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Artists and musicians must understand that music is a business and should run like one. Start by considering where you are currently in your music career and where you want to be. Give yourself a realistic time frame 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.
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.
Now 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: A Executive Summary - An overview of your company, including an executive summary, mission statement, goals and objectives and a brief artist history. B 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. C 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.
F 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? G 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?Exhibit 4. (b)(ii).1 Artist Management Agreement ARTIST MANAGEMENT AGREEMENT. THIS AGREEMENT is made and entered into as of the 25th day of October, BY AND BETWEEN: to be available at reasonable times and places to confer with the Artist in connection with all matters concerning the Artist's professional career, business interests.
A Business Plan is crucial for starting and running your business successfully.
Sound business plans can help you get a loan, keep you on track toward your goals, and provide a reference for benchmarking, reviewing results and making adjustments in your business. Cambridge Strategy Group marketing strategy business plan executive summary.
Cambridge Strategy Group provides targeted marketing and management services to small businesses. I noticed that a lot of artists are looking for business plans. I did some looking and it turns out there aren’t a lot of pre-made business plans out there for artists, so, I brought Jennifer Lee, author of Right Brain Business Plan, here to share her creative ideas for business plans.
attheheels.com Cory Huff Business Plan for Artists Mission Statement [ALSO KNOWN AS YOUR UNIQUE SELLING PROPOSITION – WHAT MAKES YOU UNIQUE?] I help artists dispel the starving artist myth. [examples I've seen from other artists: I paint people's dreams (Eleatta Diver).
Exhibit 4. (b)(ii).1 Artist Management Agreement ARTIST MANAGEMENT AGREEMENT. THIS AGREEMENT is made and entered into as of the 25th day of October, BY AND BETWEEN: to be available at reasonable times and places to confer with the Artist in connection with all matters concerning the Artist's professional career, business interests.