Signed, sealed, delivered, I'm yours! (and so is your advance)
Signing with a major label is a significant accomplishment and can be a great opportunity for your career. As you prepare for this next step, you may be wondering how to best utilize the advance that you will likely receive from the label.
An advance is a sum of money that a label provides to an artist before the release of an album or project. This money is intended to cover the artist's expenses while they work on the project and is typically recouped from future earnings.
Here are some suggestions for how you can use your advance wisely:
1. Invest in your craft: Consider using some of the advance to invest in your music career by purchasing new equipment, hiring a music coach or mentor, or taking classes to improve your skills.
2. Build a team: A major label will likely have resources and support available to you, but it can also be helpful to have your own team of professionals to help guide your career. Consider hiring a manager, publicist, or lawyer to help you navigate the industry and make the most of your opportunities.
3. Plan for the future: It's important to think about the long-term and make sure that you have a plan for what comes next after your advance runs out. Consider saving some of the money for future projects or investing in a retirement plan or other financial security measures.
4. Promote your music: A major label will likely provide some support for promoting your music, but it's also important to take an active role in promoting your own work. Consider using some of the advance to create marketing materials, hire a social media manager, or invest in other promotional efforts.
5. Collaborate with other artists: Collaborating with other artists can be a great way to expand your audience and bring new energy to your music. Consider using some of the advance to fund collaborations with other artists or to pay for guest features on their tracks.