Musician Business Plan

Musician Business Plan-47
If you want to start a Music business or expand your current Music, you need a business plan.

If you want to start a Music business or expand your current Music, you need a business plan.

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Many artists follow the average value when selling a product, while some are delusional about the product’s value.

Others, especially road musicians and comics, start to take what they can get for a multiple item sale after a show.

Set yourself up so you love your business, and pay yourself a fair wage so you won’t want to quit.

With modern technologies, most artists can start with little overhead.

Are you getting paid enough to pay your bills, save money, and have a vacation?

Just because your company is profitable does not mean it can support you; if you want to be supported by your art, make sure your salary and life is figured into the business plan.This is where knowing the limits from your business plan, which was well-researched, will help you to live under normal business conditions, and hence be able to sustain your art as a living. To sell a CD after a show for is normal, while asking for makes it much less probable for point-of-purchase sales as your audience walks out the door.Setting up a profitable studio arrangement, or producing your music at home will allow you to keep costs low, hence passing on the savings.Starting as an indie artist myself, I worked hard, had some luck, and my accomplishments led to me serving as a consultant to many successful entertainment artists and companies.While doing so, I found a lot of repetitive issues.A passion project will be contagious for everyone that is exposed to that passion, but at some point, if you want to make a living doing your art, you must work it like a business.Start by writing down a mission statement that will remind you about the passion you want to share, and help others to align to your cause.Having a business plan in place will also help you to focus on your day-to-day operations and what you need to do to make money living that passion, and sustaining it.Be able to calculate your expenses, know how much to sell to cover your costs, and make sure your mark-up is normal.If this is going to be your job, you need to pay for life as well.Factor in your day-to-day living expenses and savings so you know how much it will cost to be profitable from your business.


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