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Producing A Music Business Plan

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on 23 October 2013

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Transcript of Producing A Music Business Plan

Producing A Music Business Plan
What makes up a business plan?
Your business plan should include the following things:

A summary of the whole plan
Description of your label/company/artist
Product description (Artist/Live Show/EP/Album etc)
Marketing Plan
Organization description
Financial Plan

1: Summary
What is the Idea?

What are the financial requirements?

Previous success stories

Legal info
2. Description of your label/company/artist
Be able to explain:
What goals you plan to achieve
How you plan to reach your goals
How you can specifically measure your level of success

What is it exactly you are planning to sell?

How do you plan to make a profit?
Map to your goal
Creates concrete strategies from foggy notions
Creates space to work and get things done
Identifies pressure points and potential weaknesses
Creates priorities
Removes the guesswork from budgeting
Allows for meaningful revision and review (for your next project)
After I read your summary I should clearly understand:

Who you are
What you are selling
What you want
What you want to achieve
3: The Product
Discuss your product/offer in detail. What is it that the consumer will buy?
Identify what revenue streams you are planning to have (online, radio, merch, brand partnerships, remixes etc.)
What is your competitive advantage and why do you think this will make your product succeed?

4: Marketing Plan
What is your market? Who are they? What is the current climate?
What are the features & benefits of your product and what will they do for your customers?

Market Research:
Product - how does it meet or create consumer need?
Price - is it low enough for your consumers but high enough to make a profit?
Place - where will it be sold? (Online? Physical?)
Promotion - What is the advertising and publicity strategy?
Include a specific and measurable section of how you will reach your projected goals.
e.g. How many live shows will your artist have to do to break even?
5: Organisation Description
List the members of your team and what their role is.
What must they do to achieve your desired goal?
What are their specific duties and how can it be monitored and measured?
5: Financial Plan
What budget each department is entitled to?
Includes a forecast of the best & worst case scenarios of potential sales.
It should include how much and where do you expect to receive income (which revenue stream?)
Clearly identified where your 'breakeven point' is.
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