Have any of you done a Business Plan

Q

Quality Music

Rookie
and all that for making money off your music? Do you think it'll help with regards to getting a loan from the bank for Equip purchases. I think thats the main reason to do one and to map out a detailed legend for you to follow.
 
YES!

That is the short answer to your question. But creating a business plan is one of the most important things that you can ever do. Anyone that is trying to build a business around their music and has not gotten a business plan written, is NOT serious about making a living from this industry and here is why:


1. When you create a business plan you start to outline exactly how it is that you are going to be making money.
2. You start to understand your own value and the value of your work. This is important for setting pricing.
3. Competitor analysis. If you know what others are doing well in their business you can start thinking of ways to improve it.
4. With a business plan in place, you start to understand how to provide a consistent experience for all of your clients.
5. If trying to get investors, yes, they will probably want to see how you have mapped out your business. Especially how you plan on growing.

If you don't know where to get started, look up Freelance Business Plan by Regina. That is where I started before creating an official business plan. I hope this was helpful!

Mark | MhinoProductions.com
 
Thanks for your reply. I'm not good with things of this nature so I'm thinking about seeking a professional to do this for me and pay for it
It would benefit me to be professionally done.
 
I am glad you decided to put a business plan together!

If you feel like it is not necessary to pay someone though. I know it seems like a daunting task now but the more you learn this whole other aspect of your business, then better. Never miss out on the opportunity to learn something new especially something that will benefit you in the long run!
 
Business plans are essential for all of the reasons MRhinoProductions named. It's also important to make individual project plans to stay on budget, stay on task, and keep everybody involved on the same page.<br>

alandisbrassel.com
 
Last edited:
@Quality Music, with the unavoidable ramp-up time and vapid and nuanced appetite of the consumer pool, there may be some more efficient routes than a business plan. Perhaps a better step is to inquire with all potential lenders about their history of loaning to similar businesses. They will also look for either personal investment or investment from friends and family. These may also be some of your most immediate first steps.

I hope that helps.

- Legend, Indie Music Business Blogger "Starving Artist Suggestions" Starving Artist Suggestions
 
You must log in or register to reply here.
Back
Top