music management company business plan

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A full set of resources to accompany this feature can be downloaded for free here. Calling all English teachers: does this sound familiar? As structure gcse english lit essay go through extracts in the last lesson on Friday afternoon, you ask carefully crafted questions, and note with satisfaction how students shoot their hands up in a flash, like Barry Allen on the run. Later, back at home, you mark them. What went wrong?

Music management company business plan write a blog about yourself

Music management company business plan

Studio time, engineering talent, transportation, legal fee, copyrights and trademarks are all important considerations when projecting your budget. Social media outlets provide analytical tools to help you track these metrics. They can also help you pinpoint the demographics of your audience. Establishing your key performance indicators KPIs can help you set the standards by which you will gauge your success. As we mentioned above, once you have all of these areas covered, you can then condense the information each section contains to create your executive summary.

Success in the music industry takes a lot of work and a little luck, but you can stack the deck in your favor by building multiple income streams. Revisit your strengths and opportunities and start brainstorming ideas. Give music lessons. Giving music lessons can be a great way to add some extra recurring income.

Start a YouTube channel. With over 2 billion active users, YouTube might just be your biggest source of untapped attention and potential. You could upload instructional videos or footage of yourself performing. And if the right person sees your content, it could open the doors to even greater opportunities. Explore the marketing world. If composition is your thing, you might be overlooking a potentially huge money-maker—marketing and advertising.

Brands are in constant need of good video content to market their products, and those videos need music to truly capture attention. Open your own studio. If you have the capital to invest and live in an area underserved by recording studios, you might want to consider opening your own. Explore session work. Session work is an effective way to boost your income, make new connections and get your name out there as a legit professional.

If an artist is truly enamoured with your work, they could invite you to join them on tour. Another important consideration in your music business plan is protecting your livelihood from the consequences of unintentional accidents.

General liability insurance is key to helping you stay focused on your business. Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state. It's not every other newsletter. It's every other week, four minutes long, and just for small businesses. Get the Thimble App and experience the total flexibility of your policy anywhere, anytime, in an instant.

Get a Quote My Account. What We Cover. Log In Get a quote My Account. By Min Kang April 19, Why you need a music business plan Where to start The main components of a music business plan The importance of multiple income streams. Share to:. Subscribe to Greenlight by Thimble.

Ask yourself: Who is my audience? What is my ultimate goal? Why do I want to do this? Executive Summary: The executive summary is a one-page synopsis of your plan. Finances: Get a full account of your current cash flow situation. Summarizing your music business plan As we mentioned above, once you have all of these areas covered, you can then condense the information each section contains to create your executive summary.

The importance of multiple income streams Success in the music industry takes a lot of work and a little luck, but you can stack the deck in your favor by building multiple income streams. Management Mt. Hood Records has been founded and will be run by Hillary MacQuilliams. Hillary is a veteran of the music industry. Immediately after college Hillary went on tour with her own band South.

To support this month-long regional tour, Hillary and the band started their own record label to release a studio CD for themselves. Hillary recognizes that this experience was not an earnest attempt to make a record label work. It was more of a novelty to have started a label and released their own CD.

After the tour the band broke up and Hillary enrolled into law school. At graduation, law jobs were extremely difficult to come by. After no luck in her job search, Hillary began to consider something in the music industry because of her passion for music. She began doing research and developed a business model that could, in the long term, be sustainable by developing a local, exclusive record label.

This was the beginning of Mt. Hood Records. Hood Records exists as a locally based record label whose mission is to promote local music groups, increasing live appearances and record sales. Hood Records has been established to promote its bands and at the same time make a fair profit.

Your business plan can look as polished and professional as this sample plan. It's fast and easy, with LivePlan. Don't bother with copy and paste. Get this complete sample business plan as a free text document. Download for free. Hood Records Executive Summary executive summary is a brief introduction to your business plan. It describes your business, the problem that it solves, your target market, and financial highlights.

Sign at least five groups within the first three years. Reach profitability within three years. Do not sign up too many bands, otherwise the effectiveness of promotion will be diluted.

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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. Thanks again Justin.

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 closer 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 distribution 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 am 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. Nice piece Kevin. In the future, I see investors providing funding for well organized groups that have traction and a working business model. Terry McBride's Nettrwerk Group started a joint venture fund called Polyphonic where his company's intent is to invest in artists that are in a place where they could grow with the help of outside funding.

Any band with a good team and there business in order can benefit from doing a business plan. Doing one properly provides any band's music business with an excellent road map for future growth. 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.

Thanks Dave. Polyphonic looks interesting. Its about time someone stepped up to the plate to take advantage of the scaling of independent musicians. I'll have to do some research on them myself. Hey Kevin, not sure you'll remember me, but we connected back in the spring and we talked on the phone briefly about my music business plan. I'll say for the most part, the majority of what I planned for or more so my goals got accomplished and I'm moving on to rehashing out things for that I simply did not get to this year.

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. I read a good book recently, "Rework", that had an interesting chapter on plans--thought I'd see what your reaction was.

To summarize they say:. I've experienced these realities in my past life helping non-profits write strategic plans and seen the plan utterly fall apart or not even used for numerous reasons. 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 quick answers are--A just start doing it how else does anything get done , and B incorporate metrics into the plan.

Brian Franke www. Start by reviewing your finances. If you don't have the money to record, market, distribute and promote you cannot proceed. 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. Kevin, I'm glad the topic of music business plans has come up, because I've been trying to wrap my head around them for a while. After reading over your post and the provided documents, I'm still very skeptical about their practicality. I don't intend to come off as a jerk - its hard to ask critical questions online without sounding like one. 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. I don't understand how this constitutes a guiding plan. 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. Then there's the finance page Obviously companies need to incur some startup costs, but for a PLAN, this certainly seems to end on a bit of a cliffhanger!

Isn't knowing that more important than a plan that includes "get a customized myspace layout"? I guess I just don't see how "spend money on a publicist and promoter" equals a marketing plan. 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?

It seems to me like things either catch heat, or they don't, and it usually comes down to who is able to work their media connections best and get the most exposure. I'm really not trying to tear this post down, I've just been told time and time again about the importance of business plans in music only to see a laundry list of very basic promotional activities, combined with seemingly imaginary financial projections.

I would very much like to hear where I am missing the point. Thanks for reading and asking some very good questions. BTW you don't come off as a jerk. 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.

I'm a huge skeptic myself and further more I've never been known for blowing smoke when it comes to the music business. Independents should protect their right to call, bullshit, so I'm glad you were man enough to do so.

In any event, here are my arguments. Point 1: First off, it seems like the plan for Northern Southerners is basically to "do what every other aspiring band and label does. You're correct. 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. Point 2: 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? 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. Do you tell your banker that you are skeptical about budgeting for college, auto purchase or home loan? That you don't see the value in planning for those types of expediters? Why is a music business any different? If you say, because its "too hard" and it "either catches or it doesn't", makes me think that it is even more important to plan.

Not less. Music is emotional, I know, but businesses aren't. Remember, I didn't make these rules, I'm just presenting a way to bridge the two truths. 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? Watch football. So you can either come up with a catchy song about how Titans CB Cortland Finnegan got his ass beat last week and put it out on the internet too see if it "catches".

You can look at the City, County and State Census records to find out exactly the number of 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.

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. Look I'm not going to elaborate any further in this comment, but please feel free to ask more question here, via email, twitter or phone.

I'll leave all of my contact info at the bottom of the post. I finally had a chance to skim through this. As someone that has invested in, written and consumed my fair share of plans, here's my feedback:. Your plan is a fine "friend" plan.

It's a plan that close friends with money to burn in a wood stove might invest in. However, I don't believe this is the type of plan anyone could sensibly shop to strangers as investors. 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, touring, selling stuff - these are obvious things. I want to know what you are going to do to propel yourself to the moon. What's the unique, unusual, inventive, off-the-charts thing strategy that you are going to employ that's going to put you on the map and keep you on the map? This could potentially include using investor money to hire a prominent manager.

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. New Order: choose the worst singer to not only sing but also write the lyrics some of which are literally made-up gibberish. Stay signed to a label that refuses, on principle, to finance PR.

Invest the majority of any money made in a nightclub that loses money hand-over-fist and don't buy the building it's in, just spend hundreds of thousands of pounds on its refurbishment. Name yourselves after Hitler's own term for the Nazi party. Jimi Hendrix: restart your career as a black, psychedelic rock star in another country where black people are still a novelty, by supporting Gene Pitney and Engelbert Humperdinck, then return to your country of birth and try to start your new career there by supporting the Monkees.

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. Now, if you'd asked the managers, the story would have an ever-so slightly different slant, right? 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 marketeers - 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 on paper.

Don't be sorry. This is your professional opinion. Granted, everyone isn't at the same level as you are. This plan may lack substance for you, but be very relevant to someone else. First of all I'd like you to understand that I'm not pitching Lord knows I have enough work to do.

I'm simply sharing what I know with the people who have asked. Please remember that this plan is a sample. Not the end all be all or a guaranteed road to success. Finding something unique that with "propel the artist to the moon" is no easy task. No one has found that thing from my knowledge.

Not sure why I'm expected to include this in the plan. In any event, the Northern Southerners 'thing" was the fact that they were able to clear a Bruce Springsteen sample for their lead single. It contains the same templates and information you see here, but with additional guidance to help you develop the perfect plan.

Heavy Metal Praise Records will focus only on recording Christian Heavy Metal performers, promoting their success in the popular mainstream of Punk and Ska music. Hood Records is a start-up home business that aims to become Portland's premier regional recording label. They will represent and promote local bands, produce, and distribute and retail music CDs.

Market Plaza Showplace is a start-up company that restores an old theater as a new music performance venue. Music West sells and leases musical instruments and accessories to the Albuquerque community. They focus on skilled staff and a wide selection to draw customers.

Gamehenge Tapers Co-op is a nonprofit hobby recording cooperative supplying wholesale products, and trading services to its members. Edgar Risk Ventures, Ltd.

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Revisit your strengths and opportunities and start brainstorming ideas. Give music lessons. Giving music lessons can be a great way to add some extra recurring income. Start a YouTube channel. With over 2 billion active users, YouTube might just be your biggest source of untapped attention and potential.

You could upload instructional videos or footage of yourself performing. And if the right person sees your content, it could open the doors to even greater opportunities. Explore the marketing world. If composition is your thing, you might be overlooking a potentially huge money-maker—marketing and advertising.

Brands are in constant need of good video content to market their products, and those videos need music to truly capture attention. Open your own studio. If you have the capital to invest and live in an area underserved by recording studios, you might want to consider opening your own. Explore session work. Session work is an effective way to boost your income, make new connections and get your name out there as a legit professional.

If an artist is truly enamoured with your work, they could invite you to join them on tour. Another important consideration in your music business plan is protecting your livelihood from the consequences of unintentional accidents. General liability insurance is key to helping you stay focused on your business. Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.

It's not every other newsletter. It's every other week, four minutes long, and just for small businesses. Get the Thimble App and experience the total flexibility of your policy anywhere, anytime, in an instant. Get a Quote My Account. What We Cover. Log In Get a quote My Account. By Min Kang April 19, Why you need a music business plan Where to start The main components of a music business plan The importance of multiple income streams. Share to:.

Subscribe to Greenlight by Thimble. Ask yourself: Who is my audience? What is my ultimate goal? Why do I want to do this? Executive Summary: The executive summary is a one-page synopsis of your plan. Finances: Get a full account of your current cash flow situation.

Summarizing your music business plan As we mentioned above, once you have all of these areas covered, you can then condense the information each section contains to create your executive summary. The importance of multiple income streams Success in the music industry takes a lot of work and a little luck, but you can stack the deck in your favor by building multiple income streams.

Source: Hootsuite. October 31, Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Related Articles Trade show booth ideas. Catering license requirements. Event planning checklist. Get Greenlight in your inbox. The business operates to promote several Portland based bands, all with the common element of improvisation.

Industry Analysis The retail record industry is dominated by a few large corporations. Most labels take the shot gun approach to sales. They sign up lots of different bands and hope a few make it big. On the bands that are a commercial success, there are huge windfalls of profit to be made by the record corporations.

The Indie labels are similar, however, they are a bit more selective and do not always go for the most commercially viable bands. Products and Services Mt. Hood Records is a Portland based record label for a select group of Portland based bands. Hood Records has adopted the business philosophy that for long term sustainable growth it will be more successful for the label to sign up just a few bands and promote them equally than to sign up a bunch and hope one is a commercial success, enough to float the rest of the bands.

This approach is quite appealing to a few bands. It provides the bands with the intimate and specialized focus of the label. The bands recognizes that fact that this label will be working hard to promote just a few bands, and that they will not be lost in the shuffle. The Business Model In order for this record label to succeed, a lot of sweat equity will be required will little to no revenue stream for the first year.

For many businesses this is quite difficult to swallow. For Mt. Hood Records it helps that these realistic expectations have been established up front, and will not be an unwelcome future surprise. Additionally, the investors friends and family are aware of these parameters and have given their blessing. It will take a lot of work to pull this off, but with reasonable expectation up front and the right management to execute on the business model, it will happen. Management Mt.

Hood Records has been founded and will be run by Hillary MacQuilliams. Hillary is a veteran of the music industry. Immediately after college Hillary went on tour with her own band South. To support this month-long regional tour, Hillary and the band started their own record label to release a studio CD for themselves.

Hillary recognizes that this experience was not an earnest attempt to make a record label work. It was more of a novelty to have started a label and released their own CD.

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