Members drummer_jay Posted August 5, 2003 Members Share Posted August 5, 2003 Hey everybody! You all have helped me with so many things in the past and I thank you. So, heres another one! Our lead singer use to do sound for us at our shows. I finally got sick of it and just decided that we'd put the pa rack back by me (drummer) and I'd run sound. Since then we have got a ton of good comments on our overall sound! I've always been interested in the live sound field, even considered one of those god aweful expensive schools. Matter of fact I still get atleast 2 emails and one phone call a week from fullsail. Enough, and on to my question. I've realized that there isn't anyone within a 90 mile radius from me that does professional sound reinforcement. Most if not all of the bands around here rent or own thier pa systems. We've got a decent set up and yet I'd gladly pay 150 - 250 bucks to a guy who knew what he was doing. Of course they'd have to bring it, set it up, mic everything, etc..... However, I realize that to make a small living off of this, you'd have to have more than one PA and more than ONE gig a weekend. So, what do you think the chances of someone like me getting a loan to start this business? I'm 21, decent credit, have less than 11,000 of debt, etc etc etc........ I've heard conflicting stories... some people say ANYONE can get a small business loan... others say you have to be really lucky and what not....... I'm sure some of you have been there and done this! Thanks for the help!! Jason bradley Link to comment Share on other sites More sharing options...
Members tlbonehead Posted August 5, 2003 Members Share Posted August 5, 2003 Originally posted by drummer_jay Hey everybody! You all have helped me with so many things in the past and I thank you. So, heres another one! Our lead singer use to do sound for us at our shows. I finally got sick of it and just decided that we'd put the pa rack back by me (drummer) and I'd run sound. Since then we have got a ton of good comments on our overall sound! I've always been interested in the live sound field, even considered one of those god aweful expensive schools. Matter of fact I still get atleast 2 emails and one phone call a week from fullsail. Enough, and on to my question. I've realized that there isn't anyone within a 90 mile radius from me that does professional sound reinforcement. Most if not all of the bands around here rent or own thier pa systems. We've got a decent set up and yet I'd gladly pay 150 - 250 bucks to a guy who knew what he was doing. Of course they'd have to bring it, set it up, mic everything, etc..... However, I realize that to make a small living off of this, you'd have to have more than one PA and more than ONE gig a weekend. So, what do you think the chances of someone like me getting a loan to start this business? I'm 21, decent credit, have less than 11,000 of debt, etc etc etc........ I've heard conflicting stories... some people say ANYONE can get a small business loan... others say you have to be really lucky and what not....... I'm sure some of you have been there and done this! Thanks for the help!! Jason bradley Every area has their own stipulations and requirements for qualifying. Do you have an ample job or other way to prove that you keep up on payments? What kind of equipment are you planning to offer for that price range,sound and lighting? Around here,$250 will get you about 10K watts of JBL SRX,EAW,PAS,etc systems with good monitors(probably 4-5 mixes)plenty of PAR 56/64 and specialty lights,and two people running the stuff. Link to comment Share on other sites More sharing options...
Members J Kylez Posted August 6, 2003 Members Share Posted August 6, 2003 Originally posted by tlbonehead Around here,$250 will get you about 10K watts of JBL SRX,EAW,PAS,etc systems with good monitors(probably 4-5 mixes)plenty of PAR 56/64 and specialty lights,and two people running the stuff. Are you kidding me????? That kind of PA with lighting for that price? I get 200-250 just for sound in my area with that type of system plus another 100-150 for lighting. 350-400 a night for good quality production is about the going price around here. Link to comment Share on other sites More sharing options...
Members J Kylez Posted August 6, 2003 Members Share Posted August 6, 2003 Originally posted by Audiopile Right, but how many days a year can you stay busy at $350 - $400 a night? A good gold mine isn't a glory hole, but is a whole mountain of reasonably good assay that's easily mined. You'd be suprised honestly. If you can hook up with one of the popular cover bands around here you could work for more than this price 4-5 nights a week. Granted those are far and in-between, but it is available. Generally speaking that is the going price for a Friday or Saturday night in my area. When my band had some down time I was working every Fri-Sat for that price. The weeknights can be a different story if you are working for a couple differerent acts. The rates vary. But generally I could work about 100 days a year at 200-250 a night for sound if I was pursuing it. My partner nows completely owns and operates the lighting business. Well maybe not completely but the equipment is owned entirely by him now. Let's be honest though. It is a fickle business mainly because the bands are fickle. At least that's my opinion anyway. Unless these guys are under contracts they come and go as they wish. Just adding my .02 cents, if you know what I mean. Link to comment Share on other sites More sharing options...
Members GCDEF Posted August 6, 2003 Members Share Posted August 6, 2003 When you say "less than $11,000 in debt", I assume that means more than $10,000. If you're 21, $10,000 in the hole, and don't have an absolutely rock solid business plan, requisite experience, and substantial collateral, you have no chance of a loan. Sorry. Link to comment Share on other sites More sharing options...
Members Black Frog Posted August 6, 2003 Members Share Posted August 6, 2003 Around here,$250 will get you about 10K watts of JBL SRX,EAW,PAS,etc systems with good monitors(probably 4-5 mixes)plenty of PAR 56/64 and specialty lights,and two people running the stuff.... Wow. Tack on an extra $150 (or more) for that around here............ At the early-20's age, unless you have some rock-solid collateral, the only way you're to have a chance at a loan like this is probably having someone co-sign..... Link to comment Share on other sites More sharing options...
Members drummer_jay Posted August 6, 2003 Author Members Share Posted August 6, 2003 Now THAT is a good damn idea!!! Did the rest of the guys have good credit? were they older than you??? etc?? Link to comment Share on other sites More sharing options...
Members drummer_jay Posted August 6, 2003 Author Members Share Posted August 6, 2003 Oh and another thing... If you borrow 10K .. does the bank want to see some proof of what you spent it on? Say, you said it was for a pa.. but you spent half of a pa, and the other half on various intruments and what not?? or even some studio time?? Link to comment Share on other sites More sharing options...
Members Old Steve Posted August 6, 2003 Members Share Posted August 6, 2003 I've been watching this with some interest and might be able to give you another way to look at things... First of all, banks will write all kinds of different loans...in other words, instead of getting a small business loan, you could get a personal loan and spend the money on whatever you want as long as you pay the bank back. Depending on your credit and your employment situation, you might have an easier time going this route than going to a bank officer and telling them that you're a musician/aspiring sound guy. You mention that you've got $10k or so in debt...what's the status of that? If it's a car loan or mortgage and you've been on time with your payments, it shows that you're a good credit risk. If it's all credit card debt and you've only been covering the minimum payments, it's not so good. Finally, consider starting smaller and investing as you make more money...in other words, don't go to the bank and try to get ALL the money for EVERYTHING right up front. Try to work a deal with your band's current PA and add onto it....I'd suggest the following to the band:1.) I use the PA on nights when the band isn't using it, and pay the band a percentage of what I'm charging my client to rent the PA.2.) Anything I add onto the PA to use in my business, I'll allow the band to use at our gigs.It's a win-win for your bandmates...they make a couple bucks renting you the gear you need, and eventually get to benefit once you start adding on equipment. Bottom line, a bank will do an analysis on you when you ask for a loan. They'll take your income, subtract an estimate of what you need to spend to live, and calculate how much "extra" cash you have every month. Then they'll see if it's reasonably possible for you to make the payments on the loan. If you make $20,000 per year and are asking for $5,000 over 3 years, have good credit, low debt, and reasonable living expenses, they're likely to approve you. On the other hand, if you make $10,000 per year, and are asking for $15,000, they'll know that even if you gave them 100% of your salary, it would take you over a year to pay them back...realistically a payment of $400 per month is out of your ballpark, so they won't approve you. Finally, IF (and this is a huge IF) you are EXTREMELY disciplined, you could take advantage of some of the credit card offers that are out there right now. Many of them are offering 0% interest for 6 months, so if you start working right away you can pay down the principle of what you borrow in a hurry. WARNING: be sure to read ALL of the fine print on these deals. Usually, if you're 2 seconds late with a payment (literally) your interest rate will jump to 20%. Also be sure to see what the interest rate will go to once the "low intro rate" expires...often it's very high. Credit cards can be extremely useful if your EXTREMELY careful and smart in how you use them...if you're the least bit careless, however, they'll ruin you financially. Link to comment Share on other sites More sharing options...
Members Michael Mage Posted August 8, 2003 Members Share Posted August 8, 2003 what about musicians? $5k and i would be rolling...$10k and I would be STYLING. What kind of FICO score = good credit? I have a mortgage and a car loan. I make 36k/year.....my credit was damagaed for losing my job after 911....what wuould one suggest to do? (Besides give up and not make music any more) Link to comment Share on other sites More sharing options...
Members Old Steve Posted August 8, 2003 Members Share Posted August 8, 2003 Not sure what kind of score equates to what, but you can go to several places on line and get a free credit report. Go get one. If it shows that you have any outstanding/overdue bills, pay 'em off or arrange for payment. It's my understanding that once you settle up with the people who you owe, your credit report cleans up pretty nicely. Link to comment Share on other sites More sharing options...
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