Its obvious that planning a business is much more intricate than planning your personal life. The idea is to outline who is involved in your release and how each of you will share in the profits.
Distributing your music business plan final draft Once the final draft of your business plan is ready, distribute it across your organization and discuss it. A plan not only provides you with a framework for growth, but also takes a closer look at the details of your business; ones that are typically over looked without a business plan.
It was a bit fluffy like this one might end up and one of the MTT readers called me on it. Most important of all: Remember, the only way to eat an elephant is one spoonful at a time, so take a moment to breathe and gather your thoughts.
If no one is aware, no one will buy. Do you have your own website outside of your social network that also serves as an online store for your music and merch? Once you determine what you want to sell, you need to allocate money to marketing these products.
Writing business plans are my specialty, so I plan to revisit this topic in more detail, sometime in the near future. Be as frank as possible.
Pulling it all together Once you have the first draft of your business plan, put it down and walk away for a few days. Begin by creating an outline using the parameters I mentioned early. A CEO has to manage everything from personnel to product development and marketing to distribution and accounting.
To begin your process of establishing a business plan, the following are some basic elements to get you started: Marketing Analysis- As painful as it may seem, it will serve you well to put down on paper, the troubled state of the music industry.
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. For lenders and investors, this will allow them to evaluate your concept and proposed strategy.
What are the current and future revenue streams of your business? Include opportunities, competitors, trends, market size, and growth potential. It forces you to think about how to succeed, how to move forward, what that will cost, what obstacles you might hit and how to overcome them.
The purpose is to map out your release from start to finish, so you can avoid any surprises along the way. Products or Services Explain the music related products and services your business is offering.
Company Description Describe who you are, what you offer, and the audience your business serves. However, I never provided a sample for two reasons. Print Article I just got home from a wonderful Thanksgiving dinner with my mother, sister, brother, niece and nephew in Franklin Park, New Jersey.
Are you or your staff taking a salary? Understand what should be included in your plan At a minimum, your plan should include the following: Elements of a good plan Whether you are planning to approach a bank or family member for financing or simply look at ways to improve your business, a good plan includes the five sections that follow.
Your ultimate challenge is to turn this negative into a positive. Before you dive in headfirst Creating a music business plan can be an overwhelming task if you allow it to be.In any endeavor, it is a good idea to plan, plan, plan.
While the music business can often be seen as only a creative endeavor, having a good business plan for your music career is. In Music Think Tank, Kevin English follows up on his earlier post on how to write a music business plan.
In this recent post, he gives the elements of a good music business plan and uses a sample. MusicThinkTank Weekly Recap: Why I Quit The Music Industry How to Write a Music Business Plan. Tweet Kevin English | Print Article | 24 Comments.
I could start a whole new blog around the topic of preparing a business plan, but, I think it is important to touch upon a few main points now. Writing business plans are my specialty, so I plan.
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. There are several models for creating business plans and as such, this is only one possible model. Make sure that you.
Original post on MUSICTHINKTANK By Wendy Day. A business plan is a necessary tool for anyone starting a business or anyone planning to make money with their music (selling music, performing, selling merchandise).
Template for Writing a Music Business Plan 6 Start with extensive market research about the music industry. You will want to explain its current state of by taking account of the industry participants, gate keepers, skeptics, potential customers and competitors.Download