by Angela Myles Beeching

Let me guess, you have a dream project that you would love to make a reality—and it involves raising money.

Maybe it’s a festival you’re looking to launch.

An album you want to record.

An after school program you’d love to create.

Or a new work your ensemble hopes to commission.

Whatever it is, the necessary missing ingredient is . . . the money. And maybe the thought of raising the money is so intimidating that you’ve abandoned the dream.

When it comes to raising money, musicians often feel overwhelmed. But I’ll let you in on a secret: all ambitious projects move forward one step at a time. As business coach Marie Forleo says, “Everything is figure-outable.”

Part 1: Take the first step now. 

Start by getting your ideas down on paper. Whatever you want to do that needs funding, get it out of your head and down on the page.

Create a “project map” to organize your ideas into a working plan. It’s the Who, What, When, Where, Why, and How of your project: the essential information needed for any fundraising campaign or grant proposal.

To create your map, write out your answers to the questions below as though you are responding to someone who might be able to help with the project. The more concrete and detailed you are, the better.

1. What is the goal of your project?

Explain what you want to accomplish.

2. Why are you doing this project?

Describe why the project is essential to your career development and your long-term goals. 

But go further and explain who else will benefit. In terms of your larger mission, how will the project help you make an impact on others?

3. What specific activities will take place as part of your project?

Be thorough and concrete. This will enable potential supporters to fully imagine and be inspired by your vision.

4. What is your “track record” so far?

To help demonstrate your ability to succeed with this project, list one or two examples of previous projects you’ve completed. This can give potential donors confidence in your ability to achieve your goals.

5. Who are your collaborators?

List all the people who will be involved and detail their roles in the project. To bolster your pitch, include a few key credits of your primary collaborators.

6. When will it be completed?

Whether your project includes a performance, a release of an album, or the launching of a teaching artist program, you need to choose a date for when you expect your project to be completed. Choosing a specific date will help you create a timeline for completing key steps along the way. Deadlines help us prioritize and focus.

7. What is your desired outcome?

Explain how you’ll measure the success of the project—how you’ll know that you’ve succeeded. It might be having a sold-out show, a positive review of your new album in a respected publication, or growing your mailing list to a certain size. Be clear—write it down, and be as specific as possible.

8. How much money do you need?

Make a list naming all the expenses you anticipate for your project and the cost of each item or service. You’ll need to do some research and get price quotes. Ask other musicians who’ve done similar projects for referrals. 

Once you’ve listed and priced everything you think will be needed for the project, add it up and write in your total anticipated expenses. That’s part 1 of your budget.

Part 2: The income (resources) for the funding of the project.

Think about the services or items listed on your expense sheet that you might be able to get for free as “in-kind” donations. These might include rehearsal/recording spaces where you have connections. Or you may have friends or relatives who can donate specific services such as printing, editing, or catering. 

List the items and the amounts these would have cost you otherwise (from your expense sheet). And if you have any savings you’re planning to use, list that too, as it will help defray the money you need to raise. 

Include all of your potential income (resources) and add up the total. Then subtract that sum from your expense total. Now you know how much money you actually need to raise.

Why write all this down?

Because it will help you clarify your ideas and reveal any missing links in your project planning. Best of all, doing this will give you most if not all of the material needed for pitching donors or writing grant proposals.

If you can’t get yourself to write all this out, then I’d question whether you’re ready to make your dream project real. In the end, it’s about . . .

Facing the fear

Tackling any ambitious project can stir up fear, which may show up as avoidance or procrastination or overwhelm. Expect it: it’s a sign that you’re doing something challenging that you care about.

To tease out how fear may be factoring into your project, answer these final questions:

What specifically are you afraid of?

Be honest. There’s no shame here. Note that emotions aren’t logical so trying to use your rational mind to talk yourself out of fear never works. Instead, tell your truth.

Naming your fears can be freeing. It allows you to test whether or not the fear you feel is reality-based and if so, if it’s a risk you’re willing to take.

It’s scary to move outside your comfort zone. But by naming your fear you can deal with it head on. Think of fear as an indicator pointing you towards what will help you grow the most.

What’s really at stake?

Instead of getting overwhelmed by the size of your project and all its moving parts, just identify the next needed action and focus on that. Take it one step at a time. You can do this.

Remember: the regrets people have late in life are rarely about what they did and failed at. What people regret most is what they didn’t do. 

Angela Myles Beeching (DMA, Cello Performance) is a music career coach and author who has run career and entrepreneurship centers at New England Conservatory, Indiana University Jacobs School of Music, and Manhattan School of Music. Learn more about how Beeching works with musicians by applying for a complimentary coaching session here.

Photo credit: Clark Tibbs on Unsplash