Join Richard Stim for an in-depth discussion in this video Touring budgets, part of Music Law: Managing a Band's Business.
- 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 tour manager salaries are often…
It starts with what it means to be the manager of a band, and what types of business structures are available for bands. Once you've decided on a business structure, you can create a band partnership agreement that covers voting rights, postbreakup scenarios, new members, and terms for resolving disputes. Richard also exposes potential sources of disputes, like ownership of the band name, songs, equipment, and recordings. He includes advice on negotiating solid band contracts and managing financial basics: taxes, income, cash flow, and bookkeeping. Finally, he'll address how to protect your work, including your copyrights, band name, and songs, and explains how to find a lawyer—and save money on attorney fees.
DISCLAIMER: This course is taught by an attorney (or other instructor) and addresses US law concepts that may not apply in all countries. Neither LinkedIn (including Lynda.com) nor the instructor represents you and they are not giving legal advice. The information conveyed through this course is akin to a college or law school course; it is not intended to give legal advice, but instead to communicate information to help viewers understand the basics of the topic presented. The views (and legal interpretations) presented in this course do not necessarily represent the views of LinkedIn or Lynda.com.
- Putting together a band partnership agreement
- Working out ownership disputes
- Limiting band liability
- Protecting your copyrights and band name
- Hiring a lawyer