Music band business plan template

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.

Music band business plan template

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 music band business plan template resources required to reach each milestone in your plan. Take yourself seriously This is not a joking matter.

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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.

music band business plan template

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.

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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? What are your costs for manufacturing, distribution, and marketing? Financial Projections How will your music business make money? What are the current and future revenue streams of your business?

Be as clear as possible, investors hate ambiguity. Appendix if needed If you already have an existing music business, use this section to add documents such as; revenue model, resume of owners founderscash flow statement, income statement, balance sheet, and any other information that can help you stay on plan and attract the right people to your business.

Writing the plan using a mind map Just like creating a song, you will never really finish your business plan; you just have to stop and be okay with what you have. A business plan should evolve in sync with your business.

As a creative type, this is probably more than what you signed up for, but I assure you that it is a well worthwhile venture. Begin by creating an outline using the parameters I mentioned early.

How To Create A Storyboard For Music Videos (With Template)

Some business plans are far more granular than what I have offered here, but use this information as a guide to establish the basic elements. Artists, start your plan by creating a mind map. A mind map is a diagram used to visually outline information.

Draw a circle in the center of a piece of paper and write the main idea or concept in the middle. Use lines to connect smaller circles with related ideas or subtopics.The modern Western music industry emerged between the s and s, when records replaced sheet music as the most important product in the music business.

In the commercial world, "the recording industry"—a reference to recording performances of songs and pieces and selling the recordings–began to be used as a loose synonym for "the. Learn music business online. Promote your music. License your music. Become a music producer. Break through and get heard.

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Create a website to promote & sell your music. Let fans buy merch right from your site, commission-free. Easily distribute your music on leading online music stores & streaming services. Track your stats. Create electronic press kits. Grow your fan base with email and social media tools.

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How to Write a Music Business Plan - MTT Open - Music Think Tank