EVERYTHING revolves around money; merchandise, payment from gigs, documenting, etc. Having the right person to take care of the money, even if it is not the main “strap manager”, is paramount to the band’s long-term success. Just how much of a headache, inconvenience, and not to mention, the humiliation would it not be to go to an away gig and recognize that you forgot your finances?
Now, think about if EVERYONE in the music group was without money. How would you get something to consume or fill the truck with gas, or buy a fresh cable that you REALLY needed because the old one proceeded to go bad? SUCKS. We were at an away show about 200 miles from home and needed to get gas, and thanks to an associate who shall stay nameless, the band’s account was in the red. He pointed out some excuse about forgetting to deposit money from the prior gigs or something lame like this.
- They may be at the mercy of state income tax
- Advanced Investor
- Fox-Pitt Kelton Cochran Caronia Waller, New York City
- Sustainable investment
- Diversification can be an excuse for ignorance
1. Get a bank account – Don’t go crazy here. Just get a simple, free checking account with a major issuer debit card (MasterCard or Visa is recommended) at a major nationwide bank. It’s likely that, you’ve got a personal account with one already, so simple to open a second account. Things progress Once, you can always convert it to business accounts later if you need to.
You’ll probably be tempted to include a second-certified consumer on the accounts. DON’T TAKE ACTION. No matter how reliable your bandmates may be, this escalates the chance of becoming a sufferer of scams exponentially. Better to be safe and inconvenienced every once in a while than cheated of your band’s savings. 2. Learn where your cash is going – When an account is got by you, immediately sign up at Mint. It’s free and works with ANY bank or investment company that offers online banking practically.
Mint will allow you to see a very accurate breakdown of where your cash is going. You can set alerts and monitor and arranged finances with it. It’s a great tool for when there’s a specific financial goal in mind (like buying a band vehicle or saving for your session at the huge L.A. 3. Everyone gets paid at every gig, however the band gets paid first – No-one likes to work for free, even if you are doing something you love.
Personally, I believe that it’s an enormous morale booster to get SOMETHING in the form of cash after every show (free beverage only goes up to now). However, there’s a much better way for everyone than simply splitting the entranceway take X number of ways. There are always a specific amount of expenses (both personal and band) that include playing a show.
Make sure you can cover the music group expenses FIRST. This might be gas, flyers, hotel room (sooner or later, I’ll touch on how to minimize this huge expense). ALWAYS make sure these costs are covered before anyone gets paid. Next, take what’s left (and you may not always have anything left if you are just starting out. 2 extra. So, if you have 4 users, divide the rest 6 ways, and present each person their talk about.
The 5th and 6th shares go back into the band finance. Now, this is not going to make anyone in the music group rich off the bat. However, it’ll put just a little green in their pocket at the ultimate end of the great show, and better yet, put more back into the band’s account for future endeavors. That is something I’ve personally done, and it makes everyone happy usually. 4. The only time the music group should pay for gear is at recording time, and it should ONLY be disposables (strings, heads, etc.). Unless there is a killer endorsement offer, each person should be accountable for their own device.