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Music Business Plan: A Guide for Music Industry Professionals

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A music business plan is crucial for any music industry professional looking to launch or grow their business. It provides a snapshot of the current state of the business and lays out a clear growth plan for the next five years. This is essential for understanding where the business is at and setting achievable goals for the future.

Check out our article below to learn more about creating an awesome music business plan and get a template.

What is a Music Business Plan?

A music business plan is a comprehensive and detailed document that outlines the goals, strategies, and financial projections for a music-related business. Whether it's a record label, music production company, artist management firm, or any other music-related venture, a business plan provides a roadmap for success. It helps to attract investors, secure loans, and guide overall operations.

From market analysis and competitive research to marketing and distribution strategies, a music business plan covers every aspect of the business to ensure clarity, direction, and long-term viability. It is an essential tool for anyone looking to establish or grow a music-related business in the highly competitive and dynamic music industry.

Why is it important to have a music business plan?

A music business plan is crucial for an artist's success in the industry for several key reasons.

It serves as a blueprint for the artist's career, outlining their goals, strategies, and financial projections. This document helps attract investors by showcasing the artist's vision, potential for return on investment, and realistic plans for reaching their target audience.

A well-crafted business plan guides decision-making by providing a clear direction and framework for the artist's activities and investments. Furthermore, it defines the artist's brand, including its image, style, and target market, which is essential for standing out in the competitive music industry.

In summary, a music business plan is instrumental in attracting investors, guiding decision-making, and defining an artist's brand, making it essential for achieving success in the music industry. Therefore, having a solid and comprehensive business plan is crucial for any aspiring musician or band looking to establish a successful and sustainable career.

How to Fill Out Your Lean Music Business Plan

In this guide, we will walk you through the steps of filling out your lean music business plan, from identifying your target audience to mapping out your marketing and sales strategies. 

We'll be referencing sections of the US Small Business Administration's ( SBA ) lean business plan template . Despite its generality, it works as a music business plan template. 

Aspects of this guide relate to the traditional business plan, which we will discuss later in the article. 

Business identity

A business identity helps your business specify exactly what you offer. Both the single-page lean plan and the traditional plan place importance on your identity. Let's say, for example, you're a business-owning musician who provides audio for creatives in the media industry. Here's how your identity might look:

Our business identity revolves around providing high-quality music and sound effects for TV programs, film industries, commercials production companies, video game developers, corporations, and event organizers. 

Through the lean template, try to identify your business in under one paragraph. Then, using the traditional template (see below), expand on that identity. Things like your mission statement, which we visit later, are an aspect of this.

The problem you're trying to solve

All businesses are problem solvers. Record labels help musicians with distribution, while music teachers help provide the next generation of musicians with a strong foundation. 

Naturally, you might wonder how this applies to musicians. Just saying "entertainment" feels a bit weak. There are bands, like Rage Against the Machine, who make music to push a movement. But if you're not part of that crowd, what do you put?

So, think about why you got into music-making in the first place. Any professional musician should think about who their music appeals to and what they want people to feel when hearing their music. You can then say your music solves that problem in a cheesy reminder that you think about more than what shows up on your financial statements. 

If you don't want to get too corny, think about who your music will most appeal to. Then, you can say what your target audience is. Think of something like this:

Creating music for young men and women that will entertain them and inspire them to explore challenging topics.

This problem-solving might feel generic, but you'll know your fans and why you make music. So, stay focused on that.

Solution your business presents

Once you consider the problem your business solves, you need to state how you solve that problem. Again, this is much easier for music industry professionals who work in support roles. Music distributors solve the problem by having direct connections with other distributors, while music marketers help bands reach out to fans via multiple social media platforms. 

As someone who makes music, your solution is the creation of music. So, ask yourself how the creation of your music solves this problem. Here's an example based on our situation above:

Our band writes music that delves into mental health struggles based on personal experiences and how we overcame them.

You might think that doing this as a musician feels silly, but think of it as a reminder. One of the reasons famous musicians like David Bowie and Tom Morello were so successful is focusing on how their music helps people. 

Competition 

Competitive market data varies depending on the territory you plan to target. For musicians and bands, this might involve bands in the local area and those in future touring locations. For musicians, the competition can also be a list of potential collaborators.

For everyone else not making music, other record labels and music production companies are just competition. Whether you can collaborate with them or not, you'll want to differentiate yourself from all the other options out there. Being another "me too" music business will make it easier to forget you. 

Using the lean small business plan, you'll want to stick this to two or three sentences. Be very general, knowing you can also expand using the traditional business plan. Here's an example of a made-up Tennesse company: My Music Production & Management: 

The competitive landscape for music production companies in Tennessee includes My Music Production & Management, Genre Music, and Retro Recording & Productions. My Music Production & Management offers a wide range of services, including music production, artist management, and music distribution. 

Revenue streams

Revenue streams come from various sources. A business plan reminds you of those sources so you can stay focused. As a musician, your income can come from many sources. Below is an example you can use under the lean business plan:

As a musician, my income comes from paid gigs, teaching music lessons, instrument repair services, and recording sessions. To ensure financial stability and growth, I plan to diversify my income by capitalizing on these different opportunities.

Your revenue streams will differ as a record label or other kind of music business. Like musicians, your revenue streams can vary. However, as a young business, you may specialize in specific areas. You might work on creating merch or distributing digital releases. 

Marketing activities

Marketing activities focus on how you plan on reaching out to different sources. For many new music businesses, this involves outreach through social media platforms. Here's an example of what you might include in your business plans:

Our marketing activities will primarily focus on building a strong online presence through social media and regional publications. We plan to utilize platforms such as Instagram, Facebook, Twitter, and TikTok to engage with our audience and share regular updates about our music and upcoming events. Additionally, we will work on developing a press kit to distribute to regional publications and media outlets to garner publicity and reach a wider audience.

Bands can create electronic press kits (EPKs) that are prebuilt for members of the media. This makes it easy for journalists and members of the media to share content about you, such as a new album release. You can also consider how much you might pay for advertising. Digital marketing activities like those above are the first choice, as this activity uses advanced targeting tools based on what people search for and their demographics.

Marketing traditionally focuses on the four Ps: product, price, place, and promotions. The first two Ps delve into your product line, which you'll learn about later. Promotions indicate the type of marketing you choose, and Place usually refers to the platforms your target audience uses. 

The lean business plan gives you a simple overview of your likely expenses, which can be detailed in your longer business plan. Part of these expenses include music taxes. Read our guide on music taxes for more details.

Expenses vary depending on the type of music business you run. You could pay to rent a studio for recording sessions, purchase recording equipment, access manufacturers, or pay for other expenses. These expenses can result in tax deductions .

Here's an example of what your expenses section might look like:

To get my music business up and running, I need to budget for several key expenses. Studio time would be required for recording and producing music, averaging around $50-$100 per hour. I'd also need to allocate funds for engineering talent, which could cost between $50-$200 per hour, depending on experience. Transportation costs for getting to and from recording studios or performance venues should be factored in, estimating around $200-$500 per month.

Legal fees for business formation are also deductible. When listing your expenses and considering deductions, ask yourself what your type of company would normally deduct. Reach out to Augur CPA if you'd like a comprehensive review.

The key roles section provides a list of high-ranking authorities in the business and explains the responsibilities and functions those roles bring to the business. Here's an example of what that might look like in your business plan:

1. Chief Executive Officer (CEO): Responsible for overall strategic direction and leadership of the organization, making key decisions and representing the company to the public and stakeholders.

2. Human Resources Department: This department is responsible for recruiting, training, and managing employees, as well as ensuring legal compliance and promoting a positive work environment.

3. Marketing Department: Responsible for promoting the organization's products or services, conducting market research, and developing marketing strategies to attract and retain customers.

4. Finance Department: This department is responsible for managing the organization's financial resources, including budgeting, accounting, and financial reporting.

5. Operations Department: This department is responsible for overseeing the organization's day-to-day activities, optimizing processes, and ensuring efficient production and service delivery.

As a new business, you might not need all of this detail in your roles. A new business owner wears many hats, handling all of this themselves.

As your business grows and you fill roles like those above, you'll want to create an operating agreement . Operating agreements dictate the roles, holding groups responsible for their actions. This can dictate things like voting rules, which are vital when making high-risk business decisions that require more input.

Your milestones tell readers, yourself, and business partners of the important milestones you've already taken or plan to take. Your lean business plan is a single sentence telling people what you generally plan to do. Larger business plans might look something like this:

Milestone 1: Lease Finalization

- Task: Negotiate and finalize the lease agreement for the studio space

- Deadline: by May 15th

Milestone 2: Personnel Contracts

- Task: Draft, review, and finalize contracts for hired personnel

- Deadline: by May 20th

Milestone 3: Studio Build-out and Equipment Purchase

- Task: Begin construction and build-out of the studio space, purchase necessary equipment

- Deadline: Construction to be completed by June 30th

Milestone 4: Networking and Marketing Plan Implementation

- Task: Develop and implement a networking and marketing plan to attract clients

- Deadline: Marketing plan to be in place by June 1st

Each milestone outlines specific tasks and deadlines to ensure a smooth and successful opening of a recording studio. A musician or distribution company should take a similar approach, focusing on initiatives that help them grow their business.

Filling Out Longer, Traditional Business Plans

The SBA's traditional business plan, which you can find here , is a multi-page document. It's an expanded version of the lean business plan, which you can provide upon request. When applying for business loans or bringing on business partners, this plan can help communicate your vision.

Traditional business plans might use a bit more jargon, like executive summaries and mission statements. Below, you'll learn a bit more about some of the more complex aspects of writing your detailed business plan.

Executive summary

Executive summaries summarize the main points of a business plan. The summary points include the purpose of the business, the business name, the target market, your business location, and how your business solves its target audience's problem. Here's an example you can use for inspiration:

The Executive Summary of my music business plan showcases my artist bio, mission statement, and unique selling proposition. As a musician, I bring a unique blend of classical training and modern influences, with a strong foundation in jazz, pop, and R&B. My mission is to create music that transcends genres and connects with audiences on a deeper level, aspiring to inspire and uplift through my art.

My unique selling proposition lies in my ability to blend diverse musical styles and deliver powerful, emotionally resonant performances. I have achieved recognition in local music scenes, including winning the Best New Artist award at a prominent music festival. My aspirations include reaching a global audience and collaborating with industry-leading producers to create music that leaves a lasting impact. What sets me apart from others in the industry is my unwavering dedication to authenticity and artistry, always prioritizing substance over trends.

For bands and musicians, the executive summary is a great way to showcase your passion for music. Notice the "unique selling proposition," which indicates how you plan on differentiating yourself compared to other companies.

Other companies, like music publishing companies, might focus a little less on the creative aspects of their business. An executive summary can differ slightly between companies. However, if you're new, start with the template until you get comfortable writing these plans.

Company description and mission statement

Your company description, based on the traditional plan, includes the mission statement, members, legal structure, and location of the company. It might also include the executive summary.

Here's an example of the description for a made-up company: SoundWave Entertainment:

Our company, SoundWave Entertainment, is structured as a Limited Liability Company (LLC) and has been in business for ten years. We specialize in providing top-quality live music entertainment, event production, and artist management services. Our diverse range of offerings includes wedding bands, corporate event entertainment, and music festivals. Our customer demographics range from engaged couples looking for the perfect wedding band to event planners seeking unique and memorable entertainment experiences. In the past decade, we have experienced significant growth, expanding our roster of talented artists and achieving a strong presence in the events industry. Our primary business goal is to continue providing exceptional musical experiences and to further expand our reach in the entertainment industry.

The description is simple enough, but the mission statement is arguably the most important aspect of your business plan. It's a few sentences long but shares the overall mission of your company, dictating where it goes and how it makes decisions. Mission statements are emotionally driven and connected to the morals and heart of the company's stakeholders. Here's how it might look:

At SoundWave Entertainment, we are committed to delivering unforgettable musical experiences and fostering the growth of talented artists. We strive to exceed our client's expectations by curating exceptional live entertainment and providing a platform for artists to showcase their skills. Our goal is to leave a lasting impression through the power of music, creating moments that inspire and connect people.

Market conditions and research

The traditional business plan offers a bit more room for reviewing your market conditions and researching your competition. Doing your own research helps you understand the market. Sharing your research on a business plan provides proof of your knowledge of market conditions. Here's a short example of market conditions:

The current market conditions in the music industry are characterized by several industry trends, including the shift towards streaming services, the resurgence of vinyl records, and the increasing importance of live performances for artists' revenue. Consumer behavior has also changed significantly, with more music fans opting for subscription-based streaming services over traditional album or single purchases. Key competitors in the industry include major streaming platforms like Spotify and Apple Music, as well as record labels and live event promoters.

Additional sections of your business plan include a detailed description of your customers, how your company outperforms the competition, and regulations that might impact your company.

Regarding regulations in the music industry, it helps to have a general understanding of the Digital Millennium Copyright Act ( DMCA ), fair use , and current communication laws. Knowledge of these laws or working with a music attorney can help you with this aspect of your business plan.

Service line and pricing structure

Your service line includes a complete list of your services and their costs. For musicians, this might include gigs, music lessons, and anything else you do to advance your career in music. It then breaks down the pricing of your services, including some potential for how that pricing can flex.

Services can vary heavily depending on your company and the services you offer. When you first start your business, you might specialize in a few areas. One milestone could be expanding to include additional features, like a record company offering email marketing services.

The service line section also includes your product lifecycle. For example, albums tend to make more money during their first year of release, and your lifecycle dictates how long you might make albums. If you go on a tour during the album, you might stop creating new albums or merchandise sales during this time. 

Service line information can also include information on intellectual property rights and how your band and albums will be copyrighted. You can also work to trademark your company (or band) logo.

Marketing, sales, and growth strategy

While your marketing research section details information about the market and industry, your marketing, sales, and growth section dictates how you plan on reaching target customers. The lean plan mentioned above briefly addresses this area.

The three areas you'll want to consider are your growth strategy, how you want to communicate with customers, and how you plan on selling your products.

Let's say you plan on creating your own Shopify e-commerce store for your business, which is a huge investment. This means your growth strategy, product sales, and customer communications will wrap around this tool. If you want to start simpler, mention how you plan on talking with fans and setting up merch tables at local shows.

Here, you'll see some examples of how you could write this section:

Our music business aims to market, sell, and grow by implementing a combination of online and offline strategies. Our marketing efforts will include targeted social media campaigns, SEO optimization for our website, and collaborations with music influencers and bloggers. We will also explore opportunities for live performances, partnerships with local venues, and utilizing traditional advertisement methods.

To drive sales, we will offer unique packages for our music services, including special promotions for first-time customers and loyalty rewards for returning clients. Our pricing strategy will be competitive while still maintaining the quality of our services.

In terms of customer retention, we will focus on delivering exceptional customer service and providing personalized experiences for our clients. Our unique selling proposition lies in our ability to offer customized music solutions tailored to different occasions and preferences.

Moving forward, our plans for growth and expansion include branching out to new markets and offering additional services such as music production and event management. We will also invest in building brand loyalty and expanding our customer base through strategic partnerships and collaborations within the music industry.

Why Should I Care About A Business Plan?

A business plan is a crucial tool for any musician or music industry professional looking to advance their career in the music industry. It serves as a roadmap for your career, helping you set goals, make strategic decisions, and stay on track for success.

One of the most significant benefits of having a business plan in the music industry is its ability to attract investors. A well-thought-out plan demonstrates to potential investors that you are serious about your music career and have a clear direction for success. It outlines your financial projections, marketing strategies, and potential for growth, making it more likely for investors to see the value in supporting your music endeavors.

Additionally, a business plan guides decision-making by providing a framework for evaluating opportunities and making informed choices. It forces you to consider all aspects of your music career, from marketing and promotion to touring and merchandising, ensuring that you have a comprehensive strategy in place.

Furthermore, a business plan helps define your brand identity and outline your unique selling points, target audience, and marketing message. This is crucial in the music industry, where standing out and connecting with fans is essential for success.

To learn more about how taxes can apply to a financial plan for your business, contact Augur CPA today .

This content is for informational purposes only and does not constitute legal, business, or tax advice. You should consult your own attorney, business advisor, or tax advisor regarding matters mentioned in this post. We take no responsibility for actions taken based on the information provided.

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Music and Entertainment Business Plans and Resources

Written by Dave Lavinsky

In the vibrant and ever-changing landscape of the music and entertainment industry, a solid business plan is not just a formality, but a cornerstone of strategic development and sustainable success. It serves as a critical roadmap for navigating the unique challenges of this industry, including rapidly evolving technology, shifting consumer preferences, and intense competition.

Our collection of business plan examples represent various facets of the music and entertainment sector, ranging from record labels and music production companies to entertainment venues and digital streaming services. Each plan is expertly crafted to address essential elements such as talent acquisition, content production, distribution strategies, marketing initiatives, and financial management. These plans are indispensable tools for entrepreneurs and business owners in the industry, offering a comprehensive guide to establishing a robust presence, capitalizing on market opportunities, and building a resilient, profitable entertainment enterprise. They emphasize the importance of meticulous planning in balancing creative vision with commercial viability in the dynamic world of music and entertainment.

Music & Entertainment Business Plans and Resources

Film Business Plan Template How to Start a Film Production Business Music Business Plan Template Party Bus Business Plan Template Podcast Business Plan Template Podcast Business Marketing Plan Production Company Business Plan Template Record Label Business Plan Template Sample Record Label Business Plan How to Start a Record Label Business Record Label Business Plan PDF Recording Studio Business Plan Template How to Start a Recording Studio Business

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Music Business Plans Sample

Published Dec.29, 2020

Updated Sep.14, 2024

By: Jakub Babkins

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Table of Content

Music Business plan for starting your own building firm

Do you want to start a music business? Well, that’s a really alluring and one of the most profitable businesses.

To run a music business, you need to hire the services of music artists, musicians, record producers, and composers on a temporary or permanent basis. The business can include creating songs, music sheets, stock music, and theme music. And can also be extended to cover events, ceremonies, and concerts.

The business is exciting, however, due to the large competition in the market, one has to put very much effort in the beginning to earn recognition. Like any other business, the first step would be to create a business plan for music industry. The professional business planning should cover all aspects of the business like workforce, work area, expenses, services, sales strategy, etc.

To give you an idea of how your business plan should look like, we are giving here the business plan of a music business startup, Hymns & Beats.

Executive Summary

2.1 the business.

Hymns & Beats will be a licensed music business based in Atlanta. The business will comprise artists and musicians who will work to create new music pieces. The business will utilize the talent of various singers to release stock music, record labels, and theme music for corporates, events, TV shows, movies, and game developers.

2.2 Management of Music Business

A music company needs efficient management in all the areas such as reaching out to singers, making arrangements for concerts, making sure that the edit effects are perfect, etc. Realizing that she would not be able to supervise everything on her own, Amelia decided to hire a manager to help her.

If you are looking for how to start a music business you should study different music business plans. While exploring business plans on how to set up a music business, try to also explore the ways others use to manage multiple tasks of a business at the same time.

2.3 Customers of Music Business

Our primary customers will be the television shows and film industries who will seek our services for creating tunes, theme music, and songs. Besides, corporate, institutes, companies, game developers, and event organizers will also be our customers.

2.4 Business Target

Our target is to become one of the most renowned music businesses. We aim at releasing at least 10 albums within six months of the launch. We also aim at achieving a rating above 4.7 within a year of the launch. Our profit goals to be achieved within the three years of our launch are summarized here:

Company Summary

3.1 company owner.

Amelia Stiles will be the owner of Hymns & Beats. Amelia got her degree in Bachelor of Music from the Oberlin Conservatory of Music, Ohio.

During her schooling, she composed two music pieces that earned her national level fame.

3.2 Why the music business is being started

Amelia wanted to become a playback singer. She learned and practice music all her life and still couldn’t succeed in getting more than a few singing projects. Owing to her optimistic nature, she decided to find new ways to invest her passion for music. She decided not to sing but just compose the music pieces.

Realizing her creativity and skills in the music composing area, she decided to start her own music business. Now Amelia hires music artists and glorifies people’s lives with exceptional tunes and melodic voices.

3.3 How the music business will be started

Since there are many already established music industries in Atlanta, you should study different examples of music business plans. Exploring as many examples of music business plans as you can, will enable you to come up with unique ideas. Analyzing various music business plan samples will allow you to identify the areas where demand is high despite the large competition.

Hymns & Beats will be started in one of Amelia’s properties in Atlanta. Amelia will hire a home renovating professional to turn her property into a structure for the music business. Meanwhile, she will hire a professional business plan writer to make a comprehensive plan for her business.

Then Amelia will purchase the required musical instruments and other equipment like speakers, cables, amplifiers and microphone stands, etc. After which the startup will start its hiring phase. Staff like audio engineers, musicians, and DJs will be employed after strict testing and interviewing. Meanwhile, the company will ensure to establish a strong web and social media presence to get introduced to the target audience.

The costs for startup are as follows:

The startup requirements are as follows:

Before making a music business plans template, you should be very clear about the services you are going to provide your customers. In this sample plan, we are listing the services of Hymns & Beats. However, to get a broader idea of services that can be provided in this domain, you should study many other music industry business plans too.

1.Creating Production Music

Our primary service will be to produce music pieces that can be used in television, movies, and other media platforms after getting licensed to the buyers. Those music pieces will cover nearly all music genres such as classical, electronic dance, folk, and disco, etc.

This service will also include producing specific music pieces according to the client’s requirements.

2.Record Labels

We will also release albums and songs made with the collaboration of our team with top-class singers and songwriters.

3.Theme Music For TV Shows, Movies, Trailers & Video Games, Commercials

Our third primary service will be to create instrumental and theme music to be used in the background of movies, trailers, video games, commercials, and reality shows, etc.

4.Corporate Background Music

We will also create professional music themes to be used by companies and corporates in their presentations.

5.Hosting Concerts, Music Festivals & Parties

This will be one of our major services. We will host music nights, concerts, events, and parties. We will also offer the service of presenting music and songs in ceremonies according to the nature of the gathering.

Marketing Analysis of Music Business

The most important component of starting a music studio business plan is marketing analysis. It includes a detailed study of your target market to understand the areas where competition is high or to identify the domains where the demand for your services can be more.

Thus, before you start a music business you should study the dynamics of the marketplace where you will be offering your services. In this music business plan concept pdf we are listing market analysis and market segmentation done by Hymns & Beats for their business. If you are looking for how to write a music business proposal or how to create an efficient marketing plan, you can take help from here.

5.1 Marketing Trends

According to IBISWorld, the average growth that has been reported in the music industry in the last five years is 5.5%. Moreover, Statista reports that the annual revenue generated by the U.S. music industry was recorded to be $21.5 billion in 2019 alone. Simply put, the music industries have always been in demand. To succeed, you just need to be proactive in reaching target customers and creative enough to meet their expectations.

Business plan for investors

5.2 marketing segmentation.

The detailed marketing segmentation of our target audience is as follows:

5.2.1 TV Programs & Film Industries: Our primary customers will be the television shows and programs that need different background music for different segments and for transitions of one segment to another.

Besides, film producers will require our services to create music pieces for trailers and songs. We also expect this group to avail of our services of producing background and themed instrumental music.

5.2.2 Commercials (TV ads) Production Companies: The second group of our target customers will comprise of commercials producing companies. We expect to get projects from this category from the very beginning as video ad creators usually don’t need music producers with past experience.

5.2.3 Video Game Developers, Corporates & Event Organizers: The third category of our target customers consists of video game developers who need music to be played in the background. This category also includes corporates who need professional background music for their presentations.

Apart from them, we also expect to be called by events and party organizers for playing music, singing songs, and setting up musical nights. We also look forward to being invited to cultural ceremonies for displaying the skills and talent we have.

5.3 Business Target

Our business targets are:

• To achieve the net profit margin of $9.1k per month by the end of the first year
• To release at least 10 albums hitting a ranking of above 4.8 by the end of the first six months
• To host at least 10 concerts within six months of the launch
• To achieve an average ranking above 4.75 within a year of the launch.
• To balance the initial cost of the startup with earned profits by the end of the second year

5.4 Product Pricing

Since we are not selling any discrete products therefore we can’t define a strict product pricing strategy. Our prices will vary with the required mastery, the difficulty level of the track and music, etc.

However, in the beginning, we will offer massive discounts on our services of hosting musical events and ceremonies and also in our theme music creation service.

Marketing Strategy

Like marketing analysis, sales strategy for business is also an important component of a music business marketing plan. Sales strategy enables you to attract your potential customers, and compete with your already-established competitors.

From this music business proposal sample, you can learn the competitive aspects and advertisement strategy of Hymns & Beats.

6.1 Competitive Analysis

Although we have tough competition, we have entered the market with several competitive aspects. Firstly, we have an excellent team that will help us develop unique music pieces. Secondly, we are collaborating with top singers and songwriters to come up with exclusive albums.

Moreover, we will be offering background music production services for video games and trailers online. So that will enable us to reach a wider audience.

6.2 Sales Strategy

• We will establish a strong web and social media presence through SEO optimization
• We will advertise our services through Google Local Services ads, local newspapers, and magazines
• We will arrange a themed musical night for the young people on the day of launch for an entry ticket of just $3
• We will offer a 20% discount on our theme music production services for the first three months of the launch
• We will offer a 50% discount on our offering of playback wedding music by our singers and musicians

6.3 Sales Forecast

6.4 Sales Monthly

6.5 Sales Yearly

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Personnel plan

Your business is just a collective representation of your staff and managers. So before proceeding to other steps, you should create your personnel plan in a template for writing a music business plan.

Here we are only listing the permanent staff of the company. The singers and songwriters whose services will be hired temporarily for record albums are not mentioned in this list.

7.1 Company Staff

• 1 General Manager to manage the overall operations
• 1 Cashier to maintain financial records
• 2 DJs to assume musical responsibilities in concerts and events
• 4 Musicians to play musical instruments
• 1 Audio Engineer to regulate music effects
• 2 Software/ IT Experts to ensure web and social media presence
• 1 Sales Executive to promote the company’s sales
• 2 General Assistants for routine works
• 1 Receptionist

7.2 Average Salary of Employees

Financial plan.

Making a music business plan is a little tricky as you have to devise a plan to manage your permanent as well as temporary resources. For example, while creating a financial plan for the music business, you have to consider fluctuations in the price of services. The albums that need to be sung or written by high paid singers and songwriters will require you to reserve a bigger than usual budget.

It is recommended to seek professional help in creating the financial plan for your business. To give you an example of how it would look like, we are providing here the sample financial plan of Hymns & Beats.

8.1 Important Assumptions

8.2 brake-even analysis.

8.3 Projected Profit and Loss

8.3.1 profit monthly.

8.3.2 Profit Yearly

8.3.3 Gross Margin Monthly

8.3.4 Gross Margin Yearly

8.4 Projected Cash Flow

8.5 Projected Balance Sheet

8.6 business ratios.

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Music Business Plan

Music can unite individuals, inspire social change, and strengthen communities & it is satisfactory for many musicians too. Plus the financial and creative rewards are great. Therefore, want to start your own music studio or band? Then planning everything priorly is the priority.

Need help writing a business plan for your music studio business? You’re at the right place. Our music business plan template will help you get started.

Free Business Plan Template

Download our free music business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

• Fill in the blanks – Outline
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How to Write a Music Business Plan?

Writing a music business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

• Introduce your business: Start your executive summary by briefly introducing your business to your readers.
• This section may include the name of your music business, its location, when it was founded, the type of music business (E.g., record labels, music publishers, live music industry), etc.
• Market opportunity: Summarize your market research, including market size, growth potential, and marketing trends. Highlight the opportunities in the market and how your business will fit in to fill the gap.
• Product and services: Highlight the services you offer your clients. The USPs and differentiators you offer are always a plus.
• For instance, you may include music recordings and albums as services.
• Marketing & sales strategies: Outline your sales and marketing strategies—what marketing platforms you use, how you plan on acquiring customers, etc.
• Financial highlights: Briefly summarize your financial projections for the initial years of business operations. Include any capital or investment requirements, associated startup costs, projected revenues, and profit forecasts.
• Call to action: Summarize your executive summary section with a clear CTA, for example, inviting angel investors to discuss the potential business investment.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

• Business description: Describe your business in this section by providing all the basic information:
• Record labels
• Music publishers
• Live music industry
• Music streaming services
• Describe the legal structure of your music company, whether it is a sole proprietorship, LLC, partnership, or others.
• Explain where your business is located and why you selected the place.
• Owners: List the names of your music company’s founders or owners. Describe what shares they own and their responsibilities for efficiently managing the business.
• Mission statement: Summarize your business’ objective, core principles, and values in your mission statement. This statement needs to be memorable, clear, and brief.
• Business history: If you’re an established music service provider, briefly describe your business history, like—when it was founded, how it evolved over time, etc.
• Additionally, If you have received any awards or recognition for excellent work, describe them.
• Future goal: It’s crucial to convey your aspirations and vision. Mention your short-term and long-term goals; they can be specific targets for revenue, market share, or expanding your services.

This section should provide a thorough understanding of your business, its history, and its plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

• Target market: Start this section by describing your target market. Define your ideal customer and explain what types of services they prefer. Creating a buyer persona will help you easily define your target market to your readers.
• For instance, music lovers, music directors, movies, younger audiences, etc can be the ideal market for the music business.
• Market size and growth potential: Describe your market size and growth potential and whether you will target a niche or a much broader market.
• Competitive analysis: Identify and analyze your direct and indirect competitors. Identify their strengths and weaknesses, and describe what differentiates your music services from them. Point out how you have a competitive edge in the market.
• Market trends: Analyse emerging trends in the industry, such as technology disruptions, changes in customer behavior or preferences, etc. Explain how your business will cope with all the trends.
• For instance, the demand for rap and pop music is increasing; explain how you plan on dealing with this potential growth opportunity.
• Regulatory environment: List regulations and licensing requirements that may affect your music company, such as copyright laws, advertising regulations, etc.

Here are a few tips for writing the market analysis section of your music production business plan:

• Conduct market research, industry reports, and surveys to gather data.
• Provide specific and detailed information whenever possible.
• Illustrate your points with charts and graphs.
• Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

• Music stores
• Music licensing services
• Music promotion services
• Music education services
• Describe each service: Provide a detailed description of each service you provide, including how it works, what it does, and any technical specifications or features.

In short, this section of your music plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

• Unique selling proposition (USP): Define your business’s USPs depending on the market you serve, the equipment you use, and the unique services you provide. Identifying USPs will help you plan your marketing strategies.
• For example, exclusive content, high-quality production, niche market focus, etc, could be some of the great USPs for a professional music company.
• Pricing strategy: Describe your pricing strategy—how you plan to price your services and stay competitive in the local market. You can mention any discounts you plan on offering to attract new customers.
• Marketing strategies: Discuss your marketing strategies to market your services. You may include some of these marketing strategies in your business plan—social media marketing, email marketing, influencer marketing, etc.
• Sales strategies: Outline the strategies you’ll implement to maximize your sales. Your sales strategies may include online sales, partnering with other businesses, live shows, etc.
• Customer retention: Describe your customer retention strategies and how you plan to execute them. For instance, introducing loyalty programs, discounts on annual membership, personalized service, etc.

Overall, this section of your music studio business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your music business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

• Staffing & training: Mention your business’s staffing requirements, including the number of employees or music professionals needed. Include their qualifications, the training required, and the duties they will perform.
• Operational process: Describe the steps taken to produce and distribute music-related products and services. It ought to contain details regarding any technological innovations employed in the production process, as well as any outsourcing of work or joint ventures with outside providers.
• Equipment & Instrument: Include the list of equipment and machinery required for music, such as musical instruments, sound equipment, recording equipment, etc.
• Explain how these technologies help you maintain quality standards and improve the efficiency of your business operations.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your music business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

• Founder/CEO: Mention the founders and CEO of your music company, and describe their roles and responsibilities in successfully running the business.
• Key managers: Introduce your management and key members of your team, and explain their roles and responsibilities.
• It should include, key executives(e.g. COO, CMO.), senior management, and other department managers (e.g. operations manager, music director.) involved in the music business operations, including their education, professional background, and any relevant experience in the industry.
• Organizational structure: Explain the organizational structure of your management team. Include the reporting line and decision-making hierarchy.
• Compensation plan: Describe your compensation plan for the management and staff. Include their salaries, incentives, and other benefits.
• Advisors/consultants: Mentioning advisors or consultants in your business plans adds credibility to your business idea.
• So, if you have any advisors or consultants, include them with their names and brief information consisting of roles and years of experience.

This section should describe the key personnel for your music business services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

• Profit & loss statement: Describe details such as projected revenue, operational costs, and service costs in your projected profit and loss statement. Make sure to include your business’s expected net profit or loss.
• Cash flow statement: The cash flow for the first few years of your operation should be estimated and described in this section. This may include billing invoices, payment receipts, loan payments, and any other cash flow statements.
• Balance sheet: Create a projected balance sheet documenting your music business’s assets, liabilities, and equity.
• Break-even point: Determine and mention your business’s break-even point—the point at which your business costs and revenue will be equal.
• This exercise will help you understand how much revenue you need to generate to sustain or be profitable. Financing needs: Calculate costs associated with starting a music business, and estimate your financing needs and how much capital you need to raise to operate your business. Be specific about your short-term and long-term financing requirements, such as investment capital or loans.

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

• Add a table of contents for the appendix section to help readers easily find specific information or sections.
• In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
• Provide data derived from market research, including stats about the music industry, user demographics, and industry trends.
• Include any legal documents such as permits, licenses, and contracts.
• Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your music business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

Fill-in-the-blanks and automatic financials make it easy.

This sample music business plan will provide an idea for writing a successful music plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our music business plan pdf .

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Frequently Asked Questions

Why do you need a music business plan.

A business plan is an essential tool for anyone looking to start or run a successful music business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your music company.

How to get funding for your music business?

There are several ways to get funding for your music business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your music business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your music business plan and outline your vision as you have in your mind.

What is the easiest way to write your music business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any music business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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How to Write a Business Plan for Musicians

Want a copy of ours?

Pre-Written music business plan template available! This 25-page music business plan is fully written and includes example verbiage from a musician. Use it as a template to write your own.

Creative entrepreneurs have a responsibility to themselves (and their families where applicable) to make good financial decisions for their present and their future. Whether you’re full-time, part-time, or aspiring; being financially savvy is both good for business and good for your overall morale. However, for musicians, it’s way too easy to get distracted with making music and art while neglecting other important parts of being in business like taxes , legal considerations, insurance, and finances. If you’re hoping to build a strong financial foundation for your music business, starting with a Music Business Plan is highly recommended.

Anytime an aspiring business person applies for a business loan, banks usually ask for a business plan. That’s because they want to see if you have a solid plan for making money and staying in business so they can get their money back and get a return on their investment. Likewise, if you’re hoping to achieve any amount of financial success as a musician, it’s important to start with a plan so you can make your money and get a return on your time investment.

A business plan is basically a blueprint for success. It outlines who you are, what you are, what you’re selling, who you’re selling it to, what your challenges are, how you plan to overcome them, and finally, how you plan on earning money to cover your expenses and produce a profit. Putting together a business plan for your music business forces you to ask and answer these tough questions and pave a path to success.

Your business plan should include the following sections:

Executive Summary

The executive summary is a quick synopsis of your business. It provides the who, what, and where. It’s sort of like a cover letter that you would include with a resume. It’s useful if you’re giving your business plan to someone such as a potential partner, investor, etc. It includes…

• Your stage name and location (where you’re based)
• Types of music related services and products you’ll offer (think live entertainment, sound engineering, sync licensing, songwriting, merchandise, etc.)
• Mission and vision statement briefly explaining your reasons for being a musician. If you need help putting together a mission statement for your music, check out our post, The Musician’s Guide to Creating a Meaningful Mission Statement
• The purpose of your plan (optional if you’d like to share this with others for the purposes of raising capital, support, or asking for help.)

Watch Me Walk You Through Writing Your Music Business Plan…

Customize this template and make it your own. Includes all sections that are already pre-written for a musician or band. Just plug in your information and go.

Business Description

This is an overarching description of your business and its structure. It should include…

• How your business is structured legally. Is it a corporation, a sole proprietorship, or an LLC?
• How long you’ve been in business (or why you’re doing music if you’re just starting out), a brief summary of what types of business you will engage in, and what consumer needs you plan to meet.
• A brief description of your services and/or products and who your customers/clients are.
• An overview of any growth highlights you’ve achieved since you started such as expanding your fanbase, adding team members and their achievements, or increasing earnings.
• Business goals and how you’re going to make a profit from your business endeavors.

Do you have a business plan for your music business? I just updated my plan and this next year is going to be fire!!! pic.twitter.com/J31yG04455 — The Crafty Musician (@IndieArtistsDIY) December 10, 2021

Service or Product Offerings

In this section, you’ll describe in detail what you’re offering including the various types of services you offer (live entertainment, lessons, session work, etc) as well as any products you sell such as merchandise, books, etc.

• List a description of each of your services along with its benefits.
• List a description of each of your products or product types.
• Share how you’ll stand out among fellow artists and how you’ll niche yourself, especially in your local area if you’re planning on making a splash locally.
• Any service or product expansion initiatives that you are planning in the future such as starting a band, doing larger shows at larger venues, touring expansions, etc.

Market Analysis

The Market Analysis provides a snapshot of your fanbase and how you’ll reach them. The standout portion of this section is the research you’ll do into your potential base of fans. Learning all you can in this area will help you make effective marketing and promotions decisions that save you time and money. Most importantly, it will help you build a solid following with loyal followers.

• A description of your fans or ideal fans.

Pro Tip: If you haven’t done any research or identified who your ideal fans are, check out How to Identify and Reach Your Ideal Fans here .

• A summary of music industry trends related to how you do business.
• How do people find new music?
• What types of music-related products are people buying right now ie. live entertainment, music merch, digital music, etc.
• A detailed description of similar acts in your area and how you’ll stand out.

Your Business Model

This section provides details regarding how you will make your money. It describes the nuts and bolts of your operation such as how you market your music in order to acquire new fans and how you get your fans/listeners to spend money with you. This section should include…

• An explanation of how you’ll promote your music to current fans and potential fans and how you gain exposure with your music.
• Information about your price points as it relates to each of your service offerings, products and merchandise items.
• Information about how you plan to distribute your music and make it available for people to purchase.
• A summary of your supply chain if applicable. This includes how you plan on producing your music, what professionals or studios you plan on working with, if you have a supply chain for creating your merchandise (check out my article about an easy way to create tons of merch items without having to stock an inventory here )
• An explanation of how you’ll market your services and products

The last bullet point on this list (how you’ll market your services and products) is the factor that will determine your financial growth. Each of these considerations is equally important. However, if you don’t address how you’ll market your services and products in order to earn an income, it will be very difficult to meet your financial goals. You have to be intentional about how you’ll earn your money and be willing to make these offers to your listeners, followers, and fans. In other words, simply putting your music “out there” is not enough. If you want to earn a significant income from your music endeavors, you have to start thinking like a business. This means actively engaging in sales and marketing efforts. These include…

• Hosting sales events for new merchandise items
• Promoting a special entertainment service like a singing telegram or a custom song
• Promoting your guitar lessons on your mailing list, website, and blog
• Encouraging your fans to buy your new album
• Encouraging your fans to host a house concert
• A campaign to get listeners to pre-order your upcoming release

Pro Tip: Check out our 30 Day New Release Promotions Bundle for an easy, plug-and-play way to market your upcoming release. It includes a pre-written press release, email, and pitch letter templates in addition to pre-written social media content for 30 days and more. It provides everything you need to market your upcoming release. Learn more about our 30 Day New Release Promotions Bundle here .

These are just a few examples to illustrate what actual sales and marketing initiatives look like. There are tons more ways to promote your products and services. Start paying attention to some of your favorite small businesses and how they promote their products and services. It might give you some ideas!

Organization and Management Team

This section lists who your main players are. In this section, you’ll list who facilitates the operations of your business starting with yourself at the top and then moving down the hierarchy.

• Who is the owner? Who is making high-level decisions for your business?
• Is there a management team?
• Is there a booking agent?
• Is there a PR person or team?
• Administrative professionals?
• List job responsibilities of each position.
• If you don’t have anyone currently functioning in these positions, that’s totally fine. You could choose to describe how these functions will be executed instead. For example, when you need a PR person, you’ll hire someone on a case-by-case basis. You could also use this opportunity to do a brief search for potential PR providers and list them in this section.
• You could also list potential mentors and music career coaches here as well.

Financial Outlook

This is the final section of your business plan. It describes the financial health of your music business. In this section, you’ll illustrate how your business is doing financially by providing historical financial data (if you’ve been doing business for a while) and/or financial projections for the future. When illustrating financial projections make sure it is realistic! This section includes…

• Income statements, Profit and Loss Statements , and cash flow data from the past three to five years.
• A snapshot of projected revenue and expenses for the next five years.
• A description of new potential business opportunities and how you plan to increase revenue in the future. Check out our article 18 Ways Musicians are Actually Making Money for ideas.

This section is very useful if you’re trying to apply for a business loan, business credit card, acquire investors, or show your business financials for other purposes such as taxes, insurance, rental/mortgage applications, or financial programs. It’s also great to see how you’ve done in the past and what you have to look forward to in the future.

Get the Music Business Plan Template for Musicians.

Free for members! Login or become a member below! Memberships start at just $5/month. Cancel anytime! Once you log in, you’ll see a link to the template in the exclusive members-only section below.

Preparing a business plan for your music business helps you build a solid blueprint to achieve success as a musician. It helps you create a map that will get you from starting with nothing to building your financial empire.

More Resources…

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Share your comments

Hi Anitra, great blog! I came across this article by watching your YT series on the same topic and wondered if by becoming a member, I could not only access the very helpful business plan template, but would it also include the August, Lately insert for contextual purposes? Or is the latter only accessible via your biweekly YT episodes?

Thanks Uasuf. The Music Business Plan Template that is available for members is pre-loaded will all of the August, Lately content. As of right now, the template only has the sections that have been covered in the YT series thus far. Let me know if you have any other questions and thanks for reading/watching!

I’m a member but it won’t let me access the music business plan template.

Hi Mars. I sent you a welcome email with all the information you need to access it along with all of your other perks. Did you get it?

I just had to be more patient! I’m good. You’re the best, thank you so much!

Ok great! Let me know if you have any questions or need help with anything!

Comments are closed.

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Tip Jar: How To Write A Music Business Plan

The biggest mistake artists make when it comes to procuring financing 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. Once you’ve decided that music is your business, you must set aside time 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 crowdfunding campaign.  Here are the essential elements you’ll need to begin your process of establishing a business plan:

1. Write it down (the rough draft)

Whether it’s temporarily written down on a napkin or typed in Microsoft Office, you need to get your plan from out of your head. 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.

2. Take yourself seriously

This is not a joking matter. If you don’t take yourself seriously, no one else will, so include pertinent information regarding your music business. Before you complete your plan, make sure you’ve captured the essence of your music business with the same passion you have for your music.

3. 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.

4. 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.

5. 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.

D ) Organization & Management Structure - A layout of your organizational structure. Are you an LLC, corporation or sole proprietorship? List the key team players, i.e. management, promotions, legal, accounting, etc.

E ) Marketing & Sales - How do you plan to market your music to the consumer (fans)? 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? What are your costs for manufacturing, distribution and marketing?

H ) 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.

I ) Appendix (if needed) - If you already have an existing music business, use this section to add documents such as: revenue model, resume of owners (founders), cash 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.

6. 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. 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 that visually outlines 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. Once you’ve jotted down your thoughts, use the mind map to create an outline.

7. Pulling it all together

Once you have the first draft of your business plan, put it down and walk away for a few days. After a short mental vacation, review your plan and make corrections where necessary. Make sure it is properly formatted and free of errors.

Keep in mind that your music business plan is a living document that will serve as the roadmap for your career, but it should be fluid enough to adjust to changes in the market. Visit my website http://musicbusi nessguruacademy.com/businessplantemplate and download my free Word doc Music Business Plan template.

8. Distributing your music business plan (the final draft)

Once the final draft of your business plan is ready, distribute it across your organization and discuss it. Does the plan provide the reader with the key goals of your business? If so, your business plan can be used to help you launch a crowdfunding campaign, find an investor or take on business partners.

SAHPREEM A. KING is a Multiplatinum music producer, DJ, music industry journalist and author of several music industry books, including Dude, I Can Help You! 18 Mistakes Artists Make and How To Fix Them . King has used the knowledge he acquired as an artist, producer and educator to create an online music business course that he will offer from his website http://musicbusinessguruacademy.com in early 2014. He can be contacted at [email protected] .

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Music Connection

Published since 1977, Music Connection magazine is a monthly music trade publication catering to musicians, industry pro’s, and support services. Music Connection exists to serve artists and music people, to offer connections to the unconnected and to provide exclusive information that can help our readers take their music to the next level.

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Entertainment, Recreation & Music Business Plans

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