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Music & Money (part 4 of 4) - How To Create A Personal Monthly Budget

 

Welcome to the 4th and final part of the Music & Money series "How To Create A Personal Monthly Budget As A Musician."

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

Creating a personal budget for income that fluctuates can be difficult, but it's not impossible. After months of research, learning and reading, I created my own budget, and it has been working effectively for me for the past 4 years. I mainly use the strategies of the Barefoot Investor and Total Money Makeover books. 

There will be a lot of information in this one to break this down into sections for you. Let's start with the 4 personal bank accounts you should have. 

4 personal bank accounts you should have: 

1. Daily Expenses Account = 100% of take-home pay: This account will be...

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Music & Money (part 3 of 4) - The 3 Business Bank Accounts You Should Have

Welcome to part 3 of the "Music & Money" series. This one is all about the 3 business bank accounts you should have! 

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

After I researched the world of finance and how to effectively budget within your home and business, there was one common theme: the kinds of bank accounts you should have.

I could spend hours breaking down all of this information, but we don't have that kind of time here, so I will give you the main points that will help you start your journey to financial organisation. When I organised my bank accounts, my bills, business and spending, my whole life changed! I no longer have credit cards, loans or debts of any kind. All it takes is organisation, repetition and understanding. 

To get you started, below are the 3 bank accounts you...

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Music & Money (part 2 of 4) - What Business Records To Keep & How

Welcome to part 2 of the "Music & Money" series - "How To Organise Your Record Keeping".

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

Record keeping is an essential part of running a smooth and tax-effective business. The way you keep your records will affect your overall income. 

Firstly, what is record keeping? Although when you are running a business, you are legally required to keep certain information, it is also important to understand what income is coming and going out of your business to understand your business's overall health and financial position. 

There are many different ways that you can keep your records organised. You can keep them manually or use accounting software programs like QuickBooks, Xero, or MYOB. You can use invoicing apps or record-keeping apps such as...

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Music & Money (part 1 of 4) - 3 Benefits Of Running Your Music Career As A Business

money music business Sep 01, 2021

Welcome to part 1 of this part of this 4 part  YouTube Series "Music & Money."

*This information is based on my own personal experiences and research and is in no way professional advice. Before you make any kind of decision, financial or otherwise, you should get advice from a licensed professional.

In this 4 part music & money free YouTube series, I will cover the following:

Part 1: 3 Benefits Of Running Your Music Career As A Business (including how to maximise your profit at tax time)
Part 2: What Business Records To Keep & How
Part 3: The 3 Business Bank Accounts You Should Have 
Part 4: How To Create A Monthly Budget As A Musician

As I mentioned, the information that I will give you throughout this 4 part YouTube series, "Music & Money," is based on my own experience with my own business. I have spent a lot of time reading about and researching finance. If you would like to learn more, then the best 3 that I can...

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What Is A Music License And What Do They Do?

 Music licensing is a fairly common term we hear in the music industry, but what is it?

I get asked this question a lot because it is a confusing topic. 

Think of a music license as a way for you to make money. A license gives someone legal permission to use your work.  There are several different licenses available, but today I will talk about what I believe to be the 4 main ones. 

Synchronisation License (sync license):
This is one that I will be talking a lot about in the future because it's an excellent way for independent artists to make some great money! I now focus my time and energy on recording music specifically for the purpose of sync licensing. 

A sync license is a license purchased for pairing music with some form of visual media, e.g. commercials, films, advertisements, video games and more. 

When a song is licensed for synchronisation, the writer/composer receives a fee for the composition. If you wrote the song...

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Make More Money In The Music Industry - So You Can Do It Full Time!

music business Feb 24, 2021

I've heard a lot lately about Spotify and it not paying very much, and why would you put your music on there? Here's the thing.. if you're just recording, putting out music and relying on the money that you make from streaming or sales, chances are, you're gonna be a starving artist. 

With the exception of having a hit, the music industry is saturated with artists meaning that it's much harder to get your slice of the pie which means you need a few different flavours of pie! 

If you want to make a living from music, it is possible, I make a 6 figure living from music, but that is not all in sales of music and merchandise. You need what we call multiple streams of income. If your love and passion are in the music industry, then those income streams can be within the industry. 

Artists need to be smart with their careers, spread themselves over the industry a little more, do some teaching, get some gigs, create cool merchandise, look into demo recording, and...

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Manager Vs Agent - What's The Difference?

When I first started my career, and for many years after, I thought that a manager and an agent were the same things. While they sometimes can be, there is a difference in the role between the 2 of them. It depends on what your career goals are as to whether you need a manager or an agent. It also depends on what or how much your manager takes on in their role. 

I have an agent, I don't have a manager, although I do have a mentor, which is something entirely different again. I don't want a manager for my career because I like to dip my toe into too many other sections of the music industry so the focus of a manager would be wasted on me. 

So what is the difference between a manager and an agent?

Manager: Primarily a manager is employed to do precisely that, manage your career, they often work with a team of people to ensure that you are fulfilling your commitments, that you are being offered every opportunity possible and that you are being paid for your time and...

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Singles VS Albums

Singles vs albums, this has definitely changed a lot over the past five years. Majority of the time, you are always going to get more for your money when you buy in bulk, and generally speaking, that is the same for recording. The question is, however, should you be releasing them all at once as an album or should you release singles? 

In today's world of streaming, it is singles for the win. Sure if you really want to, then you can put all of the singles together and put out an album after you release each song. 

Here are three reasons to release your songs as singles: 

1. People have less to detract their attention. When you release a single, so one song, the focus is your one song, it's not the other five on your EP or album. When someone is focused on the one song, they can pay attention to it, decide if they like it and then start streaming it. Giving your audience too much choice at one time means that you have to consistently be creating more, whereas if you...

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Don't Pay For Your Design Work

design music business Oct 25, 2020

In the beginning, you don't have to pay for everything! I had a professional do all of my graphic design work for years! It cost me a fortune, of course, it looked great, but then I found a platform that is consistently developing and improving and now I use it for everything! 

CANVA - It is my most favourite program, I use it for everything, and it is easy. I used photoshop for a while, and I found it so time-consuming and I really didn't want to spend all of that time getting my head around such an in-depth program. That's when I discovered Canva, a design platform that can do almost anything that you will need. 

Album covers, posters, social media posts or banners, website banners, logo's, social media calendars, anything that you need, Canva can do. I know this because I have tested its limits, and while it isn't photoshop, it will do what you need without the headache of trying to work out how to pilot such a program. 

When you are an indie artist, you need to...

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3 Tips For Getting That Endorsement

I should start by saying that endorsements are getting harder to come by and they are being replaced by what they call "artist deals" which is a discount offered to an artist by a company on a product.

Scoring an artist deal can be extremely helpful for an independent artist because any savings that we can make can be put back into our career, but the question is, how do I secure one?

Throughout my years in the industry, I have been lucky enough to have been offered many artist deals, endorsements and sponsorships, and there is always a way to go about them. 

Here are 3 tips:

1. Build your social media consistently. Companies are asked all of the time for deals, endorsements or sponsorships, so you really need to stand out. Even if you haven't done as much as someone else in the industry, the one thing that they are looking for is how you present on your social media, how much traffic you drive to your pages and how successful you appear. So building up your social media,...

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