Guerrilla Music Marketing, Vol 4: How to Make Money and Boost Sales by Bob Baker

Author:Bob Baker
Language: eng
Format: epub
Tags: sales and marketing, music marketing, music business, guerrilla marketing, make money with music, music sales, cd sales, digital music sales

Two more ways to raise money fast

Solicit family members and friends

If you still need more funds after putting to use all the possibilities of raising cash yourself, the next safest bets are family members and friends. While borrowing money from relatives and acquaintances is a natural for some people, it can be a stomach-churning curse for others. So move slowly in this area.

Even though these casual investors are fronting you money because they care for and believe in you, you’d be wise to spell out everything on paper before accepting any friendly funding. Get it all in writing. Will you have to pay it back, and if so, when? How much input will Aunt Gertrude want on your next album if she’s footing the bill? Find out ahead of time and you’ll keep everyone happy.

Seek out investors

Now we move into a more complicated realm. To attract investors, you usually have to come up with a written business plan that includes budgets, expenses, projected revenues, and countless other tedious details. If you’re uncomfortable with numbers, fine print and selling yourself, traditional investment strategies might not work for you.

Most musical acts that attract investors basically end up making fans of people who have extra money to play with. In other words, investors should ideally have their hearts into what your music and vibe are all about.

Question: How do you find supportive investors? By being sociable and meeting all of your fans. It’s that simple. Plus, don’t be shy about mentioning to people that you’re looking for an investor (or two, or five). In fact, many artists have found it’s easier to find 10 people who each invest $1,000 than it is to search for one person who can invest the whole $10,000.

When you find interested parties, you must demonstrate that you and your music have merit and potential to make money for both you and the investor. Along with a business plan that spells out everything about your music career, clip articles from respected magazines on similar success stories and highlight industry trends based on information from trade publications. Also, it doesn’t hurt to list a respected person in the music industry as your personal consultant.

Key: Agree ahead of time on what role the investor will play in your career. Will he or she be hands-on or more of a silent partner? Will the investor be reimbursed through an ongoing percentage of your earnings or only at a specific time, such as when you sell 2,000 CDs or downloads? Make sure the details are clear and beneficial to both parties, and have an attorney look over the final agreement.

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