✍ How to manage and write a business plan for music? 6 essential tips in music business

Aprende con estos 6 tips a formular un buen plan de negocios para una agrupación musical ✅ y hacer una muy buena gestión musical para los negocios 💼

I could start a totally new blog around the topic of preparing a business plan, but I think now it is important to refer to some main points. Writing business plans is my specialty, so I plan to return to this topic in more detail at some point in the near future.

The first two posts in my series on "How to launch an independent company", I mean the enormous amounts of study and preparation for what is to come. The next logical step is to put a basic plan on paper and make sense of everything you have recently discovered.

Download the Template to build your Business Plan

Writing a business plan may seem daunting at first, but it doesn't have to be. Even if you limit your plan to both sides of a bar napkin, that's better than having no plan at all.

The purpose is to trace your release from start to finish, so you can avoid surprises along the way. No matter how great the plan is, there will always be unexpected events. Writing a plan before starting operations will only minimize these experiences.

In general, your plan outline should include the following: Business Summary, Product and Service Summary, Market Analysis, Marketing Programs, Management Summary, and a Financial Plan. Below is an overview of each of these topics:

Aprende con estos 6 tips a formular un buen plan de negocios para una agrupación musical ✅ y hacer una muy buena gestión musical para los negocios 💼

1. Company Summary:

This section should discuss how your business is formed, whether with a sole proprietorship, partnership, C or S Corp. or an LLC. The idea is to give an idea of ​​who is involved in your launch and how each of you will share in the benefits.

▷ 2. Products and Services:

Briefly describe what you are going to sell. In this climate some things are almost impossible, but I'm sure your market research has taught you that. Typical products and services should include digital downloads, merchandise, live shows, song licenses, and the physical part of the CDs.

▷ 3. Marketing Analysis:

As painful as it may sound, putting the state of the music industry on paper will help you. Be as sincere as possible. Explain that the only way to survive this recession in the music business is for you to come up with something new and improved. Your last challenge is to turn this negative into a positive. I hope your project proves it.

▷ 4. Marketing Programs:

Take some time in this section. Marketing is the act of awareness. If nobody knows, nobody buys. That said, much of your budget will go into a variety of marketing tactics that will make you more visible on the radio, in the press, live events, stores, and the Internet.

▷ 5. Management Summary:

This section is the perfect place to delegate responsibilities to everyone on your team; members of your band, peers, web designer, publicist, and others on your team. It is important to plan what to do before executing your plan. This way it is much easier to know who is responsible for the tasks to be executed.

▷ 6. Financial Plan:

This is where you put your money. Once you determine what you want to sell, you have to put money into marketing these products. You also need to dig into the ways you will get this money. Once all of these ideas have been put on paper, you will feel much more confident about what your project can or cannot accomplish.

Download the Template to build your Business Plan