Music Industry Business Plan
No matter in what industry you are entering, you need to have a business plan. You can be manufacturing widgets, selling used cars, or producing records. You still need a long-term goal and objectives to get you there. Before you start any serious endeavor, make sure you have a music industry business plan.
An MIBP is a formal document that states the goals you wish to accomplish, the steps you will need to take to reach those goals, and the qualifications that you currently posses that will help you along the way. Without a business plan you probably won’t be able to raise any outside money to fund your music project. You might even find it hard to get a potential manager or label to take you seriously.
Music industry business plans need to be specific and concrete. It isn’t enough to say that you want to be a successful performing artist of record label. Instead you need to decide that after five years you will have captured five percent of your local market for hip hop music and have produced an average of four albums per annual. This is a concrete goal that gives you something solid to shoot for. Of course, it is all part of being successful, but it provides you with a definitive way to do that.
Writing your plan is the first step that you should take on the way to being the performer or producer you want to be.