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Money Problems

February 28, 2012

So I compiled this very unofficial survey on our Facebook and Twitter to our followers back in mid February asking:  “Which aspect is the most challenging part of completing a project?”

The results, while not completely unexpected, were nonetheless a bit shocking and further reinforced my belief that artists need to focus more on proper planning.
Nearly half of those who answered this survey (48%) said funding and although money is an issue with bands at almost all levels of their career, the real problem 90% of the time is actually a lack of planning, more so than a financial one.

You see if a band takes the time to set achievable goals and they strategically plan for their project they will have already addressed the issue of funding: “how much do we need to complete this project?”, “what is our current financial situation?”, “how can we raise more capital?” etc. However what happens all too often is artists will thrust together a plan as vague as “Let’s release another album” or “Let’s go on tour” without properly planning and assessing their current situation. This causes them to become quickly discouraged when hitting the inevitable financial snags often leading to projects being delayed or even abandoned.

Although the financial issue always comes into play, I always find it laughable to hear artists’ excuses about generating capital. Many musicians I know have accumulated a wealth of instruments and gear they seldom touch, have expensive video game systems, spend $50+/week on booze, etc. If 3-5 people can’t come up with, at the very least, a couple hundred dollars than it is likely your priorities that need to be reassessed more than your budget (you can see our previous article It’s Not Spending, It’s Investing for more insight into that).

So before tackling any project, whether big or small in scope, you need to take the time to strategically plan for it so you know if it is even feasible to achieve. If your project is reasonable in scope than money should not be a major issue, if you foresee money as the main problem to completing your project then you might need to reevaluate your plan.

In closing I want to reiterate that although money and generating capital is an issue, that it is not THE ONLY issue. The issue is a lack of preparation, priorities and hard work. So stop worrying about what you can’t control and start planning for what you can!



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