7 Steps to Create Your Own Music Business Plan

Submitted By: Joe Brighter

Today (it's been like that for a while, actually) the music business has more to do with the business aspect than with the music itself. That is why the big record labels always prepare a solid MUSIC BUSINESS PLAN for every project. With many, many, thousands of dollars at stake, they can't afford failure. And the same goes for your unsigned band!

A business plan should also help you create a sizable fan base, a big point in your favor when seeking to get your band signed. The following MUSIC BUSINESS PLAN EXAMPLE lists all the considerations you should make, from inception to delivery, in order to promote your band. A word of caution (intended as encouragement, actually): do not let the “scholarly” presentation of the steps make you back off this reading!

I. EXPLORE YOUR MUSIC IDEA.

Identify all the concepts of the product you want to offer: your music, the characters that make your band, the looks, your strengths and weaknesses, etc. (don't write off anything at this time, it's what they call a brainstorm).

II. IDENTIFY YOUR DESIRED AUDIENCE.

Figure out a detailed profile of your would-be audience: their sex, age, economic power, values, behavior.

III. REFINE YOUR PRODUCT.

With all the knowledge gathered from the previous item you should be able to answer the question "What does this audience needs or wants?". And now you can tailor your music idea from item I above, to fit the needs and wants of your target audience.

IV. DETERMINE YOUR PRICE.

You know what you've got, you know what they want, you know where you are. Without overstating your unsigned status --but being objectively aware of it--, establish your pricing strategy. Knowing what other unsigned bands charge would allow you to adjust your target income realistically.

V. DEFINE YOUR PROMOTION STRATEGY.

Determine if you would be promoting your music product all by yourself (through the web or offline channels) or by means of an independent label. Setting up a website for your band and using social media (Facebook, Twitter and the like) offer endless possibilities to your efforts!

VI. DEVELOP YOUR MARKETING AND SALES STRATEGY.

Get the most out of your website: study the ones from other bands to identify features you would like to have on your own site; apply proven techniques to bring in as much traffic as possible to your site, either from the web itself or from offline efforts; make your site interactive by setting up polls, competitions, encouraging discussion or even try to sell your own merchandise. Collect the data from those who visit your site (their names and email addresses, at least) so you can use it for future promotions you come up with.

VII. REACH OUT TO THE MEDIA.

Finally, identify the members of the press that would be interested in your music idea and that you know that can influence the music community; prepare a demo or have it made for you, listing your major accomplishments, telling your story and present them with a few of your songs or teasers of them. Make your band be heard!

Complete your plan per these seven steps and you will be setting your unsigned band on high gear toward a record deal!

Published At: Isnare.com