How You Can Finance a New Career in Music?
A new career in music can happen by chance, or it can happen on your terms when you want it. Pursuing a new career at any time can be scary, however, this should not put you off. Pursuing what you love and what you enjoy is important – after all – will you get another chance or opportunity? To pursue a new career in music you will have to finance your move. You will still have bills to pay when you are making music, and you will still need money to purchase supplies and equipment. So, just how are you going to fund all of this, and what positive steps should you start making?
Having an Action Plan
Action plans can sound boring, but they can help you get through changes, and they can help you make the best out of a situation. When you are putting together an action plan, you need to think about time and money. For example, are you going to need to fund your new endeavours for the next 6 months or longer? How are you going to bring money in from your career in music, and how long will it take before you start seeing results? Financing your new career is important, but you also need to think about what happens when the funding runs out – or comes to a halt. Within your action plan, you also need to think about what equipment you will need to buy and when. Musical equipment can be costly, and you need to think about renting or leasing, as well as simply buying outright.
Looking at Loans and Borrowing
To sustain yourself, and establish your new career, you may need to look at loans and borrowing. Logbook Loans from Car Cash Point are great because they allow you to release cash you may have in your car or vehicle. If you do not have anything to use as collateral to release cash, then you may also have to look at taking out a bank loan. Taking out a loan from a bank can be notoriously tricky and expensive – especially if you have nothing to offer in return. When you are looking at loans and borrowing, you need to think about affordability. How much do you want to be paying back each month, and what interest rates are on offer?
Reaching Out to Friends and Family
Your friends and family are there for you, they are your support network, and they are there to help you realise your dreams. Could reaching out to them help you financially too? Could you afford to borrow any funds from them, and if so for how long? Borrowing small amounts of those that you love and value is OK, but how long will it last, and how many “I owe you” notes can you produce before relationships start to feel the strain?
Getting Social
To succeed in a career in music you have to be social, and you have to reach out to others including fans and peers. When you are social, and when you are increasing your social media presence, you are working on building a brand. A brand, name, and reputation will give you more clout, and it may then allow you to look at other options for funding your career – such as crowdfunding.