You may need financial backing when it comes to your more expensive music projects. This can come in different forms, shapes, and sizes in relation to the ways you get it. The financiers in almost all cases will be supporters of your music and may have terms of their own that you will have to explore. Here are 10 steps to fund a successful project.
Start A Crowdfunding Campaign
Apply For A Grant
Borrow Money (Caution)
Create A Video
Ask Your Network
Recruit At Local Community Events
Set Up Incentives
Show The Potential
10 Steps To Fund A Successful Project
1. Start A Crowdfunding Campaign
A way you can easily set up funding for your next project can come from crowdfunding. Sites like Kickstarter and GoFundMe are ways that you as an artist can generate funding from supporters. Know how much you are looking for and on what date for best results.
2. Apply For A Grant
Communities give grants for the creative arts all the time. You will have to meet certain qualifications in order to receive a grant but in often time this can be a great way for you to fund a project(s) as you continue your career. Learn more about the area you live and the grants that are offered.
3. Borrow Money (Caution)
This is referring to a loan. The only acceptable time for you to borrow money from a bank is if you know for certain that your project will pay back this loan. If you have the audience ready to purchase or give you enough money in return for the loan at the very least. Then you can explore this further. The money you borrow should always be able to create more money than you owe.
4. Create A Video
A video that goes along with your funding puts a human feel to the process. People want to give you support because they care for you as an artist and like what you have going on. Go above and beyond to connect with your fans in a personal video.
5. Get Social
Social media is a great friend to those who are looking for funding. Post your project wherever you can to spread the word. The more you share about this project, what it means to you, and how it will be something others can enjoy will create that buzz you need on social media. Make sure to put links to where the person can donate.
6. Ask Your Network
You can start right now to ask the people around you. Friends, family, neighbors, etc. The people who are around you right now are the easiest to reach. A note when doing this: People are less likely to reject you in person than they are over a message, call, or email. Go ask someone in person if you can borrow money to launch this creative project.
7. Recruit At Local Community Events
Does your community have events and concerts? Go to these with a flyer about the project you are looking to raise money for. You can even set up a booth for people walking by. You can make t-shirts with information on your project. Get creative and get out there!
8. Set Up Incentives
All people are different. Some will donate to you without any expectation of anything in return, and others will want something in return. Create incentives for people to contribute to your project. The more you can offer in return for their money the more people will be apart of it.
Find people to partner up with on a project. This will require you to give up a portion of the project and share what results come from it. Partnerships can help you raise the money faster than on your own.
10. Show The Potential
People like to see the potential of something before they get involved. Show people the impact, projections, and future results this project can have if they get behind it. What this project can do for other people and the results that can come from it.
This 10 step guide to fund a successful project can help you hit your goal in no time. The ability to try a lot of different things to fund this project can be your special formula. If one thing isn't working, try something else or improve upon what went wrong. Most importantly, be honest with your financiers and fans. Tell them what you want to accomplish and how it can give them something they want in return.
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