Pre-project planning: The budget

Hi!

Two seemingly different parts of my day started me thinking....

I am about to transfer a Pro Tools mix to cassette for a recording client that does not own a CD player or a computer. (Yes, this is a 2010 post.) After this, I'll be putting the final touches on a midterm exam for one of my audio production classes.

Over the years, there have been vast changes in this industry, along with necessary modifications to the subjects we present to future engineers . As one example, mixes are (usually) sent electronically as audio files instead of using tape. Tape-related subjects have understandably been reduced or eliminated from school curriculum. However, one area has remained unchanged; the significance of a budget.

While project budgeting is sometimes overlooked in recording-related schools, understanding project budgeting may be the single most significant factor in determining your own satisfaction with your project.

This is not just "spend more, get more." Proper financial budgeting allows you to budget how you will spend your time. It will help you decide if it is just not worth it to spend another hour on bass punches for a filler song no one will hear, when you still need to record lead vocals on your "hit"... even-though you are already halfway through, what was supposed to be, your second day of mixing!! Unless you have unlimited funding, a situation like this leads to spending too much time on minutia, rushing the important details, working longer (hence overspending) and reduced quality. This happens more than many people realize - and it is avoidable with proper budgeting.

It's not just a problem later in a project when someone realizes the things are running behind - on the imaginary schedule that should have been flushed out prior to going into the studio. Having the financial budget, and resulting schedule, even a rough schedule, before going in, will let you know that you have an extra hour to work on getting that amazing drum sound you envision. Or perhaps, run a few extra takes to really find the pocket.

It is the unfortunate truth that most first attempts at a professional recording project are expensive lessons in what not to do. Yet, they rarely give insights on how the process could have been better.

The following are some items to consider before putting together your budget - and some may surprise you.

• Less than 1% of all projects recover their costs (That’s great…. If you plan to lose money)
• Does this mean spend less? Maybe, maybe not. You can maximize the return on your investment with a little planning.
• In most cases, you can’t really know how much you have to spend until you know how much you plan to make.
• or plan to lose

To plan your budget, it helps to answer a couple questions:

• What do you want your project to do for you?
• To make money? If so, how? Be specific.
• Do you plan to sell CD’s/ Downloads
• How? (Marketing & Distribution)
• How Many?
• Are you using this to get gigs?
• How many?
• What Rate
• How long until you need to record the next project following this one?
• You need to determine your anticipated ROI (Return on Investment)

Be honest with your purpose:

• Is this a “demo”?
• If so, is it to…
• get gigs?
• get a “deal”?
• get chicks?
• Is this for practice?
• Is this for something else entirely?
• Is this for vanity?

Keep in mind, the #1 overlooked budget item is.... the big picture!

A completed recording is often just a small part of a bigger goal.

(i.e. Career development, getting gigs, a “deal”)

So, budget for the bigger goal first

This often includes:

• Marketing / Promotion
• Legal Fees
• Support Personnel
• Travel
• Stylists
• Music Lessons

and then the recording project.

The long and short of it is, you won't know what you can put into a project, until you know what you need to get out of it.

With that, if you are one of my students studying for the mid-term, you will get out of it what you put in. Study for a decent grade and you may earn a grade that means relatively little after you graduate. Study for knowledge, and you will carry that with you for life. Chances are, you'll also get a decent grade along the way.

As I am teetering on the edge of running over my budgeted time for writing this blog, I will pickup again soon with tips for creating the recording project budget itself.

Until next time....

Rob