This is CL with the Music Independence Summit Connection here to talk to you about funding your next album.

If you don’t have your own recording studio, making hit a record requires a lot of time and money. You’ve got to find your studio time, find your studio party musicians, and find a people with the expertise necessary to produce a top quality CD. In the end, the quality of the CD is nearly affected by how much time and money you sink into your project. But unfortunately, most present recording artists don’t have the required fund and don’t know where to obtain them.

The purpose of this video is to give you a few tips on funding your next album or your first album whichever the case may be. Number one, you can go directly to your fans. Last year, singer/songwriter Jill Sobule will shock the music world by asking her fans the funds of her next album. Using a weblog, she set a donation levels from $10.00 to $10,000.00 for her fans who donated and each person who donated received the price. For example, the $10.00 donation received a free download of her album. The $10,000.00 donations won the opportunity to sing in her album. They raised and needed $75,000.00 to create her new album and should be released in April of 2009.

The second way of obtaining funding is to websites that foster first to know in financial relationships within the artist and within the fan worldwide. There are sites out there that do this, exactly the same way that Jill did but they have a little bit more of a structure set up, indieFINANCIALnetwork, a great resource sites. A new build fan base and raise funds for you with the project.

The third way of our funding is private investment from friends and businesspeople in your hometown. Sometimes, this is the best place to start. If you built up a fund base in your hometown, it may have run across acquaintances in the business community who might jump up the chance to help you out.

Number four, private grants or grants from private foundations. Now, there’s still—there are a few places out there for you to obtain private funding. For example, Foundation Grants to Individuals Online is one such organization. They provide information to obtain private grants for students, artists, and academic researchers. Since you’re an artist, this is where the best to get it.

Number five, government grants. Now, although it’s difficult these days to get a government grant, you might find something at the CFDA.gov or Grants.gov websites. These sites provide information on federal government grants available in details and how to apply. So it’s a bit difficult but it’s always what the shot.

Now, in order to obtain funding using your above methods, you’re going to need to have an estimate of the actual cost for creating your CD. And possible expenditures would include setting up legalities for your business, hiring musicians, production fees, engineers, mixing time, additional studio cars whether you’re doing some post production, mastering, manufacturing, artwork, you might need to get a new gear, get the piano tuned, a release party, radio promotion and advertisement. You know some people end up leaving out those last few. You know those are just as important. You need to estimate the price of all of these possible expenses by talking to professionals in your area. You may cut corners by doing some of this work you sell.

However, you must always be aware that the homemade CDs suddenly become top hits. If you want to compete with the big boys and you got to need to bite the bullet and pay professionals to help you produce your CD. While the expenses can sometimes become enormous, funding your next album maybe as close as a phone call to a friend or as easy as starting a blog aimed at your fans to get support. It probably takes some perseverance, patience and a good plan.

This is CL with the Music Independence Summit Connection with ways of funding your next album or your first album. Check us out online at musicindependenceonline.com.