How to Write a Business Plan For a Music Business

This is an excerpt from my post of the same title, How to Write a Business Plan For a Music Business.

How to Write a Business Plan Executive Summary

Your executive summary should be a one-two page document that introduces your reader to your business. Therefore, it should list the following details…

Mission Statement

What are your main goals in the short and long-term? You should also state what your main purpose is in your music business.

The Company History and Leadership Model

How long has each member of your band been playing their instrument? How long has the band been together? Who are your influences? Who is the band manager? Do you consider your bandmate to be the manager? Are you all equally responsible for the success of your music? Who arranges bookings, marketing, opportunities, etc? Who is the main point of contact in your band?

If you have a band, you need to state that you have a band. How long has the band been together? What is the experience of each band member? Who are the key members of your backing team? What genre of music do you play?

An Overview of Competitive Advantages

What can you do that other bands can’t? What gear do you have that delivers a greater sound and greater reliability? Do you have any particular music marketing tools and resources at your disposal?

Financial Projections

How much do you have currently? Do you have access to any further funding? What are our rates for hiring your band? Do you do anything else such as music licensing? Do you make music that is monetized by any other way? You should also detail those ways in this section.

Company Goals

What are your music ambitions for the future? Do you know what your market share is? It is a good idea to have goals of higher Spotify listenership, etc.

A note that I would also like to make here is that it takes 80,000 monthly Spotify plays to achieve the minimum wage in the United Kingdom. However, when you think about 80,000 Spotify plays, you don’t know how much money you are also making on other platforms.

It is good to have ambitions across the board. This should not only consider your number of listeners, but also your total financial income.

Are You Pitching Potential Investors with Your Business Plan?

Are you looking for investors with your plan? If so, you need to present the completed business plan to them. This will give them something to think about when considering whether or not to invest in your business.

For the full article, go to…

http://krannaken.com/2020/11/09/how-to-write-a-business-plan/