Print Article I just got home from a wonderful Thanksgiving dinner with my mother, sister, brother, niece and nephew in Franklin Park, New Jersey. The roads were slick from an early snow shower that turned to freezing rain. It was a bit fluffy like this one might end up and one of the MTT readers called me on it. However, I never provided a sample for two reasons.
King The biggest mistake artists make when it comes to procuring finances for their music ventures is the lack of a business plan. Artists and musicians must understand that music is a business and should run like one.
To begin your process of establishing a business plan, the following are some basic elements to get you started: Start by considering where you are currently in your music career and where you want to be. Give yourself a realistic timeframe and work backwards citing the steps and resources required to reach each milestone in your plan.
Take yourself seriously This is not a joking matter. Before you dive in headfirst Creating a music business plan can be an overwhelming task if you allow it to be. Remember, the only way to eat an elephant is one spoonful at a time, so take a moment to breathe and gather your thoughts.
Using a piece of scratch paper will be quite useful during this process, so make sure you have plenty on hand. Taking personal and professional inventory If you have been in the music business for at least a year, you should have a basic idea how a music business operates.
In fact, you are most likely implementing core business principles and practices at your current level, but take it a step further by conducting a SWOT analysis. A SWOT analysis is a simple assessment of your personal or professional Strengths, Weaknesses, Opportunities, and Threats as they apply to your music business.
Begin by taking a piece of paper and folding it into four equal squares. At the top of each square going clockwise, write each component of the SWOT analysis in its own square.
Then create a bulleted list of all the information regarding your business in the corresponding squares. Once completed, you will have the framework to create a formal business plan.
Understand what should be included in your plan At a minimum, your plan should include the following: Market Analysis Here, you will analyze the current music market, with special focus on your genre of music.
Include opportunities, competitors, trends, market size, and growth potential. Company Description Describe who you are, what you offer, and the audience your business serves. Are you an LLC, corporation, or sole proprietorship?
List the key team players, i. List your sales, product pricing, and positioning strategies, marketing channels, ecommerce and communication strategies, as well as distribution and promotion networks.
Products or Services Explain the music related products and services your business is offering. Are you selling physical CDs or only digital downloads? Are you offering merch for sale such as, T-shirts, posters, download cards, and stickers?
Do you have your own website outside of your social network that also serves as an online store for your music and merch? Funding Request or Needs How much money do you need to get your operation off the ground?
How much will you need for operation costs such as fixed and non-fixed expenses? Are you or your staff taking a salary?A Music Business Plan For The Independent Musician Posted on May 3rd, Comments: 41 Recently I was going through my stats for the Music Marketing Manifesto blog and saw something really depressing under “search engine terms”.
MusicWest musical instrument store business plan web plan summary. Music West sells and leases musical instruments and accessories to the Albuquerque community. They focus on skilled staff and a wide selection to draw customers.
A good music business plan is a lot like a map, though the "land" you'll be dealing with here - the music industry - is both more tangled than the city of Boston and can end up pointing you in any variety of "right" directions at the same time.
Musical Instrument Store Business Plan. Music West is an exciting opportunity for a musical instrument retailer in Albuquerque. Though the city is full of instrument retailers, only a small number of those cater to the needs of small school bands and orchestras. In the case of an unsigned band, developing and following a business plan should also help build a sizable fan base, always a big plus with music labels when seeking to get a record deal.
Thank you for sharing the template. Creating a Successful Business Plan (for the Artist) The following document was created strictly for those interested in understanding the different aspects of a business plan.