The Importance of Business Finance As A Manager

For this blog I decided to talk about the Importance of Business Finance As A Manager. The reason why I chose this topic to discuss is because it is always important to know about numbers when being a manager. It is your job to know how to calculate the numbers as well as be able to predict the outcome of how much the artist will sell. When managing an artist you will have to come up with numbers for all kinds of stuff like how much ticket sales would be when in concert, how much marketing cost, equipment cost, etc.

It is important to have all the finances calculated before planning a tour, live shows, or anything that the artist might do. When you have finances calculated, that is a way to predict how much money needs to be put out and how much profit the artist will gain. When you write everything out before planning, it gives you an insight of how things will turn out. Finances plays a big part when being a manager because it is your job to make sure everything is planned right and make the artist money.

The most important thing in Financing is to always calculate your numbers right so you can make more money than you put out. A lot of things are tied into financing like record sales, tour sales, merchandise, marketing cost, as well as other factors. The program that you can use to calculate these finances is Excel. As long as you know the formulas, excel have the capability of adding the numbers for you. It will also save you time when you know how to use the formulas because once you put the formula in, then everything else will fall into place.

In conclusion, it is important to know how to finance when being a manager. Finance is a big part when being a manager for an artist but you will have to plan out budgets for everything the artist does.

Things to Consider with Contracts between the Artist and Manager

The topic that I will discuss in my blog is things to consider with contracts between the artists and manager. When it comes to contracts between the artist and manager, there are a lot of things to consider. One of the things to consider is the type of agreement you will have between the two. The first thing to come up with is to see what the responsibilities the manager will be responsible for. Meaning marketing the artist, making sure the artist image is up to date, as well as make sure that the artist has the publicity they need.

The second thing that needs to be decided between the artist and the manager is how long the contract will last between the two. It is important to make sure you go over how long the artist wants to have the manager as his/her manager. For example you can sign a two year agreement and after that contract is up, you can decide if you want to keep that person as a manager or not.

The third thing that needs to be decided in the contract is how much the manager will get paid. When it comes to paying managers it usually range from 10-20 percent. As well, need to decide what will the manager get a cut for meaning, do the manager get percentage for record sales, merchandise, recording, tours, etc. These are all the things to take in consideration when coming up with a contract between the artist and manager.

The fourth thing that needs to be decided in a contract is the sunset clause between the two. The sunset clause allows the artist to protect their selves in case they want to break the contract with the manager because they are not happy. Without the sunset clause, the artist would have no power and will be forced to stay in a contract.

In conclusion, these are the things to think about when coming up with a contract between artists and managers. There is a lot more things to go over when it comes to contracts, but these are the most important ones when coming up with a contract.

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