Your gigs are more frequent. Your day job is becoming more of a drag. You have some bigger offers in the works, maybe even a record deal. Is it time to quit your day job? You don’t want to shoot yourself in the foot financially… but man, this is what you’ve been waiting for. Life in a cubicle was never for you.
It’s a really exciting and challenging time when you move toward becoming a full-time performer. But if you’re like most of us, you have expenses to contend with, maybe debt. Can you afford to take the leap? Will the money be consistent enough? What if you leave your day job only to have to crawl back to it months later, with your proverbial tail between your legs?
These are all valid concerns. The life of a performer can be as inconsistent financially as a traveling salesman (which on some levels, you are!) There are certainly no guarantees but you can do some things to make you feel a little more stable as you take this monumental step.
First off, congratulate yourself. You are finally on a path that is closer to your heart and that’s a good thing. It’s what life is all about. Money tends to follow when you’re living closer to your heart. No longer do you have to struggle with that duel existence of most artists, pursuing your dreams in the evening and then returning to a thankless 9 – 5 job. You did it!
Second, it’s time to do a very thorough evaluation of your budget. Hopefully, you’ve stashed away some savings. Your first year or two could be unpredictable financially so you need to be prepared. Write down your monthly expenses. Know how much it takes to survive and be very realistic. Include everything: credit card debt, utilities, car payments, food, and entertainment. What exactly does it take to get you through an average month of your life?
Third, be persistent. The stakes are higher now that you’ve left your dependable day job. Your treatment of your creative pursuit as a business is imperative now. Do you have business cards? Demos? Press kits? A manager? An agent? A publicist? A website? Which of these things do you need? Can you snag a few steady gigs that are your weekly bread and butter? What other forms of financing can you receive? Can you snag a day job in the music industry that will pay the bills and contribute indirectly to your creative pursuits?
If you’re feeling really nervous about letting go of your day job and its dependability, give it some time. You may need to go to part-time for a while. For some, nothing can disrupt their creative life more than survival fears, so do what it takes for you to feel truly comfortable. Being chronically broke and worried about money does not help your creative pursuits. Don’t let anyone tell you differently.
It can be a scary time, releasing the old life and moving toward a new one. But transition is part of the process. You’re on the right track. Just take some steps to make sure you’re doing it as safely and sanely as possible.
Get some help…
Padme Grace
Kick Butt Performer’s Coach
Filed under: Lessons, Money Management, Priorities, Time Management | Tagged: full time musician, music band, music group, musician coach
