music artist business plan example

Jimi Hendrix: restart your career as a black, psychedelic rock star in another country where black people are still a novelty, by supporting Gene Pitney and Engelbert Humperdinck, then return to your country of birth and try to start your new career there by supporting the Monkees. In any event, the Northern Southerners 'thing" was the fact that they were able to clear a Bruce Springsteen sample for their lead single. Start by reviewing your finances. The Northern Southerners are often asked by investors to forecast what they are likely to spend next year. role you will play (or wish to play) in it. How about we start with your neighborhood and say, "Who is most likely to buy my album in this town? You won’t have to figure out everything from scratch every time you start a campaign. Granted, they project a year end total of only $10,700 in total sales, which I suppose is realistic... but what are those numbers based on? Like my album for instance. Thank you! Some firms asked me to submit but I don’t know how to draft it. Great question. How can you find flaws in what you propose to do without seeing all of the details out in front of you? • I am in the cartoon business. Also, establishing your unique selling proposition is really important. I would very much like to hear where I am missing the point. As someone that has invested in, written and consumed my fair share of plans, here's my feedback: Your plan is a fine "friend" plan. Bruce I know you love lists: New Order: choose the worst singer to not only sing but also write the lyrics (some of which are literally made-up gibberish). If the thought of sitting down to create a music marketing plan makes you cringe, you’re not alone. Like any business, you are going to have expenses. That situation is no longer the case. I don't understand how this constitutes a guiding plan. Most of the time the answer is no. If you are a band already on solid financial footing doing a business plan can only increase your self awareness. Filed under: Business Skills for Artists, Rants. Savor the Colors of a Moment (Ann Rea).] Sure, we can all learn lessons from history and we can all plan hopefully, so maybe that's how we should look at your plan. Granted, everyone isn't at the same level as you are. I totally agree with having a business plan, writing down all the ideas & growth you have in mind for your business. Do you have a business plan for dummies and beginners? Great hearing from you Brian. Most artists have no idea that they’re not good at accounting, or they don’t want to admit it so they run around in circles. I would never put $100K into something as risky as a band unless I was going to own a significant chunk (probably far more than 20%) of the entity that controlled all the rights and IP. Fuirthermore, (And I have always, always wondered this), how the heck can ANYONE project music sales for a startup act? Thanks again! As in, “I help artists dispel the starving artist myth”? You can look at the City, County and State Census records to find out exactly the number of 30 year old men that live in your neck of the woods. For a music business to pish a music event or improve the business itself, one can use sample proposal templates that are available online, as they would make him/her gain the approval of sponsors and investors as and when required. The answer is clear to me. They all have other groups and org's supporting them in various ways, because of who they are, from radio stations to the patriotic British public. You’ll know what other artists are doing. Examples: • I am in the music business. Thanks a lot!Business strategy. Invest the majority of any money made in a nightclub that loses money hand-over-fist (and don't buy the building it's in, just spend hundreds of thousands of pounds on its refurbishment). This really helped me put everything together in one place. First off, it seems like the plan for Northern Southerners is basically to "do what every other aspiring band and label does." All I can say is that they would have been better off by knowing a little bit more about their business. She’s really amazing, so I’m sure you’ll love this! I am retired and can finally dedicate my time to doing the thing that I love the most, painting watercolor illustrations. The music marketing plan template gives a list of things to new musicians which they are supposed to remember. Thanks. I really want to like it, but after reading it a few times, I’m still lost. The long-term impact of this simple document can be enormous. Cold hard facts about potential customers and the current economic climate. There are all sorts of books out there telling people not to plan. That's just free-market capitalist speak gone mad. They have also itemized what the cost are for each basic step of the way. How is one supposed to conceptualize that process in their head? I hope this is the kind of information I can access from your seminar. This post is purposely in direct contradiction to that section in ReWork for two reasons: 1.) So possibly the best plan might be not to bother with plans and just try to be the most exciting band in the world in the hope that 'money + humans + an execution plan', in other words, a label, or a production company, or a publishing or a management company take you on. I had no idea how to get this started. What are the key ingredients that are propelling success? But once you have one, you’ll find that your marketing becomes much more systematic and organized. What you are referring to is the magic that happens when an artist hits the big time. What did it cost to get there? I wrote a post on Music Think Tank Open that was transferred to the main page (an honor in my book) called How to Write a Music Business Plan. Sure, most (not all) artists know how it goes: ⁃ record and album, market it, promote it and distribute it. Template for Writing a Music Business Plan 6 Start with extensive market research about the music industry. In the future, I see investors providing funding for well organized groups that have traction and a working business model. You will become focused. I will edit films. I’m looking forward to doing the seminar on how to sell your artwork online. That should tell you that a business plan should be a living and breathing part of your business and updated as your wants and needs change. Thus the point of the business plan to raise money.. Record label or not, it's still money + humans + an execution plan that's making it all work. Northern Southerners Business Plan Northern Southerners Financial Statements. But still, disappointing and surprising, even for digital cynic me. Doing one properly provides any band's music business with an excellent road map for future growth. Just like any other business man or woman. If you are conversant with the trend on how people become celebrities overnight, you will realize that releasing a music album that is widely accepted, is one of the ways youths and young adults carve a niche in the world today. Watch football. BTW you don't come off as a jerk. Thank you for sharing this information, it can be difficult finding business resources for the artist/entrepreneur. It seems to me like things either catch heat, or they don't, and it usually comes down to who is able to work their media connections best and get the most exposure. Why do you need a business plan, you ask? Now ask yourself, how many artists can say they have contacted all of the vendors necessary to carry out those four "obvious" steps, and project how much this "labor of love" will cost them in 2011? Just need help starting a creative business. I was very confused by the business plan. Music artist business plan sample. I could lose business opportunities by providing a sample that I plan. And as the world of pop is full of similarly successful musicians who have had chaotic careers that they couldn't have possibly planned for, I would say, though there might possibly be exceptions (and I would love to hear about them - honestly, that's the point of my comments) who started off with a business plan as opposed to a dream and a riff, basically, success from chaos is the norm and to state otherwise needs proof. I agree, this business plan is completely confusing and way too advanced and overwhelming. However, we have found some exemplary examples of music marketing and compiled them within the following list for your perusal. I just got home from a wonderful Thanksgiving dinner with my mother, sister, brother, niece and nephew in Franklin Park, New Jersey. In the whole of Scotland (pop: 5 million) there's hardly a publisher, very few management companies, one serious, specialist PR company (although I think they may have just moved to Brighton). figured that was pretty coherent... how about: these are three examples of very successful artists, none of whom, on paper, would seem to have had a viable business plan. I want to know what you are going to do to propel yourself to the moon.". Keep it sharp, succinct and long-term focused. Not the end all be all or a guaranteed road to success. " If running a business was as easy as having an idea and going for it, we’d all be rich. As you start planning, that shotgun approach to marketing that most artists take will start to thin itself out and you will learn how to put a system in place. Don't be sorry. Do you tell your banker that you are skeptical about budgeting for college, auto purchase or home loan? WHAT IS A BUSINESS PLAN? In this document, we are providing a basic Business Plan template. It is exactly that. As the music industry becomes more and more saturated, music marketing is becoming very difficult for a lot of artists. Agreed. Free Download. Point #2: Under what circumstances will the folks at Northern Southern ever encounter some question or situation in which they say, "hmmm, i dunno, we better check and see what the plan said", and then crack this thing open and have their answer? I wrote down all the ideas that had been spinning around in my head but had never been inserted into my business as a whole. That's a small target to aim for, for most artists. For those of you who haven’t read my previous posts on this topic, I’ll briefly bring you up to speed. Business Plan for Artists Template Writing you business plan is an effective way to organize your art career and become productive. I will choreograph. Here’s a simple 4 page example plan that will help you get started. The first thing I ask every artist when we start working together is if they have a business plan. Without signed rights and services agreements, there's no minimal guarantee that the songwriter or lead singer is not going to drift off to some other band/venture. Afrojack is connected to Spinnin' Records, a dance indie based in Amsterdam, so might also be discounted, although I'm not sure how big they are. I've experienced these realities in my past life helping non-profits write strategic plans and seen the plan utterly fall apart or not even used for numerous reasons. There’s a lot more to being an independent artist than just creating your art. But the thing is is that it was my first one and I had no idea how it played out in reality. were very helpful!! YOUR FINANCES. Not sure why I'm expected to include this in the plan. It was a bit fluffy like this one might end up and one of the MTT readers called me on it. The marketing plan includes a detailed description of the artist’s musical works, best tracks, and compositions, etc. Great question. CB. Example Business Plan for Artists (Word doc) The first thing I ask every artist when we start working together is if they have a business plan. The first comment was, “Would have been stronger with a template or sample.” I got pissed off and created a template. Very interesting site and articles. Terry McBride Nettrwerk Group started a joint investment fund intended polyphonic ring your company is to invest in artists who are in a place where they could develop with the help of external funding. (Tried doing commissions and hated it? "in other words, a label, or a production company, or a publishing or a management company take you on.". In any event, here are my arguments. They are the ones usually seeking an investment. Thanks Cory. I had a few business courses in school so I thought I knew a little bit, at least enough to set the rough outline, but this article (as well as the comments and critiquing!) And so on.. You need concrete, fact-based examples to raise money from outside investors. As Justin said, the plan is lacking in substance (sorry).. I couldn't find what we might call 'start-ups' or purely artist-run labels; even the labels apparently owned by artists tend to have deals with a bigger label or publishing company. Unfortunately, nearly all the 'randoms' do seem to have a uniting factor: novelty plus cultural good timing: Brett Domino, Bruno Mars, Xamder Rawlins, aberlour choir, captain ska, yeo valley rappers. Of course, there is no damage in hoping that one day a big name in the music industry will discover you, and it will be your way to the top. Required fields are marked *. For the first time at last…with drudgery behind me, I can now pursue my business plan in JOY!!! There is one, very large promoter. I’m so glad I stumbled onto this! Additionally, if you are serious about investor funding, most serious investors will want to see at the very least a detailed well thought out Executive Summary of your project. A. This is your professional opinion. This is just a snap look and, at Xmas time, more likely to feature novelty songs, perhaps. I have nothing but 5 good paintings right now. The follow up question I have to your post is taking a plan and implementing it--how does one do it? I'll have to do some research on them myself. If you don't have the money to record, market, distribute and promote you cannot proceed. Why is a music business any different? of this business plan. But, they don’t have to eat up your hard earned profits if you plan for them ahead of time! Many of theses artists are making money, and not all of them are legacy artists, and not all are signed to major labels. Conversely they will also have to take an educated guess about how much money they will make. That's a lot more than some can say. Look at artists that are performing in venues operated by Live Nation. Thank you for doing this. On a related matter, I believe it's incredibly difficult for the average investor (fan) to gauge popularity potential against competing alternatives (for investment money) in the marketplace. And you’ll get a deeper understanding of your own brand and target audience. Wow! It helps me a lot to have specific, measurable goals. Watch Queue Queue. I am not computer literate, so this is going to require some intensive learning on my part. Make sure that you are writing a business plan which best reflects you as an artist and your music. Its about time someone stepped up to the plate to take advantage of the scaling of independent musicians. Please remember that this plan is a sample. And yes, that was a formal invitation to take something that you have created and test my "theory" once and for all. However, even if it did, my overarching question remains; how can ANYONE predict revenue or sales in this music industry for new products or artists? "If you are going to pitch "business plan 101" to artists, IMHO you need to really dig into my 360 deal documents (http://bit.ly/gtGanm)". All rights reserved. Thanks for taking the time to read and comment. As I was driving home it dawned on me that I haven’t written a blog post (on any topic) in over a month. Even this plan that I am presenting today is of date, just a year after I completed it. You can either use the [. Terry McBride's Nettrwerk Group started a joint venture fund called Polyphonic where his company's intent is to invest in artists that are in a place where they could grow with the help of outside funding. Expenses. You should always be skeptical of new ideas, especially when they appear from an unfamiliar author on a blog that claims to be the most relevant think tank in the new music industry today. Copyright © 2018, Music Think Tank. Music is emotional, I know, but businesses aren't. This is a really great resource that I’ll have to share with my readers. On the evidence, it's a better 'career path' than any other. "Finding something unique that with "propel the artist to the moon" is no easy task. However, I don't believe this is the type of plan anyone could sensibly shop to strangers (as investors). thank you. Just the process of writing everything down becomes a way to clear your head and see the way forward. I'll look forward to hearing from you. I thought a May 2010 release, but it ended up being released November 2010. Details on each of these plans can be found in previous posts and outlined in depth in my template, You don’t have to take my work for it however, there are tons of resources online that will tell you the same thing about business planning. I'm not trying to sell you a book (yet), 2.) Cheers. You will want to explain its current state of by taking account of the industry participants, gate keepers, skeptics, potential customers and competitors.

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