King The biggest mistake artists make when it comes to procuring finances for their music ventures is the lack of a business plan.
Writing business plans are my specialty, so I plan to revisit this topic in more detail, sometime in the near future. The logical next step is to put a basic plan on paper to make sense of all you have recently discovered. Even if you limit your plan to both sides of a bar napkin, it is better than not having a plan at all.
The purpose is to map out your release from start to finish, so you can avoid any surprises along the way. No matter how much you plan, there will be unexpected events. Writing a plan before you release your record will only minimize these experiences.
Below is an overview of each of these topics. The idea is to outline who is involved in your release and how each of you will share in the profits. Products and Services- Briefly describe what you plan to sell.
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. Be as frank as possible. Explain that the only way to survive this music biz recession is to come up with something new and improved.
Your ultimate challenge is to turn this negative into a positive. Hopefully your band is just the ones to prove it. Marketing Programs- Take your time on this section, because these programs will make or break your release.
Marketing is the act of raising awareness. If no one is aware, no one will buy.
That being said, the majority of your total budget should be spent on a variety of marketing tactics that make you more visible to radio, press, live venues, retail outlets and on the internet.
Management Summary- This section is a perfect place to delegate responsibility to everyone on your team. You may or may not have a personal or business manager and that is OK. Instead you should focus on your fellow band members, web designer, publicist and other parts of your team.
It will be much easier to know who is responsible for what before the shit hits the fan. Financial Plan- Here is where you put your money where your mouth is. Once you determine what you want to sell, you need to allocate money to marketing these products. You will also need to flesh out ways in which you will obtain this money.
Will you put in money from your or ask a family friend or close relative?
Once you have put all of these ideas on paper, you will feel much more confident in what you can or cannot achieve with your release. Thanks for reading and I look forward to hearing from you all soon!TEMPLATE FOR WRITING A MUSIC BUSINESS PLAN The process of writing a business plan is important for any new or existing venture.
Musician’s who plan to release a record independently, are no exception. The following post will provide a very basic template for you to follow in creating yours. There are typically two reasons to create a business plan. 1. 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. In the music industry, opportunities thatare replete with value– demonstrated and perceived, obvious and not so obvious, are the ones that are capitalized on by aggressive entrepreneurs, visionaries, middlemen, and.
April 2, / by Rick Goetz in Music Business Plan. / 4 Music Marketing – While we can be hired to do product management and ongoing music marketing services, . Music Production Business Plan – Publicity and Advertising Strategy.
We have been able to work with brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market.
Once you’ve decided that music is your business, you must set aside time from being creative to write out a solid business plan if you want to grow as a business, attract investors, increase your fan base, market and sell music, or launch a crowd funding campaign.