There are many things to think about when setting your price as a musician. What you charge as a musician says a lot about how you value your time and the quality of your work. Let’s say you have 2 similar flat screens in a store. Television A costs $300 and Television B costs $900. What do you think will be the best television? Which do you think is the Vizio and which do you think is the Sony? Why do you think Sony charges more for a TV? Because Sony presents its company as a premium manufacturer, while Vizio bills itself as a TV that just gets the job done. If you were to look at both TVs, you probably wouldn’t be able to tell the difference in quality. What about a band that charges $500 compared to a band that will do the concert for free? Don’t get me wrong, for bands or musicians just starting out, it’s going to be hard to charge someone the same price as a band that’s been playing together for years. You still want to be fair when you charge someone to play, but never underestimate yourself as a musician.
This article is not a concrete and immovable way of charging. But it’s a good schematic to build. Nothing is ever a cookie cutter way of doing things. You could be a beginning band playing all the originals. You may have a set of only 45 minutes to an hour. You probably can’t charge as much as a cover band that has 3 or 4 sets and can play for 3 or 4 hours and bring the house down.
It depends on the concert. If you are a 4 piece string section then you can probably charge a lot for weddings and cocktail parties instead of a solo singer songwriter who writes all original music and can only play 2 sets. Depends on the situation. You may have to learn some covers to appear more attractive. The important thing to take away from this article is to educate yourself by researching what other established musicians are doing and NEVER underestimate your skills and time.
Lesson 1: Research what your competitors are charging.
The best way to investigate would be to go to a website like GigMasters. Gigmasters allows you to research other bands in your area and what they are citing. Just find 5 bands that are similar to you and see what they are uploading. What is the average price on an anniversary, a birthday party or a wedding? You need to be aware of what other bands charge or you could totally undervalue your time. You may be charging more than you should, or you may not be charging enough.
Lesson 2: Whatever value you think you are, then that’s what you get.
If you think $100 is what you should earn for the program, then that’s what you’ll get. But if you think your time and your skills and the program you put together are worth $1000, then chances are you’ll get that amount. Now again, don’t overload yourself. If you think you’re the best entertainer in the world and you charge $1000 for a show and you can’t hold a note to save your life, then $1000 might be too much for a show.
You must evaluate yourself as a musician and charge accordingly. Every musician starts by paying their fair share and you will be no different. Maybe start by charging $100 and start moving towards the $1000 range.
Lesson 3: Find a comfortable price range
So you’ve figured out what you’re worth and are ready to start looking for a job. People are always trying to find a good deal and what if someone offers you something less than what you value yourself? What if you ask for $150 for a solo show and you value yourself at $200? It’s up to you to compromise on that, but you should have a possible “lowest price range” for the gig. Don’t underestimate yourself and your band just to get paid, but don’t turn down a decent gig for a few bucks either. It’s all a subjective call to make and each concert varies.