Dragonfly Management also has a business management division where the company focuses on the financial necessities of bands and their individual band members. We understand that your goal is to make music your life’s work and to live off its proceeds. We want to help make that a reality so that the monies you earn will allow you to make your musical endeavors your career and will take care of you financially even beyond your playing days.
Whether you are in a band or a solo musician and you are looking for music to provide you with income – you are by default running a business. There are many challenges to running a creative business, especially while being the source of the creativity. A business manager will work with you and your band to manage your band as a business with profits and long term financial success and security as its goal.
As your business manager Dragonfly handles all the financial responsibilities concerning your business. We review all of your contracts and agreements to project and track future revenues and commissions to help maximize income and minimize expenses. We then ensure that all expected revenues are collected and expenditures and commissions are paid out in a timely manner. We will also budget out your expenses to help you determine potential profits or losses in order to properly plan your upcoming activities. We produce regular accounting reports for you, your representatives and tax professionals for you understand your financial position and so proper tax planning can be done.
In music, the business manager works very closely with your personal manager, tour manager, booking agent, lawyer, record label and band members regarding all contractual obligations and anything that may affect your revenues and expenses. By having a business manager you are also removing the financial management role from the individual band members and personal manager relationship – allowing you all to focus on the creative aspects of your career. We will make the payments to the band members and your manager per your agreements and work with your attorney and accountant to ensure that all necessary business entities are established, tax requirements are being met, copyright, and all publishing and licensing concerns are taken care of, etc.
The business manager also helps to budget tour revenues and expenses to determine possible need for tour support or corporate sponsorships as well as help prepare recording budgets and need for record label advances. Additionally we review and manage your insurance needs with insurance agents to properly protect your instruments, equipment, and liabilities.
Once your band begins to play shows regularly and it looks as though band income may support your members financially, it’s time to have a business manager. Many personal managers will handle these functions in the band’s early stages – but either are not experienced enough, or knowledgeable about, running a business – or are becoming too involved with the increased responsibilities as your band becomes more popular, that it is helpful to have a business professional take these functions over. Bands, as businesses, should be properly organized from the start, so when you start to anticipate bigger revenues coming or you are on the road most of the year, it’s a good time to get your financial systems in place and running smoothly.
Call us for a consultation and we’ll discuss your situation, determine if the timing is right for business management, and how we may be able to help structure and manage your band’s business for long term financial stability and success.