Tax day. Usually the only day people dedicate their attention to their finances as opposed to what’s going on with the Kardashian’s.
If you’re a band or artist (a business) who brings in more than a couple thousand dollars a month (gross), you need two things.
A business manager and a monthly money meeting.
A business manager is not your uncle who knows how to add, your mom who knows how to pay your cell phone bill because you don’t, or the bass player who took accounting 101 in high school.
You need a pro. And for the services they provide, it’s some of the best money you can spend on your career. They are smarter than you, add better, know the laws, know how to save you money, know the tax code, know how to structure the business in the most advantageous way.
They’re worth it. If you need suggestions, ask me.
Then also, talk about money with your band/team at least once a month. At the very least, talk about what money is coming in and what expenses are happening. Hopefully this leads to your team having financial plans/goals/vision…but if nothing else, adopt the baby step of talking about money once a month.
Even if you don’t think you’re organization is making a ton of money, it’s an excellent practice to start now. That way as the money grows, you’ll have good habits already in place…as opposed to bad habits, which will be the result of doing nothing.
I know you hate talking about money but you’re going to have to get over it if you ever want to have any.
I’m always interested in your perspective, whether affirming or dissenting. Continue the conversation anytime: gabethebassplayer@gmail.com