Summary: Money changes everything. Band after band gets along great and when success shows up things get weird when the money shows up. Today we talk about handling your band's money and how to take steps so its never an issues. It's all about being transparent. We also have tips on treating a touring band, and some news on nimbit. Stageit - Touring From Your Bedroom Artists decide when to play, what to play and how much they want to charge. Fans then buy virtual tickets to the show using our virtual currency called "Notes" (1 Note = 10¢ USD). Fans can chat with artists and other like-minded fans and tip performers throughout the show. Artists can perform anywhere with a solid internet connection: At home, backstage or in the studio. Fans can tune in from wherever they are: the kitchen, office, or bedroom. All it takes is a laptop. The result is an incredibly intimate experience that fans truly appreciate. Money Changes Everything The one thing that everyone argues over (be it married people, companies, etc) is money. Many groups set up "band funds." This is basically an envelope in someone's sock drawer. At every gig, an amount of money is put into the "band fund." This is not a bad idea, but it has tremendous potential to cause problems. If you decide to have a "band fund" you may want to use some of these guidelines, or ideas: Specifically write down what the fund can be spent on. When possible, have everyone agree before you spend the money. You want to avoid surprises. Someone should provide monthly reports. I know this sounds way to "businesslike." If you leave people thinking, "I wonder how much is in the band fund," then you leave the door open to suspicion. Keep everyone UP TO DATE on the band fund. First off, you may want to consult a lawyer to make sure what you agree upon is supported by the law. You need to write down what happens if someone quits. If someone quits, then the money issue gets even stickier. Now the new member that joins the band does not have as much money in the band fund. This can become a tracking nightmare. One way to remedy this is to have that person pay more into the band fund than the rest of the group so they can "catch up." Realize if the new member does not have an equal amount in the fund, you have to track how much is in the fund, AND who has contributed. In some cases, I've heard of new members that do NOT contribute to the band fund, but then pay an equal amount of money (out of pocket) when something is purchased. Realize that if you do not have a purpose for a band fund, YOU DO NOT HAVE TO HAVE ONE. They can be quite the pain in the butt. How to Treat a Touring Band If you remember the golden rule (treat others how you want to be treated), it’ll be likely that other bands will throw more shows your way. Your opportunities to tour with a band who has an established following in other markets will increase. You’ll feel good for helping a starving artist. But if you are a greedy douche bag, no one will want to help you get you where you want to go. Full Article Mentioned On This Show [easyazon-block asin="1423438744" align="none"] [easyazon-block asin="1423482905" align="none"]
