Enter your email address:. I just got home from a wonderful Thanksgiving dinner with my mother, sister, brother, niece and nephew in Franklin Park, New Jersey. The roads were slick from an early snow shower that turned to freezing rain. But tonight I suddenly found the inspiration to present….
It was a bit fluffy like this one might end up and one of the MTT readers called me on it. However, I never provided a sample for two reasons. People like to copy plans instead of learning the steps or hiring a business plan writer like myself. Two, because business plans as you will see in the sample below, are confidential.
Half of my clients will make me sign a Non Disclosure Agreement and swear me to secrecy for good reason. Every time I sit down to write another music business plan I think about all of the starving artists out there who have failed to see the value in the business planning process.
There are all sorts of books out there telling people not to plan. Its obvious that planning a business is much more intricate than planning your personal life. A plan not only provides you with a framework for growth, but also takes a business plan and sample or template look at the details of your business; ones that are typically over looked without a business plan.
A CEO has to manage everything from personnel to product development and marketing to business plan and sample or template and accounting. How is one supposed to conceptualize that process in their head? The answer is clear to me. Whether you are planning to approach a bank or family member for financing or simply look at ways to improve your business, a good plan includes the five sections that follow.
Over the years I have tailored these plans to mirror the needs of the ever changing music industry. Even this plan that I business plan and sample or template presenting today is of date, just a year after I completed it.
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. Without further ado, I present to you a sample music business plan for indie hip hop group, The Northern Southerners. In the future, I see investors providing funding for well organized groups that have traction and a working business model. Any band with a good team and there business in order can benefit from doing a business plan.
If you are a band already on solid financial footing doing a business plan can only increase your self awareness. 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. Its about time someone stepped up to the plate to take advantage of the scaling of independent musicians. Like my album for instance.
I thought a May release, but it ended up being released November But the thing is is that it was my first one and I had no idea how it played out in reality. To summarize they say:. In the music industry today, which is constantly changing, I completely agree that all the components you mention for a plan should be thought about and written down, but do you think this means musicians should write several short-term plans a year or phase them out?
It probably depends on the goals of the artist. The follow up question I have to your post is taking a plan and implementing it--how does one do it? Other than doing it, what should be in place to ensure the music business plan shows success? I wanted to those those questions out for readers here, but my two business plan and sample or template answers are--A just start doing it how else does anything get doneand B incorporate metrics into the plan.
Start by reviewing your finances. Measurable goals is the name of the game. You have to know how many fans, shows, and digital downloads you need in order to become profitable.
Otherwise your plan was created in vein, business plan and sample or template. First off, it seems like the plan for Northern Southerners is basically to "do what every other aspiring band and label does.
To me, this all seems like stating the obvious. 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? It all seems very substance-free. Obviously companies need to incur some startup costs, but for a PLAN, this certainly seems to end on a bit of a cliffhanger! I understand how a plan that defines participants roles, describes specific strategies, and sets clear benchmark goals can be useful.
But this plan does none of that. 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? I would very much like to hear where I am missing the point. Thanks for reading and asking some very good questions. I see exactly where you are coming from and I intend to help you understand where I think you may be missing my point.
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. In any event, here are my arguments. It is exactly that. What is different here is that the Northern Southerners have put it on paper in order to identify the holes in it.
How can you find flaws in what you propose to do without seeing all of the details out in front of you? They have also itemized what the cost are for each basic step of the way.
Sure, most not all artists know how it goes:. 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 ? The Northern Southerners can, business plan and sample or template. Thats a perfect segment to point 1. The Northern Southerners are often asked by investors to forecast what they are likely to spend next year.
Conversely they will also have to take an educated guess about how much money they will make. Think of a business plan as a big budget, business plan and sample or template. Do you tell your banker that you are skeptical about budgeting for college, auto purchase or home loan? Why is a music business any different? How about we start with your neighborhood and say, "Who is most likely to buy my album in this town? What does my target customer look like? What do they do for fun?
Where do they hang out? Let say you come up with one market segment that is 30 year old men. What do 30 year old men do on a beautiful day like today? So you can either come business plan and sample or template with a catchy song about how Titans CB Cortland Finnegan business plan and sample or template his ass beat last week and put it out on the internet too see if it "catches", business plan and sample or template.
You can look at the City, business plan and sample or template, County and State Census records to find out exactly the number business plan and sample or template 30 year old men that live in your neck of the woods. Then you take your marketing tool s of choice and examine the industry standards on say, pay per clicks if you plan to use internet promotion, business plan and sample or template.
That is what this and any other good financial plan is based on. Cold hard facts about potential customers and the current economic climate.
Not lofty ideas and passing thoughts about how great your music is. I finally had a chance to skim through this. Your plan is a fine "friend" plan. Here are a few reasons why:. The upside you are offering is far too low for the perceived risk involved. You need to demonstrate that you are taking some of the significant risks off the table. As Justin said, the plan is lacking in substance sorry.
The music comes first; music sales, merch sales, business plan and sample or template, touring, selling stuff - these are obvious things. I want to know what you are going to do to propel yourself to the moon.
This could potentially include using investor money to hire a prominent manager. If you are going to pitch "business plan " to artists, IMHO you need to really dig into my deal documents http: If the hardest thing in the music business is putting lyrics together with a melody to create a popular song, then the second hardest thing is finding the money you need to do everything else.
Stay signed to a label that refuses, on principle, to finance PR, business plan and sample or template. Pledge support for the soldiers in Vietnam whilst presenting yourself as an alt.
Perform and record the national anthem at sunrise with feedback guitar and sexually provocative hip thrusts. Die from ingesting your own vomit after building an intense mythology about your drug-taking powers. Ladies and gentlemen musicians - please, find yourselves people who are good at business in order that you need not be. Ladies and gentlemen, gurus, advisers and conerta and weight loss - please, find yourselves some musicians who are good at music and prove your theories.
Thanks for taking the time to read and comment. I sincerely respect your judgement and expertise. The Northern Southerners came to me for a business plan to submit to a family friend that was already interested in investing, but wanted to see their business business plan and sample or template paper. This is your professional opinion. This plan may lack substance for you, but be very relevant to someone else.