Independent artists have their fair share of big ticket purchases to make as well. However, very few companies that cater to our industry’s performers offer long timeline financing options (the only ones I’ve come across personally are national chain instrument stores with high interest rates).
3. When you are renting out a scarce commodity for a specific block of time.
If you are an audio engineer (especially in the studio), photographer or videographer, this is for you.
When you’re main source of music industry income comes from owning specialty equipment and knowing how to use it, your time matters as much as the quality of the finished product. If you own a studio and a band rents it out for a week to record their album, you’ll have a week-long empty studio if they cancel last minute. Big projects with specialized equipment require a lot of advanced planning, and most artists don’t show up as walk-in clients. Another common practice is to not release the full commercial product until you get paid the full amount owed (leave a watermark to show the quality of the finished project, and remove it once everything is balanced).
If at any point during reading this article, you’ve kicked yourself for not adding a safety layer to getting paid, don’t worry. By being at the point, it likely means you’re getting paid in the music industry and you can protect yourself going forward! You got this!