Lack of Funding

• Record labels have fulfilled an important role in the music industry. They have helped to create a more efficient market, while at the same time assisting artists that would have struggled with financial assistance to enable them to pursue music as a career. Unfortunately, there is a downside to the role they play. It has created a double tier market where there are haves and have-nots. Independent artists do not have the backing that artists that are signed to major record labels have, and therefore, by default, they do not have the same opportunities.
• To a degree, the internet has resolved some of the issues that independent artists have encountered by enabling them to record their music and get the product out there. The difficulty is the lack of affordability to market the music and establish themselves.
• For the musician, motivation is key. One artist encouraged others to never think of their music career as their second career. Their day job exists so they can pursue their musical aspirations. This ensures the musician remains motivated to keep going.
• When starting out corporate gigs, weddings and birthdays should not be overlooked. They provide an opportunity to get your name out there.
• It is important to realize the career is the end result. There will need to be an investment to get there.
•  Patreon and Patronism are two sites that give fans (supporters) the opportunity to fund the next project. Building a solid fan base is key. Although it is a slow process, building upon the fan base after each project and rolling that into the next project can provide much-needed funding.
•  Incentives can be given to fans to consider funding, for example, access to unreleased material.
•  Crowd funding is another alternative. It will require a very definite plan going forward, and a clear plan of what the money is to be used for.
• Although merchandise is often not considered early in the recording process, it should be. Merchandise gives supporters something tangible for their investment. It also creates an alternative revenue stream.

Summary

• Over this hour, we have focused our attention on the issue of funding for independent artists. The information we have presented is the tip of the iceberg in terms of what is available. A plan setting out how the funding is to be resolved could be included in the business plan, problems to be solved section.