Music Business Plans (Part 1)

Entrepreneurial musicians — like all business people — often find themselves in quandaries regarding their daily business operations.  If only there were a magic book to which one could refer when faced with a particular problem or new opportunity.  If only.  Unfortunately, no such book exists (believe me, I’ve looked).  Even if there were a book that could tell you how to operate your music business, it would take at least half of the fun out of running the business.  True entrepreneurs enjoy the ever-changing challenges that come with any venture, but that doesn’t mean you shouldn’t have a game plan in place at all times.

Enter the “business plan” — that intimidating sounding document that casts fear in the hearts of start-up business owners everywhere and, sadly, has created more stress for many individuals than the actual day-to-day operation of their businesses.  The good news is that, while there are certain issues that all business plans should address, there is no absolute format for a business plan.  In fact, a comprehensive and workable business plan could be jotted down on a napkin.  However, if you plan to submit your business plan to other parties for securing financing or some other purpose, I suggest that you avoid the napkin method and prepare a more professional document.

Remember that there is no one-size-fits-all business plan.  True, there are model business plans available, many of which are quite good.  But there are no perfect “off-the-rack” solutions in any business.  In my next post, I will provide additional information about business plans, including the type of information they should include.

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