Bros need financial advice

[Ostinato Rubato]

grt er jrb!!!!!

[charlie_sheen]

serious advice: you need to diversify yo bonds, **bleep**.

[sleewell]

serious advice: you need to diversify yo bonds, **bleep**.

wu tang financial.... forever.

[Ostinato Rubato]

wu tang financial.... forever.

[SexWithRobots]

Our band is looking into a small loan of like $2000 to get our EP and shirts together. Is there any bank stupid enough to give us money. Im assuming they would want some sort of collateral but I guess im just asking what the options are. Each member is able to contribute to monthly payments until we make back money from shows and merch sales.

If you don't even have 2K in your account to do this with cash, then you shouldn't be taking out loans anyways.

We just don't have the cash to pay for the recording plus cds, plus artwork, plus shirts and we want to be able to release it all at once. We don't have a hard time making money. I ended up talking to a friend that works at a bank and she suggested just opening a %o interest for 1 year credit card. The member who is in charge of our band bank account is not a bum either hes very trustworthy and responsible.

[Dave]

Our band is looking into a small loan of like $2000 to get our EP and shirts together. Is there any bank stupid enough to give us money. Im assuming they would want some sort of collateral but I guess im just asking what the options are. Each member is able to contribute to monthly payments until we make back money from shows and merch sales.

If you don't even have 2K in your account to do this with cash, then you shouldn't be taking out loans anyways.

We just don't have the cash to pay for the recording plus cds, plus artwork, plus shirts and we want to be able to release it all at once. We don't have a hard time making money. I ended up talking to a friend that works at a bank and she suggested just opening a %o interest for 1 year credit card. The member who is in charge of our band bank account is not a bum either hes very trustworthy and responsible.

There ya go. Just don't let him get burned. Good luck, man!

[K-Bizzle]

Could also go the kickstarter/indiegogo route.
Have seen many bands using this method successfully lately.

[SexWithRobots]

Our band is looking into a small loan of like $2000 to get our EP and shirts together.

Isn't that traditionally called a 'record label advance'?

Seriously man, speak to some indie labels round your area and see if there's anything they can do.
I work for a very small label and we sometimes front bands the money for duplication and merch, and then take 100% of the profits until the investment's recouped. We don't make any real profit doing it, it's just a way to get our name out there while helping bands. If you're good and have a decent fanbase you might get offered a full contract, who knows.

Anything we can have a listen to by the way?

http://www.youtube.com/watch?v=bfG-hpZ3d6g

[K-Bizzle]

Sounds good man.
Got any shows coming up?
I live in Wicker/Bucktown near North and Damen so I'm always hitting up local shows.

[hwy1]

Even if you get a credit card, hustle up some extra gigs, do weddings, whatever you can to pay it off. Last thing you need is for someone to not pay because their car broke down or whatever, then you guys are arguing about money instead of making music.

[SexWithRobots]

Even if you get a credit card, hustle up some extra gigs, do weddings, whatever you can to pay it off. Last thing you need is for someone to not pay because their car broke down or whatever, then you guys are arguing about money instead of making music.

Oh I know we play around quite a bit its just we didn't have all the funds to make one big release at once but we are always playing shows and making money.

[sleewell]

How much do gigs pay in Chicago? My guess is min 400-500

Seems like 5 or 6 gigs and you would gave the money

[ke2]

sounds risky man. sounds like one person with good credit is going to get stuck paying for the others who dont care. not trying to be a debbie downer, just my 2 cents.

are you playing shows? how quickly would you be able to pool all that money to get to 2k?

Yep, having ONE flake in the band could potentially cause a lot of headache.

[NinjaRaf]

How much do gigs pay in Chicago? My guess is min 400-500

Seems like 5 or 6 gigs and you would gave the money

WAT?!?!

We were lucky if we made 50 bucks a show.

[FastRedPonyCar]

Idea is lamesauce.

Play gigs to make the money. If you can't make $2k gigging, you damn sure can't sell records and/or t shirts.

This. This right here.

Even if you did get a loan, you really would have a hard time selling the EP's. We cut a 3 song EP of our own but we gigged for the money. We made SOME money selling t-shirt/CD combos at shows for 5 dollars but it was only a small portion of the money that we actually made BACK.

Besides that, it can sometimes be hard to get in the mindset of playing for free essentially while you put all your gig money aside for the recording cost. A lot of guys just want to play, get paid and go home.

If you got a loan, you would have to make ON TIME monthly payments to avoid higher than normal interest charges and if you don't have a steady booking schedule then the bank is gonna have to get their money somehow. One screw up and you'll end up owing them a lot more than you borrowed.

[GAS KING]

on top of that..........who knows when life happens.

dick head drummer breaks his arm skateboarding, or guy gets a divorce.......leaves town.

A loan is one of the classic wrong moves when it comes to bands.
(oddly enough, exactly how a record company screws you when they sign you and you aren't popular)

[CrunchBerries]

4 band members. Each come up with $500. Not a damn thing is paid for until everyone coughs it up. Otherwise, you're just waiting for finances to destroy the band.

[FastRedPonyCar]

on top of that..........who knows when life happens.

dick head drummer breaks his arm skateboarding, or guy gets a divorce.......leaves town.

A loan is one of the classic wrong moves when it comes to bands.
(oddly enough, exactly how a record company screws you when they sign you and you aren't popular)

This is why several bands now once they're fulfilling record label contract obligations are crowd funding albums. Protest the hero recently did this to kickstart a new album. $10 minimum pledge gets you a copy of the album after it's finished.

[GAS KING]

The last band I was in did that to pay to finish their first full length recently. (I'm not in the band anymore)

They got their goal too. :thu:

That's way better than a loan or paying out of your pocket.

[Ostinato Rubato]

grt er jrb!!!

[TyroneBiggums]

How much do gigs pay in Chicago? My guess is min 400-500

Seems like 5 or 6 gigs and you would gave the money

WAT?!?!

We were lucky if we made 50 bucks a show.

Well, play a different style of music if money is your goal? I was drumming in a reggae band recently that made $2000 in less than a week. It wasn't always like that, but if you are good and know the right venues/promoters/etc. it can be done.

[sleewell]

yeah there def is no money to be made in metal

but rock bands and cover bands who can get a crowd buying drinks can make bank, especially in big cities like chicago.

[NinjaRaf]

How much do gigs pay in Chicago? My guess is min 400-500

Seems like 5 or 6 gigs and you would gave the money

WAT?!?!

We were lucky if we made 50 bucks a show.

Well, play a different style of music if money is your goal? I was drumming in a reggae band recently that made $2000 in less than a week. It wasn't always like that, but if you are good and know the right venues/promoters/etc. it can be done.

I never said it was, Ive got a full time job to make money. But holy shit balls...It would be pretty sweet lol.