From the course: Music Law: Managing a Band's Business

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Touring budgets

Touring budgets

From the course: Music Law: Managing a Band's Business

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Touring budgets

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- Deciding how and whether to tour comes down to budgeting. Hopefully, you're familiar with the principle, but if not, preparing a budget consists of two columns: incoming, all income predicted for the tour, and outgoing, all expected touring expenses. Your goal is to prevent expenses from exceeding income, and to still have a reasonable touring experience. If your expenses exceeding your income, referred to as a tour shortfall, you obviously need to cut costs or increase income. If you're assigned to a record label or a music publisher, you may be able to get tour support, which is financial help from the company to supplement the shortfall. Any money you get will probably be deducted from future royalties. Without tour support, you'll need to cut expenses when you can. For example, all touring bands would benefit from having a road manager and tech roadie. A road manager, sometimes referred to as a tour manager, handles the day-to-day tour details, and sometimes drives the van. But…

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