other government funding
Depending on where you live and your situation, there may be government grants and other programs available to you. This is the best way to go about funding your music career, as grants do not have to be repaid – the funds are granted to you. The downside to going this route is that you’ll have to do a bit of research to find out which, if any, grants you are eligible for, and then go through the necessary steps to apply. It takes a bit of time and energy, but hey, it’s free money. That’s got to be worth the effort, right?
Personal loans can be taken out for virtually any purpose, including funding your music education. This is an often-appealing option because a modest personal loan isn’t usually difficult to secure. When you go into the process of applying for a personal loan, be sure you are prepared with all of the necessary paperwork and documentation, and know your credit score. Be sure you can clearly outline not only what you plan to do with the funds but also how you plan to pay the loan back. Discover here more about personal loans.
Small business loans
Since you plan to make money with your music, you may qualify for a small business loan or a loan through the government. Typically, both of these types of loans carry with them low interest rates and generous repayment schedules, but do some research to explore your options.
If you need money today, using your personal credit card can be an option, or you can apply for one for use solely for your business expenses. Look for one with a low APR (you may even be able to find one with zero APR). This is a good way to buy what you need today and pay it off later without drowning interest charges. This will be very useful in booking studio space, renting vehicles, buying gear, etc.
All of these are great ways to get the capital you need to start your music business and get it off the ground. Don’t let money (or lack thereof) stop you from pursuing your dreams. Secure the funding you need and the rest is all up to your talent, dedication, and hard work!