How Not To Lose Money With Your Band

Assuming that your band now has some money it's all to easy to squander it without being consciously aware of it. This is the perfect time to blow it. You are on top of the world, ready to make a positive change and take your band to the next level. But you also feel dangerously rich and this newfound, fleeting wealth is going to define you as a band from this point forward. How your band, which by now should be running as a business, uses its collective willpower (or doesn't), how it handles temptation (or doesn't) will determine whether your group is building a sustainable, long-term career or is merely dealing with fleeting infamy and locals-only fame. And no matter how money you are working with, mistakes are expensive to make and can quickly add up. So, for bands that are truly looking to capitalize on their new financial status, here are some tips on how to avoid squandering your newfound pseudo-wealth so you don't again end up working two odd jobs without enough money to pay the rent.

Drinking and/or Drugs

Yeah, I've heard it all and sadly seen it all. "Its part of the rock and roll lifestyle!" "It's only when I'm on the road." "What are you, straight-edge? Everybody does it." To be clear, we're not talking about having a couple of beers. We're talking about the undefined drug cocktails, the band member who blacks out and has no recollection of what he did last night and last night didn't remember who he was. We're talking about those with a real problem. And if it your band mate's problem it inevitably soon becomes your problem.

Drug addiction and alcohol abuse are a great  and tragic way to end up working at a car wash and being referred to locally as, "that guy who used to be kinda famous." The advice to avoid this scenario is simple: if you don't want to end up an alcoholic or an addict, avoid drugs and alcohol. The moment these scourges start to interfere with your band, you have a problem. And the moment you start denying that they're interfering with your band, you have a big problem. If this sounds like you, please get healthy and contact your local AA branch or MusiCares MAP (aka Musician's Assistance Program) and/or local allied health services. I urge you to do it now! I should know. I'm a recovering alcoholic of 3 years. Luckily I didn't have time for drugs what with me drinking 2 bottles of vodka daily. I have buried too many friends. The sooner that you concede defeat to whatever your addiction is, the better.

I have encountered so many bands who complain that they're broke. They carry on about how they have no money to buy food or gas yet put money into 12 cans of beer. Now, let's do a little maths. Assuming you don't have an endorsement where you obtain it for free, let's say you run a band bar tab of $60 for your various alcoholic drinks. If you're playing even just on the weekends, you're easily spending over $400 a month on alcohol. If you're a full-time touring band you can see where much of your money is going. And don't even get me started on bands that can't afford new guitar strings and yet somehow manage to find enough money to buy their drug of choice every night. These intoxicated scenarios lead to a simple, yet poignant question: Which do you want more alcohol and drugs or success, because the two don't go together well for long.

Spend $10,000 on a Music Video

I have met several bands over the years that are able to obtain some money and excitedly tell me the first thing they are planning to lay down some significant cash on is a music video. My reply is generally, "Why?" Because in and of itself, how exactly does a music video further your career? Does it independently increase your sales? Can you sell it to make you money to spend on other things? Do music video viewers tend to be motivated enough, without any other source of promotion, to buy your music? Invariably, the band gets defensive and mumbles something along the lines of, "We thought it would be cool."

There are two points to take away from this. First off, bands, you have no business at this stage in your career spending $10,000 on anything that isn't going to have a direct effect on your sales. Secondly, "Because it would be cool," is not a substantial reason to spend lots of money on things that aren't going to catapult your career to another level.

Indulge in Personalized Stage Gear

Another phenomenon I've witnessed is that bands with some money behind them seem to forget who they are. Do I mean this in some existential sense? No, I mean this literally, because they insist on everything - equipment, instruments, body parts - being emblazoned with their band name. And though there is no problem with this in theory, when you've finally obtained some capital do you really want to spend thousands of dollars on something as trivial as customized, matching road cases? Remember, at this stage it's not about what you want, it's about what you need and how what you need can lead to an amplified band profile, which results in increased sales and opportunities.

Order Customized Stage Clothing that Costs More than Your Rent

Like it or not, much importance is placed on the visual aspects of musical groups. However, it seems unfathomable that on a band's short list of priorities that stage attire would rank above something as integral equipment that reliably functions correctly. And yet, bands often put more time - and money - into their respective appearances than the more unglamorous, essential elements to their impending success. It again comes down to a group's priorities. When you run out of money and spend the next year playing the same ten venues because you chose trendy outfits over a more useful form of band advancement, will new outfits still be worth it? After all, who is going to appreciate your fierce new wardrobe if you are still playing in front of the same 500 people you always do because you didn't have the money to break into other markets?

Spend $30,000+ on Recording a New Album

Certainly, recording a quality album is every band's rightful priority. Bands need to spend enough that they get prime recordings and work with a producer they feel comfortable with. And there are definitely advantages to working with a "name" producer. However, at your current stage, it may make more sense to work with an up-and-coming producer who has worked with many notable bands, rather than a super producer who has worked with legends.

At this stage I am asssuming that you have the audio recording equipment to lay down your intended album recording as a demo and seek technical advice and tips via the internet by an objective and experienced sound engineer....Much cheaper than hitting the studio "cold." before entering the studioBesides, if your band spends all of its money on recording the "perfect" album, with the "perfect producer, in the "perfect" studio, what's left to actually sell your "perfect" album? Remember, a good album recording won't sell itself. If they did, then you wouldn't have had to obtain this outside funding in the first place, would you?

It is clear just how focused your band needs to be in determining how your funding ought to be allotted. Getting funded is only the first step of many that will directly impact your career. So remember to ask yourself the next time that irresistible temptation comes along - is this really necessary to our long-term career? If not, perhaps it's better to avoid it until there comes a time where you can afford to lose a million dollars.