10 Rescuing Money Management Tips for Musicians

With the help of modern income streams, even musicians can earn a living. The following tips are helpful to musicians for earning and managing money:

• Crowdfunding through sites. Selling through websites such as Kickstarter and Indiegogo has become a popular way for small businesses and individuals to raise money from their own networks and promote a goal or cause that attracts investors.

   

• Payment from various sources. Get paid royalties from publishing, digital exposure and live performances from music venues, clubs, and restaurants. Publishing royalties include payment for music that is broadcast on radio.

   

• Licensing. Licensing music to use in visual arts is an important revenue stream for artists because it commands a lot of music industry credibility.

   

• Promotion of the music brand. Work for hire arrangements can be made with marketers that hire artists to write theme songs or commercial jingles that promote their brand.

   

• Music Lessons. Offering music lessons can be a steady stream of income for musicians. Create a training program that can be sold to several clients.

   

• Working as session artists. Be available to recording studios to work as session musicians. Learn as much as you can about your instrument, how it is played, and many cover songs.