This guest post was created by Nerve, a banking app for musicians.
Like most artists, you take your music seriously. So getting your music to the next level is serious business. Approaching your project with business sense can help move you forward both professionally and financially. Maybe it’s time to capitalize on your creativity and treat your music like the full-time day (and night) job it is.
Here are five steps you can take to get your music and your money working in harmony.
1. Don’t make it personal
You might already be using your personal debit or savings account for your music expenses, but opening a separate business bank account for yourself or your band or artist is the first thing you will want to do to start getting things in sync.
2. Tax season should be less taxing
It’s vital to hold back money for taxes. Using a system that generates automated savings and tax statements can make compiling and reporting income from multiple sources easy when tax time rolls around—you can focus on filling the clubs, not filling out forms.
3. Streamline those streams
Keep track of your data. Get your revenue streams—like stats from Spotify, Soundcloud, YouTube, etc., and income from performing rights organizations (PROs) like ASCAP, BMI, etc.—all in one place so you’ll know where your money is coming from…and where it’s going.
4. Watch out for unnecessary fees
Just as you would with a new phone contract or internet account, be on guard for any hidden fees. Service fees and balance minimums can be an unexpected hit typically avoided by reading the fine print. Or better yet, look for a service that doesn’t need fine print.
5. Be sure to be insured
You worked hard for your money, so make sure your funds are in an FDIC insured bank account. What does that mean? The ‘Federal Deposit Insurance Corporation’ (FDIC) is a US government agency that protects you against loss of your deposit up to $250,000. Having your funds FDIC-insured in a business account will put your mind at ease knowing your money is protected.
It’s no secret that musicians are a unique breed, and any banking options you choose should have your interests in mind. A platform designed solely for musicians, to serve your specific needs, is the best way to get your music running like the serious business it is.
Nerve, a banking app for music creators, helps solve the above concerns, along with many other key issues artists can face. Nerve also offers access to 55,000 fee-free ATMs and a free Mastercard debit card. Getting set up takes less than one minute and it’s free. It’s time to make the most of the money you make.
Learn more about Nerve here: nerve.pro OR download the app and open an account at get.nerve.pro
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