Project Budget!

What is a project budget? Why do you need one? A project budget should entail any number of costs that are paramount to a projects success and or completion. It is important to plan and account for costs like studio time, engineer hire, band hire etc at the beginning of a musical production. This is so that the process runs smoothly, on time and does not cost you more than it needs to; potentially damaging the projects outcome.

Another reason to have a product budget in place is for potential investment research purposes. If investors are to indeed invest in your idea and pay for it entirely, they are going to want to see the ins and outs of where their money is going and how it will be spent.

Below is a mock budget for a project I am working on currently-

As a producer, all music would be created by my team at home for minimal to no cost as we already have a studio, DAW, plug-ins etc. This budget is for artwork, studio/gear hire (i.e. mics, leads, desk etc), mastering and potential DAW operator if the team was unfamiliar with the desk. Potential additional costs like artist transport, food and sampling fees (if applicable) haven't even been factored in yet!! This is based on a 4 to 6 track vocal recording only, so you can see how quickly and EXPENSIVELY a project can blow out to!

All projects, big or small need to be treated with diligence if you are to be a professional in this industry. Even if you aren't chasing investors, a clear and decisive budget is a great way to stay on top of costs for your project and will help alleviate potential shortcomings on your venture.

References-

Techniques, P. (2018). Project Budgeting Explained. [online] Project-management-skills.com. Available at: https://www.project-management-skills.com/project-budgeting.html