Money you earn as a band

[Jimi75]

Hey folks,

How do you proceed with the money that you earn as a band. Do you safe it for upcoming gigs, P.A. costs, travelling costs, rent for the rehearsal room, demo recordings? Or do you split the income after each gig?

 

[hubberjub]

We are in a pretty good situation right now. We own a small PA and a large PA, and we have a nice rehearsal/studio space which is set up to record. We have been splitting our money recently but we do need a new band vehicle as our last van has moved on to greener pastures (pretty much anything is greener that that old Chevy). I find it's best when you don't rely on your gigs as a source of income. It allows you to take some lesser paying gigs that may be good for networking.

 

[Robert]

You guys know what I do with the money I make from gigs....

 

[mainestratman]

I split it. Everything from my portion goes back into the band (PA, etc.). If the guys want to contribute, great. If not, then whatever. lol

 

[Spudman]

What money?

Generally:
Expenses come off the top - gas, repairs, mailing costs, phone costs, whatever it took to get to and to get the gig in the first place. That all gets paid back to whoever spent it.

Then each member has stock in the band. $100 is the stock pool fund from each gig. All the equipment it takes to gig is 100% of the stock. Whatever anyone owns (personal gear, PA etc) is their percentage of shares. They then get paid their percentage from the stock fund. After all members receive their stock funds then the balance is split. So by owning more you can make more but you'll probably have more expenses due to owning more too.

Personal gear is limited to: 2 guitars, 1 amph, pedals, drum kit, PA. Everything is valued at fair market value unless it is still under warranty and then it is full value until the warranty expires. No excessive number of pieces of personal equipment is to be used for stock calculation. for instance I wouldn't be able to use 25 of my guitars for that. I'm limited to 2.

This was designed to encourage band members to buy PA, lighting, vehicle and to keep their gear current which benefits the whole group. They can earn more by investing in the band.