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Music Business Plan Template

music business plan

Over the past 20+ years, we have helped over 5,000 entrepreneurs and business owners create business plans to start and grow their music businesses. On this page, we will first give you some background information with regards to the importance of business planning. We will then go through a music business plan template step-by-step so you can create your plan today.

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What Is a Music Business Plan?

A music business plan provides a snapshot of your music business as it stands today, and lays out your growth plan for the next five years. It explains your business goals and your strategy for reaching them. It also includes market research to support your plans.

Why You Need a Music Business Plan

If you’re looking to start a music business or grow your existing business you need a music business plan. A business plan will help you attract investors and raise money, if needed, and plan out the growth of your music business in order to improve your chances of success. Your music business plan is a living document that should be updated annually as your company grows and changes.

Source of Funding for Music Businesses

With regards to funding, the main sources of funding for a music business are bank loans and angel investors. With regards to bank loans, banks will want to review your music business plan and gain confidence that you will be able to repay your loan and interest. To acquire this confidence, the loan officer will not only want to confirm that your financials are reasonable, but they will want to see a professional music business plan. Such a plan will give them the confidence that you can successfully and professionally operate a music business.

The second most common form of funding for a music business is angel investors. Angel investors are wealthy individuals who will write you a check. They will either take equity in return for their funding or, like a bank, they will give you a loan. Venture capitalists will not fund a music business.

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How to write a music business plan.

Your music business plan should include 10 sections as follows:

Executive Summary

Your executive summary provides an introduction to your music business plan, but it is normally the last section you write because it provides a summary of each key section of your plan.

The goal of your executive summary is to quickly engage the reader. Explain to them the type of music business you are operating and the status; for example, are you a startup, do you have a music business that you would like to grow, or are you operating a chain of music businesses?

Next, provide an overview of each of the subsequent sections of your plan. For example, give a brief overview of the industry. Discuss the type of music business you are operating. Detail your direct competitors. Give an overview of your target audience. Provide a snapshot of your marketing plan. Identify the key members of your team, and offer an overview of your financial plan.

Company Analysis

In your company analysis, you will detail the type of music business you are operating.

For example, you might operate one of the following types:

  • Recorded Music – This type of music business sells music that has been recorded in a studio.
  • Music Licensing – This type of music business licenses music for films, TV shows, video games, advertisements, online videos, etc.
  • Live Music – This type of music business sells tickets to live concerts and tours. They might also operate a school that teaches people how to become successful musicians, or they might sell memorabilia such as T-shirts and posters.
  • Music Publishing – This type of music business is in the rights business; they represent songwriters. If someone wants to use a song by a songwriter that is represented by the music publishing company, they need to get permission and then pay a royalty.
  • Music Production – This type of music business provides a service for musicians and recording artists. They might produce and record an album and then provide marketing services such as radio promotion and public relations.
  • Music Business Consulting – This type of business is in the business of providing advice to musicians on how to become successful. For example, they may offer consulting on how to promote your music and how to book gigs.
  • Music Artist – This type of business operates as an individual musician or music group. For example, they might be solo artists, bands looking for a record deal, or groups of musicians hoping to become successful together.
  • Music Education – This type of music business offers music lessons, either in-person or online.
  • Retail Music Store – This type of music business sells instruments, sheet music, and other music-related items.

In addition to explaining the type of music business you operate, the Company Analysis section of your business plan needs to provide background on the business.

Include answers to questions such as:

  • When and why did you start the business?
  • What milestones have you achieved to date? Milestones could include sales goals you’ve reached, new store openings, etc.
  • Your legal structure. Are you incorporated as an S-Corp? An LLC? A sole proprietorship? Explain your legal structure here.

Industry Analysis

In your industry analysis, you need to provide an overview of the music business.

While this may seem unnecessary, it serves multiple purposes.

First, researching the industry educates you. It helps you understand the market in which you are operating.

Secondly, market research can improve your strategy particularly if your research identifies market trends. For example, if there was a trend towards more people purchasing music online, you may want to focus your marketing efforts on digital platforms.

The third reason for market research is to prove to readers that you are an expert in your industry. By conducting the research and presenting it in your plan, you achieve just that.

The following questions should be answered in the industry analysis section of your music business plan:

  • How big is the music business (in dollars)?
  • Is the market declining or increasing?
  • Who are the key competitors in the market?
  • Who are the key suppliers in the market?
  • What trends are affecting the industry?
  • What is the industry’s growth forecast over the next 5 – 10 years?
  • What is the relevant market size? That is, how big is the potential market for your music business. You can extrapolate such a figure by assessing the size of the market in the entire country and then applying that figure to your local population.

Customer Analysis

The customer analysis section of your music business plan must detail the customers you serve and/or expect to serve.

The following are examples of customer segments for a retail music store:

  • Adult beginning guitar players
  • Teenage/college-aged students who want to learn how to play the electric guitar and will commit time and money to do so
  • Middle-aged adults who want to learn how to play acoustic guitars for their own enjoyment
  • Vintage guitar enthusiasts who are looking for specific instruments that are considered rare or valuable.

The following are examples of customer segments for a music education business:

  • Parents who want their children to have a well-rounded education and believe that music is an important part of that
  • Children who want to learn to play an instrument because they enjoy music
  • Adults who want to improve their skills at playing an instrument they already know how to play

As you can imagine, the customer segment(s) you choose will greatly depend on the type of music business you are operating. Clearly, baby boomers would want a different atmosphere, pricing, and product options, and would respond to different marketing promotions than millennials.

Try to break out your target customers in terms of their demographic and psychographic profiles. With regards to demographics, including a discussion of the ages, genders, locations, and income levels of the customers you seek to serve. 

Psychographic profiles explain the wants and needs of your target customers. The more you can understand and define these needs, the better you will do in attracting and retaining your customers or clients.

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Competitive Analysis

Your competitive analysis should identify the indirect and direct competitors your business faces and then focus on the latter.

Direct competitors are other music businesses within the same niche.

Indirect competitors are other options that customers have to purchase from that aren’t direct competitors. This includes physical stores, online stores, and even locally owned retail shops that sell instruments.

Here are some examples of indirect competitors within the music education niche: 

  • Local music store selling instruments
  • Online retailer selling musical instruments
  • The public school system offering a music program to students in grades K-12 or college offering a music ed program as a minor.

You need to mention such competition to show you understand that not everyone in the market is your direct competitor. Furthermore, including a SWOT analysis of your business in this section will demonstrate how you plan to compete against them.

For each such competitor, provide an overview of their businesses and document their strengths and weaknesses. Unless you once worked at your competitors’ businesses, it will be impossible to know everything about them. But you should be able to find out key things about them such as:

  • What types of customers do they serve?
  • What products/services do they offer?
  • What is their pricing (premium, low, etc.)?
  • What are they good at?
  • What are their weaknesses?

With regards to the last two questions, think about your answers from the customers’ perspective. And don’t be afraid to reach out to customers of your competitors and ask them what they like most and least about them.

The final part of your competitive analysis section is to document your areas of competitive advantage. For example:

  • Will you provide superior services?
  • Will you provide amenities that your competitors don’t offer?
  • Will you make it easier or faster for customers to book your own studio?
  • Will you provide better customer service?
  • Will you offer better pricing?

Think about ways you will outperform your competition and document them in this section of your plan.

Marketing Plan

Traditionally, a marketing plan includes the four P’s: Product, Price, Place, and Promotion. For a music business plan, your marketing strategy and plan should include the following:

Product : in the product section, you should reiterate the type of music that you documented in your Company Analysis. Then, detail the specific products you will be offering. For example, in addition to selling instruments, you may also offer music lessons, CD recordings of the lessons, and other merchandise related to your business.

Price : Document the prices you will offer and how they compare to your competitors. Essentially in the product and price sub-sections, you are presenting the options you offer and their prices.

Place : Place refers to the location of your music business. Document your location and mention how the location will impact your success. For example, is your music business located in a commercial district with a lot of foot traffic? If not, will you offer delivery or online sales?

Promotions : the final part of your marketing plan is the promotions section. Here you will document how you will drive customers to your location(s). The following are some promotional methods you might consider:

  • Advertising in local papers and magazines
  • Reaching out to local bloggers and websites
  • Partnerships with local organizations (e.g., partner with vendors to provide recording packages at a discount over a la carte services)
  • Local radio stations advertising
  • Banner ads at local music venues
  • Social media advertising

Operations Plan

While the earlier sections of your music business plan explained your goals, your operations plan describes how you will meet them. Your operations plan should have two distinct sections as follows.

Everyday short-term processes include all of the tasks involved in running your music business such as serving customers, cleaning, ordering supplies, and so on. This section should list the specific tasks that will need to be completed each day and who will be responsible for them.

Long-term goals are the milestones you hope to achieve. These could include the dates when you expect to serve your 25th customer, or when you hope to reach $X in sales. It could also be when you expect to hire your Xth employee or launch a new location.

Management Team

To demonstrate your music company’s ability to succeed as a business, a strong management team is essential. Highlight your key players’ backgrounds, emphasizing those skills and experiences that prove their ability to grow a music business.

Ideally, you and/or your team members have direct experience in the music business. If so, highlight this experience and expertise. But also highlight any experience that you think will help your business succeed.

If your team is lacking, consider assembling an advisory board. An advisory board would include 2 to 8 individuals who would act as mentors to your business. They would help answer questions and provide strategic guidance. If needed, look for advisory board members with experience in music and/or successfully running small businesses.

Financial Plan

Your financial plan should include your 5-year financial statement broken out both monthly or quarterly for the first year and then annually. Your financial statements include your income statement, balance sheet, and cash flow statements.

Income Statement : an income statement is more commonly called a Profit and Loss statement or P&L. It shows your revenues and then subtracts your costs to show whether you turned a profit or not.

In developing your income statement, you need to devise assumptions. For example, how many customers will you serve? How much does it cost to provide your service/product? As you can imagine, your choice of assumptions will greatly impact the financial forecasts for your business. As much as possible, conduct research to try to root your assumptions in reality.

Balance Sheets : While balance sheets include much information, to simplify them to the key items you need to know about, balance sheets show your assets and liabilities. For instance, if you spend $100,000 on building out your recording studio, that will not give you immediate profits. Rather it is an asset that will hopefully help you generate profits for years to come. Likewise, if a bank writes you a check for $100.000, you don’t need to pay it back immediately. Rather, that is a liability you will pay back over time.

Cash Flow Statement : Your cash flow statement will help determine how much money you need to start or grow your music business, and make sure you never run out of money. What most entrepreneurs and business owners don’t realize is that you can turn a profit but run out of money and go bankrupt.

In developing your Income Statement and Balance Sheets be sure to include several of the key costs needed in starting or growing a music business:

  • Location build-out including design fees, construction, etc.
  • Cost of equipment like studio gear, instruments, amps, inventory, etc.
  • Payroll or salaries paid to staff
  • Business insurance
  • Taxes and permits
  • Legal expenses

Attach your full financial projections in the appendix of your plan along with any supporting documents that make your plan more compelling. For example, you might include your studio design blueprint or location lease.

Music Business Plan Summary

Putting together a business plan for your music business is a worthwhile endeavor. If you follow the template above, by the time you are done, you will truly be an expert. You will really understand the music business, your competition, and your potential customers. You will have developed a marketing plan and will really understand what it takes to launch and grow a successful music business.

Music Business Plan FAQs

What is the easiest way to complete my music industry business plan.

Growthink's Ultimate Business Plan Template allows you to quickly and easily complete your Music Industry Business Plan.

What is the Goal of a Business Plan's Executive Summary?

The goal of your Executive Summary is to quickly engage the reader. Explain to them the type of music business you are operating and the status; for example, are you a startup, do you have a music business that you would like to grow, or are you operating a chain of music businesses?

How Can I Generate Multiple Income Streams In My Music Business?

Whether you are a band, artist manager, recording producer, record label, or music store, if you can learn how to take the best advantage of both live and recorded revenue streams, you may be able to beat competitors at the music game. Your music business plan should describe your strategy of utilizing these two sides of the music industry.

Live concert tickets can be sold for hundreds of dollars for popular groups, while up-and-comers may need to play for just tips at bars and small venues. However, there is a place for every type of musician on this spectrum, and almost all musicians maintain a live performance schedule even as they become successful recording artists. Live concerts offer an opportunity for the group or artist’s music to be exposed to new audiences in a visceral way, sometimes driving direct sales of CDs at the concert itself, and leading to word-of-mouth inspired sales down the road.

Live concerts can be a significant revenue stream for a successful music artist, but they must play at venues large enough to cover the fixed costs of production (marketing, ticket sales, equipment rental, and set-up, travel, wages, and venue rental) leaving a net profit. If venues are too small and cost too high, concerts may have to be considered just a promotion method for other revenue streams, like recording sales.

Recorded Music

The sales of CDs or mp3s of the group or artist’s music, on the other hand, leave much more potential for huge returns. The profitability of selling recorded music increases significantly as the number of CDs or mp3s increases, as the cost of producing and selling each additional CD (and especially mp3s) approaches zero. Recordings can also help promote concert sales to a certain extent, through the release of singles and promo CDs. This can be through giveaways and through radio promotion of those songs.

If each revenue stream is significant on its own and also reinforces the other, you can build an extremely profitable business over time.

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Music Business Plan Template

Written by Dave Lavinsky

Music Business Plan

You’ve come to the right place to create your music business plan.

We have helped over 1,000 entrepreneurs and business owners create business plans and many have used them to start or grow their music businesses.

Below is a template to help you create each section of your Music business plan.

Executive Summary

Business overview.

Musicians First Studio is a startup music company located in Nashville, Tennessee. The company is founded by Michael Smith, an experienced musician who has gained valuable knowledge on how to manage a music business during the past ten years while working at My Music Production & Management, another local music company. Now that Michael has experienced managing a music company, he is ready to start his own business, Musicians First Studio. Michael is confident that his skills as a musician, combined with his understanding of business management, will enable him to run a profitable music company of his own. Michael is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a music studio – sales and marketing, production, artist management, music instruction, financial reporting, studio equipment maintenance, and client relations.

Musicians First Studio will provide a full suite of music production, management, and instruction services for both novice and professional musicians in the Nashville area. Musicians First will be the go-to music studio in Nashville for its client-focused services and dedicated professionals who are experienced in all aspects of the music industry. The company will be the ultimate choice for the needs of aspiring and professional musicians.

Product Offering

The following are the services that Musicians First Studio will provide:

  • Artist Management
  • Music Recording, Production, & Post-Production
  • Private Music Lessons & Group Classes
  • Venue Booking & Live Event Management
  • PR & Marketing for New Artists

Customer Focus

Musicians First Studio will target new and experienced musicians in Nashville who are looking for professional production, management, or marketing services. The company will also target aspiring musicians and children looking for music lessons taught by industry veterans. No matter the customer, Musicians First Studio will deliver the best communication, service, and professionalism.

Management Team

Musicians First Studio will be owned and operated by Michael Smith. Michael is a graduate of Tennessee University with a degree in music. He has over ten years of experience working as a manager for another local music studio. Michael will be the company’s chief executive officer. He will oversee the recording/production process, music equipment, and studio staff’s activities.

Michael has recruited his former administrative assistant, Jessica Garcia, to be the company’s chief operating officer and help oversee the studio’s operations. Jessica will handle the day-to-day operations, including budgeting, scheduling, client relations, and logistics.

Michael and Jessica have recruited an experienced marketing director, John Brown, to become a member of the Musicians First Studio management team. John is a graduate of the University of Washington with a bachelor’s degree in sales and marketing. Michael and Jessica rely on John’s expertise to execute the company’s marketing plan and advertising strategies.

Success Factors

Musicians First Studio will be able to achieve success by offering the following competitive advantages:

  • Skilled team of music production technicians and veteran musicians who will work one-on-one with clients to reach their individual music goals whether they’re looking to record a new album or learn a new instrument.
  • Musicians First Studio is one of the only studio’s in the area that offers a wide range of services for musicians of all skill levels and goals.
  • The company offers competitive pricing and discounts for referrals.

Financial Highlights

Musicians First Studio is seeking $800,000 in debt financing to launch its music business. The funding will be dedicated towards securing the studio and purchasing equipment and supplies. Funding will also be dedicated towards three months of overhead costs to include payroll of the staff and marketing expenses. The breakout of the funding is below:

  • Studio build-out: $340,000
  • Music equipment, supplies, and materials: $280,000
  • Three months of overhead expenses (payroll, utilities): $160,000
  • Marketing costs: $10,000
  • Working capital: $10,000

The following graph below outlines the pro forma financial projections for Musicians First Studio.

Company Overview

Who is musicians first studio.

Musicians First Studio is a newly established music company in Nashville, Tennessee. Musicians First will be the first choice for aspiring, novice, and experienced musicians in Nashville and the surrounding communities for its full-suite of professional services provided by industry veterans. The company will provide a wide range of services including recording/production, music lessons, artist management, and marketing for new musicians.

Musicians First Studio will be able to guarantee high quality production thanks to the latest and most innovative music technology operated by expert music production technicians. The company’s team of highly qualified professionals experienced in music, production, and marketing will manage the suite of services offered at the studio. In addition to customized services for musicians, customers will be able to book studio time that comes with use of equipment by the hour.

Musicians First Studio History

Musicians First Studio is owned and operated by Michael Smith, an experienced musician who has gained valuable knowledge on how to manage a music business during the past ten years while working at My Music Production & Management, another local music company. Now that Michael has experienced managing a music company, he is ready to start his own business, Musicians First Studio. Michael is confident that his skills as a musician, combined with his understanding of business management, will enable him to run a profitable music company of his own. Michael is recruiting a team of highly qualified professionals to help manage the day-to-day complexities of running a music studio – sales and marketing, production, artist management, music instruction, financial reporting, studio equipment maintenance, and vendor relations.

Since incorporation, Musicians First Studio has achieved the following milestones:

  • Registered Musicians First Studio, LLC to transact business in the state of Tennessee
  • Has identified an ideal location for the studio that is available for lease
  • Reached out to numerous contacts to include local musicians, production technicians, and venue managers to help spread the word about the new studio
  • Began recruiting a staff of musicians, music instructors, production technicians, marketing experts, and office personnel to work at Musicians First Studio.

Musicians First Studio Services

Industry analysis.

The global music industry is an estimated $60B market and is expected to grow by 8% by 2026. The broad music industry can be categorized into three primary segments; recording, live music, and music publishing. In the United States, the recording segment generated approximately $8B in revenues last year, while the live music segment brought in an estimated $9.5B, and the publishing segment totaled $1.8B. A majority of revenues generated in the recording segment come from streaming (28% of total industry revenue), with digital downloads and physical media coming in much lower (6.7% and 7.5% respectively). Revenue for the live music segment is generated primarily through ticket sales (37.1%) and sponsorships (10.3%). Publishing accounts for approximately 8.9% of total industry revenue.

Music streaming is one of the most significant trends in the industry, with the number of Americans who pay for streaming subscriptions at approximately 82.1M, up from 7.9M in 2014. Another trend is the emergence of independent artists and small record labels. These groups are earning more revenue than in years past and their percentage of revenue increase year over year is growing faster than that of larger record labels. With more options open to them when it comes to where and how to get their music out to consumers, artists, managers, and record labels have more opportunities for success than ever before.

Customer Analysis

Demographic profile of target market.

The precise demographics for Nashville, Tennessee are:

Customer Segmentation

Musicians First will primarily target the following customer profiles:

  • Novice-to-experienced musicians looking for recording/production services
  • Aspiring musicians of all ages looking for music lessons
  • Musicians looking for artist management, booking, and representation services

Competitive Analysis

Direct and indirect competitors.

Musicians First Studio will face competition from other companies with similar business profiles. A description of each competitor company is below.

My Music Production & Management

My Music Production & Management is one of the largest commercial music studios in Tennessee. The company was established in 1997 and offers professional music recording and production services for local musicians. My Music Production & Management also handles the business management activities for musicians including marketing, booking, and legal representation services. The company is well known for providing high quality production for some of the top artists in the region and has been recognized in various publications and music industry associations for its outstanding work in the local music community.

Genre Music

Founded in 2018, Genre Music is a small music company catering to local musicians in Nashville, Tennessee and surrounding areas. Genre Music is owned and operated by a veteran musician who has over 40 years of experience in the music industry. The company specializes in artist branding, marketing, and representation in addition to its top notch recording services. Genre Music has worked with a variety of up and coming artists in multiple genres and has a loyal customer base of regular musicians who use the company’s services.

Retro Recording & Productions

Retro Recording & Productions is a trusted Nashville, Tennessee-based music company that provides superior production and recording services for Nashville and the surrounding areas. The company is able to provide a wide variety of recording, production, and post-production services using its state-of-the-art music recording equipment. Retro Recording & Productions serves local musicians and national musicians. The company prides itself on being the number one choice for classic sound produced through modern technology. Retro Recording & Productions also manufactures its own collectible vinyl records in limited quantities.

Competitive Advantage

Musicians First Studio will be able to offer the following advantages over their competition:

  • The company offers competitive pricing on studio rentals and discounts for referrals.

Marketing Plan

Brand & value proposition.

Musicians First Studio will offer the unique value proposition to its clientele:

  • Musicians First Studio provides a full suite of services tailored to the individual musician’s needs. Professionals are equipped to provide services for all skill levels from the aspiring and novice musician, the the industry veteran.
  • The company’s studio is expertly designed for the clearest sound quality. The equipment is carefully selected to ensure the best sound possible.

Promotions Strategy

The promotions strategy for Musicians First Studio is as follows:

Social Media Marketing

The company’s marketing director will create accounts on social media platforms such as Linkedin, Twitter, Instagram, Facebook, TikTok, and YouTube. He will ensure Musicians First maintains an active social media presence with regular updates and fun content to get customers excited about using the studio’s services.

Professional Associations and Networking

Musicians First Studio will become a member of professional associations such as the Nashville Music Association, American Music Educators Society, and the Tennessee Music Production Association. The leadership team will focus their networking efforts on expanding the company’s artist and vendor network.

Print Advertising

Musicians First Studio will invest in professionally designed print ads to display in programs or flyers at industry networking events. The company will also send direct mailers to local residents advertising the services it provides.

Website/SEO Marketing

Musicians First Studio will utilize the in-house marketing director that designed the print ads to also design the company website. The website will be well organized, informative, and list all the services that Musicians First is able to provide. The website will also list information on the company’s events and featured artists.

The marketing director will also manage Musicians First’s website presence with SEO marketing tactics so that when someone types in a search engine “music company” or “music studio near me”, Musicians First Studio will be listed at the top of the search results.

The pricing of Musicians First Studio will be on par with competitors so customers feel they receive value when purchasing the company’s services.

Operations Plan

The following will be the operations plan for Musicians First Studio.

Operation Functions:

  • Michael Smith will be the CEO of the company. He will oversee the music production technicians, production process, and the music equipment maintenance. Michael has spent the past year recruiting the following staff:
  • Jessica Garcia – Chief Operating Officer who will manage the day-to-day operations, client relationships, scheduling, and logistics.
  • Nancy Johnson – Chief Financial Officer who will provide all accounting, budgeting, tax payments, and monthly financial reporting.
  • John Brown – Marketing Director who will oversee all marketing strategies for the company and manage the website, social media, and outreach.

Milestones:

Musicians First Studio will have the following milestones complete in the next six months.

12/1/2022 – Finalize lease to rent the studio facility

12/15/2022 – Finalize personnel and staff employment contracts for the Musicians First Studio management team

1/1/2023 – Begin build-out of the studio, purchase equipment, and test the acoustics

1/15/2023 – Begin networking at industry events and implement the marketing plan

2/15/2023 – Finalize contracts for musicians, instructors, production technicians, and marketing professionals

3/15/2023 – Musicians First Studio officially opens for business

Financial Plan

Key revenue & costs.

The revenue drivers for Musicians First Studio are the fees charged to customers in exchange for the company’s services and fees charged to book studio time by the hour.

The cost drivers will be the overhead costs required in order to staff a music company. The expenses will be the payroll cost, utilities, equipment and supplies, and marketing materials.

Funding Requirements and Use of Funds

Key assumptions.

The following outlines the key assumptions required in order to achieve the revenue and cost numbers in the financials and in order to pay off the startup business loan.

  • Average hours booked per month: 120
  • Average fees per month: $30,000
  • Overhead costs per year: $640,000

Financial Projections

Income statement, balance sheet, cash flow statement, music business plan faqs, what is a music business plan.

A music business plan is a plan to start and/or grow your music business. Among other things, it outlines your business concept, identifies your target customers, presents your marketing plan and details your financial projections.

You can easily complete your music business plan using our Music Business Plan Template here .

What are the Main Types of Music Companies?

There are a number of different kinds of music companies , some examples include: Recorded Music, Music Licensing, Live Music, Music Publishing, Music Production, Music Business Consulting, and Retail Music Store.

How Do You Get Funding for Your Music Business Plan?

Music companies are often funded through small business loans. Personal savings, credit card financing and angel investors are also popular forms of funding.

independent musician business plan pdf

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Writing a business plan for your music.

July 25, 2018

independent musician business plan pdf

The Indie Artists Guide to Writing a Business Plan

When it comes to the independent musician, the music business can be a strange, frustrating and scary concept. A good first step for any indie artist who is serious about creating a career in music, is to create a business plan. The Business plan will act as a roadmap to help the Indie Artist negotiate the music business and help them identify their strengths and weakness and more importantly, once identified, learn how to address them.

What is a Business Plan?

The mere mention of a business plan can make many of you freeze in fear. It sounds like a some mystical book of numbers and formulas that will take a business degree to understand. Nothing can be further from the truth. A  business plan is a simple outline your goals, how you can achieve those goals and outlines the resources that you have or need to get to reach those goals. It is basically a roadmap of your career and your business. It is the plan that takes you from the Dream to what actions you need to take to get there.

Why Write a Business Plan?

Basically the business plan will allow you to focus and set a realistic plan with realistic goals!  The business plan can be used to help bring in key people and companies you would like to make part of your team, such as prospective managers, agents, labels. Having a business plan will shows these people that you have thought about your career, planned how you want to achieve your goals and treat your career seriously. You can also use the business plan if you are looking to secure some financing for new equipment or to underwrite a tour.

Getting ready to write a Business Plan

Do your research, This article will give you a good framework to work from, but get a good book on the subject of writing a business plan  or you can get an Audio book to listen to while you are on the road. Second, BE REALISTIC AND HONEST WITH YOURSELF! Nothing will sink your business plan faster than unrealistic goals and an over estimation of your resources. If your goal is to be a star and make 2 Million a year writing songs from your mansion, keep in mind the amount of musicians that are out there trying to make it vs the small percentage of artists in that top tier. You would be better setting your goals to creating a sustainable income that will allow you make music your career.

Make an outline of your goals, Resources and needs. You will use this outline as you start to write your business plan.

Parts of a Business Plan

Your Business plan is a “Living Document”, it will change over time. It will also change depending on who you are presenting this plan to. Even if you are just using it as a guide to where you want to go and what you feel you need to do to get there. The reality is, as your band moves towards it’s goals, your resources will change and your goals will change, so your plan will change as well. Breaking it down to basic sections will allow you to update your plan easily. You would add or subtract sections depending on what you are doing or who you are presenting it to.

1. Executive Summary

The executive Summer should be single a page that introduces the band and provide a synopsis of your marketing plan. This would also be where you would personalize the plan to who giving this to. If it is to a bank, you would outline how much you are looking to finance and what the money will be used for.

2. Introduction

This is where you would have a more extensive bio of the band. If the plan is for a specific project (ie: Recording a CD, Setting up a tour, etc.) this is where you would outline that project.

3. Mission Statement

This is a short statement that explains who you are as an artist.

4. Vision Statement

Again this is a short statement outlines your goals as an artist.

independent musician business plan pdf

5. Music Industry Overview

This would be a section that you would include if you are presenting your plan to someone who is not educated in the Music Business. A simple page that explains how you or your band fits within the Music Business. For example what is a Recording and touring artist, what does a booking agent do, what does a radio promoter do, etc.

6. Band/Artist Bio, History, and Functions

This would be more a resume of the band, accomplishments, key moments and it’s here that you would introduce the bio of the individual band members. You should also indicated who is doing what jobs for the band, For Example you can indicate the Bass player is working as a booking agent and the drummer is also producing and editing the bands music videos. You can also list any additional team members in this section, such as your PR Person, Booking agent, Radio Promoter, etc. This is also a good way to outline who is doing what within your business.

independent musician business plan pdf

7. Your Market

This is THE most important aspect of your marketing plan, knowing your market. It is the artist who really knows who their audience is, stands out!

You should be tracking who comes to your shows. Do you have more women or men that show up at a gig? Are these people with disposable income, or do they nurse that beer all night. What other artists do they listen to, or go to see live. How do they get their music, CD’s, Downloads, Streaming? The more information you have about your market the better you can understand how to get them at your show. This also applies to markets you want to attract! For example, If you are looking to attract more women under 28 to your shows, then you need to know what women under 28 need to attract them to your show.

Keep in Mind your music is not going to be for everyone, but with a good understanding of your target market the better chance you will be able to expose them to your music.

independent musician business plan pdf

8. Graphics and Branding

How you present yourself as an artist or band will determine the market that will be attracted to your shows. Your graphics and branding are an important part of your marketing plan. You should also determine how you are going to describe your music, the genre you are going to identify with. How you identify your music Genre can determine your market as well. If you are a “ Country” artist, you will attract a very specific market, or you can us other identifiers to create curiosity or interest with younger markets such as “Alt Country” or “Indie Blues”  .

9. Recording Project

independent musician business plan pdf

If you are using the business plan for a recording project this is where you would put in the information about the project. Include information on who is producing this project, The engineer, any sessions players you are using, the studio you are going to use. Add bios of any additional players, producers and engineers. What is your timeline for the project.

This is also a good place to establish a budget for this project. Create a spreadsheet that allows you to input how many hours (and cost) of the actual recording, Mastering costs, Musician costs, pressing and packaging, radio promotion, packaging for mailings, postage for mailing to reviewers and radio stations, posters, ads, digital agrregators etc. You should also keep track of all sales of the CD as well once it is released.

You may decide to purchase the hardware and software to create your own studio to record your music. Here is where you would also outline the cost of this equipment. Sometimes this can be more cost effective then paying the hourly fee at a studio free you from the stress of watching the clock.

This will help you determine your “Return on Investment” or how many copies of your new project you have to sell before you recoup the cost of it’s production and marketing. This will reveal pretty quickly if you are making good business decisions on any recording project.

10. Press Kit

Here you can outline what is to be included in your press kit. Whether you are going to have a physical kit or an electronic press kit or both. Again what are the costs of producing each kit and the cost of sending that kit to any prospective buyer.

independent musician business plan pdf

11. Additional Merchandise

Let’s face it, your CD is most likely the least profitable item on your merch table. Once you have sold a CD to someone, they will not purchase it again, You will quickly saturate your market and your merch table will be very quite, very quickly if you don’t have an well stocked merchandise plan. As any band with extensive touring experience will tell you, it’s all about the merch. I have known artists whose take at their merch table would be double their guarantee for the show. Again keep good records on what items you have on your merch table, how much it costs and how many you sold and for how much.

You will be able to see what sells good and what does not, what sizes sell the most and which ones sit for a while, etc. The bottom line it’s all about keeping good records and know what works and what does not. This is Good Business!

If you are looking for good ideas on how to merchandise your band check out this article. 

independent musician business plan pdf

12. Touring Plans

Okay, here is a reality check. The Job of Musician is touring! If you don’t spend more time in your van then you do on stage then you are doing something wrong. Going on tour is not easy, and it’s not something you go into without good planing.

You need to again create a budget spreadsheet that includes how much you are going to spend on gas, Rooms (yes you are going to need a place to sleep even when you don;t have a gig that night), paying the band, food, strings, sticks for the drummer, wear and tear on the van, Oil Changes, Laundry, and make sure you have a reserve fund just in case you break down or you have to bail someone out. See Tips for the Touring Musician

As you book the shows, with a good budget you can quickly see if you will make money or lose money on the tour.

Its here you will also outline your “Tour Support” marketing. Are you sending posters to the venues in advance of the show? Are sending a press release to the press outlets in the area of the venue? Are you doing social media marketing in advance of the show? Do you need to setup interviews with the local radio stations? Have you established a mailing list for this market?

independent musician business plan pdf

13. Connecting with your Fan Base

Your Fan base is your biggest asset as a touring artist. They are the what makes your business profitable. They scome to the shows, buy your merch and help spread the word about your and your music. With today’s access to social media platforms such as facebook, instagram, snapchat, twitter, etc., it is important to keep your fan base engaged with you and your music.

You need to outline your plan to keep your fan base informed of what you are doing, news of any upcoming shows or releases. Who is going to be responsible for posting and interacting with your fans, what are you posting and when? You should also keep an eye on your fan base to see what platforms they are using to get their information. We all know how fast the social media technology changes and you have to change with it.

You can post a instragram photo of you in front of the venue when you arrive to loadin .. do a facebook live video of the band on the road. Some behind the scenes pics and videos can help your fan base feel engaged and invested in your and your music.

independent musician business plan pdf

14. Web site

As old school as you may think this is, having a really professional looking website is VERY important! This is your first impression to the music industry. It is the hub where your social media, Electronic Press Kit, Pictures, Tour Schedule, Branding, video’s, streaming players all come together to promote your band and music.

Have a good website development plan that keeps your site up to date and establish who is going to take on this responsibility. Are you going to use Reverbnation for your tour schedule or are you going to input the dates directly on your site. How often are you going to post new content (pics, videos, tour dates)?

Are you going to setup a merch store to sell your merchandise online and if so, how are you going to accept payment, and fulfill those orders.

Are you going to have an area that allows your fans to interact with your site? Are you going to have  newsletter and how are you going to capture email addresses. How can you capture demographic information from your fans from your website?

Here is a great review of the Themify Themes and Builder for WordPress

15. Partnerships with Other Artists

Do you have relationships with other artists or do you tour as a supporting act to a larger act? This is a great place to add what artists you have toured with or have opened for while on tour.

16. Video Production

What was once a luxury reserved for only the top selling artists now has become a necessary part of any independent musicians business plan. The good news is the cost of doing a music video has dropped significantly! With the advent of inexpensive HD and even 4K video on Smart phones or Action Cameras like the GoPro , it is now possible for an independent artist to produce a professional music video for a fraction of the cost of what it use to cost.

[amazon_link asins=’B074X5WPC5,B01M14ATO0,B071GX91K5,B00FEQ6OSW,B073X69CD8,1521721041,B0144JUQ0Q’ template=’ProductCarousel’ store=’maasc-20′ marketplace=’US’ link_id=’eed14726-9031-11e8-b817-97fc0409e4e4′]

You should create a timeline for at least 3 or 4 Videos for each release you record. You should also consider creating a “Pre-Release” “making of” video as well.

You should again create a budge spreadsheet for the cost of creating these videos. Either hiring someone to shoot and edit the video’s for you, or purchase the equipment to do your own.

The John Pagano Band used only a Iphone to shoot their latest video, you can read about it here.  You can also learn How to Create Music Video on a Budget Here!

17. Additional Revenue

As a working musician one of the most important concepts you need to come to terms with if you want to make music your career, is the fact you need to have multiple income streams. In this section you can outline any additional streams of income you can create using your music. Whether it is acting as a booking agent for other bands, Teaching music (even on the road you can teach via skype), Songwriting for other artists, creating music for Local Commercials, Film, Tv, etc.

The more income streams you are able to identify and take advantage of the stronger you business becomes.

18. Sponsors/Investors

Most investors would like to know if there are other sponsors and investors involved in the project. They seem to feel more assured if there are other investors involved. This also gives you a chance to highlight any sponsorship deals that you have been able to secure. You don’t need to get into the details of how much investors have put in (this will show up in your financial statements) but you should list them.

19. Strengths/Past Successes

This is really your chance to get out there and strut your stuff.  Let the reader know what the strong points about the band/artists are. List key past successes and milestones that you have already achieved. You definitely want the reader to be excited about the project, the band and where you have already been. This gives you a chance to show your track record – you could show past sales (if they have been strong), successful tours, key gigs, awards and honors, etc

20. Challenges

Here is where you can list any challenges that you are currently facing. Now Be honest with yourself. This may include financial concerns, band member relations, weak business skills. More importantly, you should show how you are working to address and solve those particular problems and challenges. This section is important because once you have acknowledged what you challenges are you can start to address them.

Here is where you set your goals for the next 6 months, 1 year, 3 years and five years. For each goal, you should be stating what you want to achieve, when you want to achieve and how you will measure your success. This is a great tool for you as well to see if you are on track. A detailed timeline should also be included in the appendix. Make sure you reference to it in the business plan. The best format for this is a calendar or a chart where you can plot all your dates and what you need to have achieved by then.

22. Assumptions/Scenarios

This is important for traditional investors. Here is where you state what assumptions you are using to base your success and financial statements on. How did you estimate your sales? What formula did you use? How did you estimate your costs?

What key people are necessary to your success? What events/actions are key in your marketing plan to be successful? More importantly, you should indicate what alternatives you have considered if your estimates and assumptions fall through in order to ensure success.

23. Financial

Ok, here comes the scary and most eye opening part of the business plan. This is where you put all those costs and estimate spreadsheets together and create your cost/profit financial report. Now, if your sales and costs are estimates, you should be basing it on past successes or a really thought out formula. Really look at what other artists are selling and ask yourself if you are really being realistic? Call to ensure that the costs that you have set out for yourself actually make sense. If you have been around for awhile and have kept track of your past financial information, you should be including it in this section.

The most common forms of financial reports are Balance Sheet, Income Statement and Cash Flow/Budget. These do not need to be included specifically in the business plan (they can be put in the appendices); however, they should be summarized in your financial section. What are your costs, sales and do you know when you will need the most money?

Finally, some institutions/investors will require that you provide a list of collateral that will go towards the loan. You can list your tour van, Pa System, Recording Equipment, etc.

24. Conclusions

Your conclusion should sum up the band, the project, your request, and why you believe that this is a successful project and why your reader should invest in it. Keep it short, no more than a page should do it.

25. Appendices All your appendices come at the end of the document and they should be used to provide any supplemental information, but the business plan should be able to stand alone.

You don’t need to have all the sections outlined in here. It was created to cover a variety of genres, situations and career levels. Choose sections and develop your business plan to fit your needs.

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Music Business Plan

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Music can unite individuals, inspire social change, and strengthen communities & it is satisfactory for many musicians too. Plus the financial and creative rewards are great. Therefore, want to start your own music studio or band? Then planning everything priorly is the priority.

Need help writing a business plan for your music studio business? You’re at the right place. Our music business plan template will help you get started.

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Free Business Plan Template

Download our free business plan template now and pave the way to success. Let’s turn your vision into an actionable strategy!

  • Fill in the blanks – Outline
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How to Write a Music Business Plan?

Writing a music business plan is a crucial step toward the success of your business. Here are the key steps to consider when writing a business plan:

1. Executive Summary

An executive summary is the first section planned to offer an overview of the entire business plan. However, it is written after the entire business plan is ready and summarizes each section of your plan.

Here are a few key components to include in your executive summary:

Introduce your business:

  • This section may include the name of your music business, its location, when it was founded, the type of music business (E.g., record labels, music publishers, live music industry), etc.

Market opportunity:

Product and services:.

  • For instance, you may include music recordings and albums as services.

Marketing & sales strategies:

Financial highlights:, call to action:.

Ensure your executive summary is clear, concise, easy to understand, and jargon-free.

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independent musician business plan pdf

2. Business Overview

The business overview section of your business plan offers detailed information about your company. The details you add will depend on how important they are to your business. Yet, business name, location, business history, and future goals are some of the foundational elements you must consider adding to this section:

Business description:

  • Record labels
  • Music publishers
  • Live music industry
  • Music streaming services
  • Describe the legal structure of your music company, whether it is a sole proprietorship, LLC, partnership, or others.
  • Explain where your business is located and why you selected the place.

Mission statement:

Business history:.

  • Additionally, If you have received any awards or recognition for excellent work, describe them.

Future goal:

This section should provide a thorough understanding of your business, its history, and its plans. Keep this section engaging, precise, and to the point.

3. Market Analysis

The market analysis section of your business plan should offer a thorough understanding of the industry with the target market, competitors, and growth opportunities. You should include the following components in this section.

Target market:

  • For instance, music lovers, music directors, movies, younger audiences, etc can be the ideal market for the music business.

Market size and growth potential:

Competitive analysis:, market trends:.

  • For instance, the demand for rap and pop music is increasing; explain how you plan on dealing with this potential growth opportunity.

Regulatory environment:

Here are a few tips for writing the market analysis section of your music production business plan:

  • Conduct market research, industry reports, and surveys to gather data.
  • Provide specific and detailed information whenever possible.
  • Illustrate your points with charts and graphs.
  • Write your business plan keeping your target audience in mind.

4. Products And Services

The product and services section should describe the specific services and products that will be offered to customers. To write this section should include the following:

Describe your music services:

Mention the music services your business will offer. This list may include services like,

  • Music stores
  • Music licensing services
  • Music promotion services
  • Music education services

Describe each service:

In short, this section of your music plan must be informative, precise, and client-focused. By providing a clear and compelling description of your offerings, you can help potential investors and readers understand the value of your business.

5. Sales And Marketing Strategies

Writing the sales and marketing strategies section means a list of strategies you will use to attract and retain your clients. Here are some key elements to include in your sales & marketing plan:

Unique selling proposition (USP):

  • For example, exclusive content, high-quality production, niche market focus, etc, could be some of the great USPs for a professional music company.

Pricing strategy:

Marketing strategies:, sales strategies:, customer retention:.

Overall, this section of your music studio business plan should focus on customer acquisition and retention.

Have a specific, realistic, and data-driven approach while planning sales and marketing strategies for your music business, and be prepared to adapt or make strategic changes in your strategies based on feedback and results.

6. Operations Plan

The operations plan section of your business plan should outline the processes and procedures involved in your business operations, such as staffing requirements and operational processes. Here are a few components to add to your operations plan:

Staffing & training:

Operational process:, equipment & instrument:.

  • Explain how these technologies help you maintain quality standards and improve the efficiency of your business operations.

Adding these components to your operations plan will help you lay out your business operations, which will eventually help you manage your business effectively.

7. Management Team

The management team section provides an overview of your music business’s management team. This section should provide a detailed description of each manager’s experience and qualifications, as well as their responsibilities and roles.

Founder/CEO:

Key managers:.

  • It should include, key executives(e.g. COO, CMO.), senior management, and other department managers (e.g. operations manager, music director.) involved in the music business operations, including their education, professional background, and any relevant experience in the industry.

Organizational structure:

Compensation plan:, advisors/consultants:.

  • So, if you have any advisors or consultants, include them with their names and brief information consisting of roles and years of experience.

This section should describe the key personnel for your music business services, highlighting how you have the perfect team to succeed.

8. Financial Plan

Your financial plan section should provide a summary of your business’s financial projections for the first few years. Here are some key elements to include in your financial plan:

Profit & loss statement:

Cash flow statement:, balance sheet:, break-even point:.

  • This exercise will help you understand how much revenue you need to generate to sustain or be profitable.

Financing needs:

Be realistic with your financial projections, and make sure you offer relevant information and evidence to support your estimates.

9. Appendix

The appendix section of your plan should include any additional information supporting your business plan’s main content, such as market research, legal documentation, financial statements, and other relevant information.

  • Add a table of contents for the appendix section to help readers easily find specific information or sections.
  • In addition to your financial statements, provide additional financial documents like tax returns, a list of assets within the business, credit history, and more. These statements must be the latest and offer financial projections for at least the first three or five years of business operations.
  • Provide data derived from market research, including stats about the music industry, user demographics, and industry trends.
  • Include any legal documents such as permits, licenses, and contracts.
  • Include any additional documentation related to your business plan, such as product brochures, marketing materials, operational procedures, etc.

Use clear headings and labels for each section of the appendix so that readers can easily find the necessary information.

Remember, the appendix section of your music business plan should only include relevant and important information supporting your plan’s main content.

The Quickest Way to turn a Business Idea into a Business Plan

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This sample music business plan will provide an idea for writing a successful music plan, including all the essential components of your business.

After this, if you still need clarification about writing an investment-ready business plan to impress your audience, download our music business plan pdf .

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Frequently asked questions, why do you need a music business plan.

A business plan is an essential tool for anyone looking to start or run a successful music business. It helps to get clarity in your business, secures funding, and identifies potential challenges while starting and growing your business.

Overall, a well-written plan can help you make informed decisions, which can contribute to the long-term success of your music company.

How to get funding for your music business?

There are several ways to get funding for your music business, but self-funding is one of the most efficient and speedy funding options. Other options for funding are:

Small Business Administration (SBA) loan

Crowdfunding, angel investors.

Apart from all these options, there are small business grants available, check for the same in your location and you can apply for it.

Where to find business plan writers for your music business?

There are many business plan writers available, but no one knows your business and ideas better than you, so we recommend you write your music business plan and outline your vision as you have in your mind.

What is the easiest way to write your music business plan?

A lot of research is necessary for writing a business plan, but you can write your plan most efficiently with the help of any music business plan example and edit it as per your need. You can also quickly finish your plan in just a few hours or less with the help of our business plan software.

About the Author

independent musician business plan pdf

Vinay Kevadiya

Vinay Kevadiya is the founder and CEO of Upmetrics, the #1 business planning software. His ultimate goal with Upmetrics is to revolutionize how entrepreneurs create, manage, and execute their business plans. He enjoys sharing his insights on business planning and other relevant topics through his articles and blog posts. Read more

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independent musician business plan pdf

How to Develop an Independent Music Artist Business Plan

Independent Music Artist

Most independent music artists are not very good at business planning . Yes, most popular indie artists are creative and talented. But the ability to create a business plan is often outside their wheelhouse.

And every Independent Music Artist needs a plan, whether they know it or not. A business plan is a document that outlines the goals of your music career and how you plan to achieve them. It will help you stay focused and keep moving in the right direction.

You may have heard that artists don’t need to worry about money because they “make art” instead. This couldn’t be further from the truth. All musicians must understand  basic financial concepts  to keep their businesses running smoothly.

So, this article will help you create a simple yet effective music business plan. Are you an upcoming Independent Music Artist who wants to make a living from your music? If so, then read on.

Elements of a Good Business Plan

Every good business plan should include the following elements.

Vision Statement

A “vision statement” is a brief paragraph describing your business’ purpose. It should be no more than one or two sentences long. But this is the most crucial part of your plan because it sets the tone for everything else.

The vision statement serves as the anchor for your business. Many popular indie artists have powerful vision statements. They usually showcase them on their websites and social media profiles. It shows  potential investors  that the artist has a clear vision of where they want to go with their career.

Goals and Objectives

Goals and objectives are quite different from the vision statement. Goals are specific and measurable and will help you determine where you want to go with your career. For example, if you want to  sell a particular number of albums  next year, that’s a goal.

Objectives are vaguer than goals. They’re things that will help lead you toward achieving your goals. For example, putting together a press kit is an objective. Your objective will help you sell more albums (your goal).

Defining your goals and objectives as an Independent Music Artist is essential to your success. Goals will help you focus on what you want out of your career. On the other hand, objectives will help you achieve those goals.

Target Audience

Popular indie artists already know their target audience. But it’s important to revisit this information every once in a while. Re-evaluating your target audience can help you better connect with them. It’ll give you an idea of how to create music that will appeal to them.

And an upcoming Independent Music Artist must define their target audience. This will help them figure out who they should be creating music for. To do this, you’ll need to know where your fans are and what they like about your music.

You can do this by looking at the data from your social media accounts. You’ll see which songs have the most likes and shares (or comments).

Marketing Strategy

The next step in your business plan is to develop a marketing strategy. This is how you’ll get your music out there, reach new fans and grow your audience.

You can create an online presence on social media sites. You can also post updates about new songs or videos as they are available.

However, remember that there is no such thing as a one-size-fits-all marketing strategy. You’ll need to adapt your approach depending on where your fans are and what they like about your music.

That’s why this stage is crucial. You’ll be wasting time and money if you market to the wrong people. The same goes for being too generic in your marketing efforts—you need to find a way to stand out from the crowd.

Finances are integral to any successful business. And the music business is no different. You need to plan for your financial future and your artistic one.

One of the most important things you can do is ensure that you have enough money saved. This helps because you won’t be left in the lurch if something goes wrong.

Don’t forget about taxes, either. Ensure you have all the information on how much each gig pays and what percentage goes toward taxes.

Another aspect of finances for an Independent Music Artist is attracting investors and sponsors. You may  need extra money  to get your business off the ground or want to expand your brand. If this is the case, look at how you can attract investors and sponsors. Look for those who want to see their name associated with yours.

Organizational Chart

“Why do I need an organizational chart? Isn’t it just for popular indie artists?” We understand your sentiments. And on the surface, you might think you don’t need an organizational chart. After all, you don’t have a big team or many employees.

But if you have big dreams and hope to grow your brand, you may need an organizational chart to help you plan.

An organizational chart is a visual representation of the structure of an organization. It shows who reports to whom and how many levels there are between them. It’s also helpful in portraying how responsibilities overlap and what each person handles.

Don’t worry if you’re an upcoming independent artist. You don’t need a big team or many employees to benefit from an organizational chart. You can use it to keep track of your creative process and ensure that you’re spending your time on the right things.

And when you eventually have a team, you’ll be glad you thought ahead and prepared.

Products/Services

“Products and services?” you may ask, “What do they have to do with being an independent musician?” Firstly, you need to define what you do. How can anyone else if you don’t know what your business is about?

This is essential because it helps you decide where to focus your efforts. If you’re starting as an Independent Music Artist, you don’t want to waste time and money on things that don’t create value.

For example, let’s say you plan to make a living off live shows. Then it’s more vital to focus on playing in front of people. You don’t need to spend lots of time perfecting your website or social media presence.

Popular indie artists might have their products and services as merchandise, talk shows, or songs. You might be an artist who offers lessons, workshops, or master classes. Are you a singer-songwriter? Then you could  sell your songwriting skills  as a service to other artists.

Whatever your product or service, you need to know what it is and how it adds value to your audience. This allows you to focus on those things that add the most value and leave out the rest.

As you can see, a business plan isn’t exclusive to large corporations and popular indie artists. An indie artist business plan can help you focus on the most critical aspects of your career. It’ll help you make better marketing, promotion, and distribution decisions.

If you’re an independent music artist just starting, don’t hesitate to ask for help. Many online resources can help you start a new business plan or update an existing one.

Need help? Contact our award-winning support team 24/7 at [email protected]

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A step-by-step guide to developing a music business plan

June 17, 2021

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Why you need a music business plan

Where to start, the main components of a music business plan, the importance of multiple income streams, subscribe to greenlight by thimble..

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Making a living in the music business is the ultimate dream of every serious musician. But out of the countless individuals with a passion for music, only a select few will make a profitable business out of it. That doesn’t mean reaching your goals is impossible. If you want to earn reliable income from your music career, you need to treat it like any other business. That means making a detailed blueprint that will take you from passionate hobbyist to successful professional. This step-by-step guide to developing a music business plan will set you on the right path.

Whether your goal is to have a career as a professional musician, recording artist, producer, or music teacher, documenting the path you’ll take with a music business plan will be helpful to your cause. Your business plan outlines your goals, identifies the practical methods you’ll take to achieve them, and lists the resources you have and will need.

Not only will a concrete business plan keep you on course, it will also demonstrate your credibility in the eyes of others. Potential clients and business partners will see you as a professional and not another starving artist. If you ever need to take out a business loan or raise money for investors, a business plan is a must-have.

Crafting your music business plan isn’t something you can do in one sitting. You’ll need more than an afternoon to get this right. Take your time, bite off piece-by-piece, and chew your thoughts over thoroughly.

Our first piece of advice is as old as time:  know thyself.

You need some clarity of purpose before you can craft a useful music business plan. Ask yourself:

  • Who is my audience?
  • What is my ultimate goal?
  • Why do I want to do this?

Having this understanding will make it easier for you to explain your vision to others and convey your enthusiasm. It will also establish the framework for your music business. This step is crucial if you’ll need people to buy in to help you reach your goals.

The content of your music business plan will vary depending upon whether you’re aiming to start a music school, be a producer, or work as an artist. But the fundamental components are the same either way. Here’s what you’ll need:

  • Mission Statement
  • Executive Summary
  • Audience Analysis
  • SWOT Analysis
  • Marketing Plan
  • Financial Considerations

Let’s look at each of these in turn.

Mission Statement:

This can be as short as a few sentences, as long as it adequately describes who you are as an artist or a musical entrepreneur and what you’re trying to accomplish. While this might sound simple, think things through a bit before you try to draft your statement. Everything that follows here will hinge upon it.

Executive Summary:

The executive summary is a one-page synopsis of your plan. It should include an introduction as well as a description of your endeavors. Details about the funding you already have and what you’ll need in addition to a brief accounting of your plans for putting all of it into play are important too.

Most experts recommend saving the drafting of this part for last. It’s essentially a digest of all the other parts of your plan. Doing it last allows you to draw upon the information you’ve drafted for all of the other steps.

Audience Analysis: 

Here’s where you’ll demonstrate your understanding of your target audience. If you’re already performing, teaching, or producing on the side, think about what traits the people who follow you have in common.

If you’re just getting started, find someone doing what you want to do whose style and circumstances are similar to yours, and analyze their target market. Create a demographic sketch of your target audience based on gender, age, location, musical tastes and favorite venues.

Strengths, Weaknesses, Opportunities & Threats:

Think about the qualities that make you unique. List everything that comes to mind, from technical mastery and creative spark to teaching older demographics and networking. Your skills might not seem extraordinary on an individual level, but combine all your best qualities and you’ll find there isn’t anyone quite like you on the market.

Don’t forget about your weaknesses. Identity these not as qualities to promote, but as areas to work on in the future. Being aware of your shortcomings will also help guide your decision on potential business partners in the future. Let your inner critic loose, but realize that this is an exercise in personal growth, not tearing yourself down.

Had enough reflecting? Let’s take a look at the marketplace. Think about potential gaps in the industry you can exploit. Perhaps your competitors are overlooking a key value and you see a way to provide it both efficiently and effectively. These are your opportunities.

Threats could include technological shifts, cultural changes, the emergence of new artists, competition, and new trends. The music world moves fast, and today’s hot act can end up as yesterday’s news before your can say “more cowbell!” Brainstorm any roadblocks you picture yourself facing over the next few years and strategies you can use to overcome them.

Marketing plan:

Your marketing plan will detail how you’ll spread the word about yourself. Consider how much money you can reasonably invest into marketing and work out how you’ll spend it to reach as many of the right people as possible. Think about how you’ll grow your online presence—including social media, a press kit, and publicity materials such as a logo and photography.

Get a full account of your current cash flow situation. List how much capital you currently have and estimate how much it’ll take to get your operation up and running. When in doubt, overestimate. Studio time, engineering talent, transportation, legal fee, copyrights and trademarks are all important considerations when projecting your budget.

Measuring your progress:

At what intervals will you go over the financials to see how you’re advancing? What are the milestones by which you’ll mark your achievements?

You’ll also need a method for measuring your impact on the market in terms of the reputation you build. Social media outlets provide analytical tools to help you track these metrics. They can also help you pinpoint the demographics of your audience.

Establishing your key performance indicators (KPIs) can help you set the standards by which you will gauge your success. Sharing this information with others makes you accountable because they can look at your projections and see how much progress you’ve made toward achieving them.

Summarizing your music business plan

As we mentioned above, once you have all of these areas covered, you can then condense the information each section contains to create your executive summary. After all, how will you know what to put in it until you’ve examined all of these other areas first?

Success in the music industry takes a lot of work and a little luck, but you can stack the deck in your favor by building multiple income streams. That way, if one area slows down, you’ll have another one in play to keep you rolling until the next opportunity presents itself. Revisit your strengths and opportunities and start brainstorming ideas. If you get stuck, here’s a quick list to get you started:

Give music lessons. Chances are if you’ve got the chops to play paid gigs, you’ve got enough skills to pass on to some novice students. Giving music lessons can be a great way to add some extra recurring income.

Start a YouTube channel. With over 2 billion active users, YouTube might just be your biggest source of untapped attention and potential. 1 The platform offers users a chance to learn or be entertained, and as a musician you’re well-positioned to offer both. You could upload instructional videos or footage of yourself performing. You’ll get to keep a portion of any ad revenue your videos make. And if the right person sees your content, it could open the doors to even greater opportunities.

Explore the marketing world. If composition is your thing, you might be overlooking a potentially huge money-maker—marketing and advertising. Brands are in constant need of good video content to market their products, and those videos need music to truly capture attention. If you’ve got a knack for putting together atmospheric instrumentals, creating music for ads could seriously help stabilize your income.

Open your own studio. If you have the capital to invest and live in an area underserved by recording studios, you might want to consider opening your own. While you’re not using it for your own projects, you can rent it out to other local musicians and producers. If there’s enough demand, you could cover the costs of equipment and rent and even have a little profit left over.

Explore session work. Sure, your band is your baby, but if you’ve got time on your hands and musical versatility to boot, why not offer your services as a session musician? Session work is an effective way to boost your income, make new connections and get your name out there as a legit professional. If an artist is truly enamoured with your work, they could invite you to join them on tour.

Another important consideration in your music business plan is protecting your livelihood from the consequences of unintentional accidents. General liability insurance is key to helping you stay focused on your business. Carrying a policy also demonstrates to potential clients that you are a serious professional — whether you’re a musician, DJ , or another kind of entrepreneur in the entertainment industry.

  • Hootsuite. 25 YouTube Statistics that May Surprise You: 2021 Edition .

Written on April 19, 2021 | Last updated: June 17, 2021

Our editorial content is intended for informational purposes only and is not written by a licensed insurance agent. Terms and conditions for rate and coverage may vary by class of business and state.

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independent musician business plan pdf

Music Marketing in 2024: The Independent Artist’s Handbook

Music Marketing Guide: The Independent Artist's Handbook

Introducing Ditto Music's complete guide to music marketing in 2024: The Independent Artist’s Handbook .

There’s never been a better time to get discovered as a new and independent artist - but to cut through the noise, you need to hone your music marketing strategy. If you make great music but are struggling to break through, then our FREE music marketing e-book is for you.

Music Marketing Strategy Guide: Download The Independent Artist’s Handbook

The Independent Artist’s Handbook explains what YOU need to include in a successful music marketing strategy.

We’ve covered everything from getting music playlisted , smashing social media and reaching new fans , to booking live gigs , making music videos and everything in between.

Hit download below to grab the FREE E-Book or read on for a taster of what you’ll discover inside.

Music Marketing Guide - Download the Independent Artist's Handbook

Don't forget to share The Independent Artist’s Handbook across socials!

Tag us @Dittomusic and we’ll re-share your post or hit the button below to share it on Twitter right now.

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The Best Music Marketing Strategies in 2024

The Independent Artist’s Handbook dives into all of the hot music marketing topics you'll come across in 2024. Setting things up 8 weeks before your planned release date, we’ve created a promo timeline so you can hit listeners with the right marketing strategies at the right time .

Let’s take a sneak peek at some the topics you'll find in the handbook - plus some unmissable videos from our Unsigned Advice YouTube series.

Release Strategy

Before you start dropping new music, you first need to decide on your overall release strategy .

Your strategy can make or break your release, so establishing your plan early on and making it the very first thing you do could be the difference between your tracks getting some serious attention, as opposed to getting lost in the #NewMusicFriday black hole.

What’s the best release strategy for new artists wanting to make waves in 2024?

The most widely-accepted theory is that newer artists need to release new singles regularly to keep their audience engaged. Testing the waters, before dropping a bigger project like an album.

An effetive tactic to do this is through the Waterfall Strategy . Check out the eBook or the video below for a full run-down of how the Waterfall Strategy works and how it can help you boost your stream numbers.

Branding & Assets

We all know a visual asset speaks a thousand words - and it’s no different when it comes to the content you’ll be using to promote your release.

Press shots and music videos are a great place to start. But why?

for starters, you can repurpose them for use across social media, music streaming platforms, as well as in any media coverage about your new release.

The Independent Artist’s Handbook features an awesome guide to branding, music videos and press shots , as well as optimising them for your social posts.

Music Marketing - Branding & Assets

Getting Playlisted

There are three ways to get your music playlisted on Spotify:

- Get picked up by official Spotify playlists - Pitch for independent playlists - Land on the platform’s algorithmic playlists - like Discover Weekly and Release Radar

Each requires a different set of techniques and tactics. Get started right now by signing up for Spotify for Artists . We’ve explained everything else you need to know in the Handbook, so hit download above to get all the juicy deets on landing a playlist spot!

Securing Media Coverage

Catching the eye of music journalists, bloggers and influencers will really help you generate some word-of-mouth buzz - plus a nice review at the top of Google search results is always a bonus.

But bagging that all-important media coverage ain't easy.

You’ll need a slick press release, artist bio and EPK - not to mention the right approach when it comes to sending your music to journalists .

Luckily, we have this covered. Chapter two of The Independent Artist’s Handbook covers all of this and more in detailed steps.

Music Marketing - Securing Media Coverage

Social Media

Chances are you already have a social media presence and fanbase. But are you really engaging fans and growing your following? If you’re finding it difficult to blow up on socials, we’ve compiled some of the best tips to help you go viral on TikTok and Instagram .

Your social channels should be brimming with content both before and after your release date, pushing fans to your music from every platform out there.

There’s lots to get you teeth into across socials - especially when it comes to short-form video content , which is huge right now. Check out how you can stand out and get verified on TikTok .

Radio Airplay

Getting your music played on the radio can massively impact your overall music career - so it’s vital to approach radio stations in the right way and give yourself the best chance of making it onto the airwaves. But what exactly is the right way?

It’s all about knowing who to approach, how to approach and convincing them why they should give your track a spin.

Music Marketing - Radio Airplay

Nothing quite compares to playing your music live. You could have millions of followers on social media, but it means nothing if they don't show up at your gigs. That’s why playing killer live shows and getting known on the circuit is key for upcoming musicians.

Getting booked for live shows doesn’t happen by accident.

You’ll need to put in the groundwork of building your brand, creating resources like EPKs, networking with promoters and honing an unforgettable live set .

Not sure where to start? We’ve got you. Just download the Handbook and head to chapter five - and make sure to check out the video below while you're here.

Now you’ve got taste of what to expect from The Independent Artist’s Handbook, you can download it here . The free e-book has over 30 pages of music marketing insights , with insider knowledge to help you advance your music career.

Don’t forget to share it on socials too! Hit the Tweet button below or tag us @Dittomusic across all platforms.

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Do you have any music marketing strategies to share? Or any questions about getting your music heard? Let us know the comments below!

Get the latest unsigned advice, straight to your inbox.

Related posts, how to promote music on instagram broadcast channels, cold emailing for musicians: how to secure more bookings, promote music on instagram threads and take off in 2024, 10 best spotify playlist curators to send your music to, ++ comments.

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How to Create a Business Plan for Your Independent Recording Career

independent musician business plan pdf

Being a successful independent artists takes a special type of character. Think Chance The Rapper , Nipsey Hussle or Tech N9ne .

It takes relentless work ethic, long term vision, music industry expertise , non-stop hustle, entrepreneurial spirit, top-notch marketing skills, in addition to making dope music, in order to grow and succeed.

To be successful as an independent hip hop artist in 2017 , you need to set realistic goals and work your way through achieving them. The only way you can work through your goals is by developing and sticking to a business plan.

Think of the business plan as your blueprint to success. Business planning is essential for the success in any sort of industry – whether it’s starting up a bakery, a law firm or venturing out to become an independent artist – by providing you with direction and keeping you on track with your goals. You should seek guidance from experienced people like Steven Fata to help you make a successful business plan.

A business phone number is one of the most useful tools which any business can have in its marketing tool kit. Many consumers prefer to call in and speak to a human than to read information off of a website. A business could lose out on a lot of sales if it does not have a business phone number. For more information, consider this resource about how to get a business phone number .

Stop The Breaks is committed to helping dope independent artists grinding around the world in achieving their goals. Below, we have provided a template on how to create your first business plan, similar to our marketing plan template .

However, before you start creating the plan and start using it, remember to keep in mind the following:

  • Research – you’ll need to have a lot of information about your music, marketing strategy, distribution plan, finances and more before you can create your business plan. By having the right information, you can be more accurate in your business plan.
  • Target audience – who is the business plan for? Is it just for you and your team? Will you be sending it to third parties like your lawyer and accountant if necessary?
  • Get help – filling out a business plan isn’t an easy task. It takes a lot of knowledge, data and honesty to create a business plan that will drive you to success. If necessary, ask for help from professionals who can help you get the most out of your business plan.

Now that you’re ready to get started, let’s get into it.

Independent artists: learn how to build a fanbase and make money from your music.  

1) Vision Statement

This is an outline of how you envision your recording career. Keep it sharp, succinct and long-term focused. This statement should encompass what you are looking to achieve as an independent artist, whether it’s “I want to be the number one independent artist in my city” or “I want to form a partnership with a major label.”

2) Goals & Objectives

Following your vision statement, you need to break down your short term and long term goals and objectives. Achieving these goals and objectives will in turn help you achieve your vision statement. Example goals might be:

  • Perform in front of a live crowd for the first time
  • Shoot your first music video
  • Release a mixtape on SoundCloud
  • Collaborate with an artist you like
  • Create your own merchandise and sell it on tour

3) Target Audience

This is a very important section for independent artists, especially up-and-coming ones who haven’t figured out exactly their target audience. Ask yourself:

  • What type of people listen to my music?
  • What does my fanbase currently look like?
  • What do I want my fanbase to look like in the future?
  • Who do I engage with online and offline?

In order to figure out your target audience, you need to be constantly engaging with your fanbase – whether it’s via your website, social media or face-to-face. Talk to them and find out what it is about your music that attracts them.

How will you maintain a good relationship with your target audience? What techniques will you use? How will you keep them coming back?

This is important information that you can use later on in the future when producing new music, researching live show venues, promoting your product or selling your merchandise.

4) Marketing Strategy

Do you have a marketing plan? If you don’t, luckily Stop The Breaks can help you with that . Having a marketing plan will provide a comprehensive overview of all your promotional efforts and how they’re helping you reach your goals.

How do you plan to attract your target audience, engage with them and develop new fans ? What sort of channels do you have in place to do this? Do you plan to drop a mixtape before your official album? Will you tour and promote via radio and podcasts after you release your project? Will you be focused exclusively on social media or will you be mixing in face-to-face engagement as well?

These are the important questions to ask yourself when filling out the marketing strategy section.

5) Finances

Ok here we go. This is where you need to figure out how you’re going to fund this whole thing. Being an artist isn’t cheap. You need to invest in yourself in order to make money.

How much money will you need up-front? Where will you obtain these funds? What portion will you be seeking from other sources? How much of your own money are you contributing towards the business? Will you be funding your recording career yourself or will you have investors? What type of investors – friends and family or professional investors ?

6) Organisation Chart

Having an organisation chart works well if you already have a team in place with people who have set roles and responsibilities since it’s a great, simple way to represent your team structure.

As the artist, you have the vision and should be leading the whole team. Underneath, you might have your manager, marketing manager, social media people, tour promoter, and then branching out to your lawyer and accountant.

The chart will provide all your team members with guidance on their roles and responsibilities and also shows the relationships between everyone, such as who reports to who.

7) Products / Services

This section is where you list each product or service that you currently offer as an artist. As a way to diversify income streams , many independent artists also have side gigs in addition to their own such as graphic designing, producing, songwriting to make extra money.

You can also list all the music products you have for sale – for example, you might have three albums currently on iTunes and Spotify. You can also list all the merchandise you’re currently selling .

Do you have a particular pricing strategy for your products or services? Why have you chosen this strategy? How does your target audience value your products or services? Are they a necessity, luxury or something in between? What is the anticipated growth of the product/service in the future? What will drive this growth?

If you are looking for document management tools to aid you in creating your business plan, visit this website: https://ineight.com/.

independent musician business plan pdf

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The Crafty Musician

Music Business Plan Template

Need to write an effective Music Business Plan? Use this customizable template to create a business plan of your own.

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independent musician business plan pdf

This pre-written Music Business Plan Template for musicians, bands, and singer/songwriters is an excellent way to create a blueprint for success.

A Music Business Plan is important for creative entrepreneurs to identify and reach critical goals in business and finances. It helps musicians make informed financial decisions, research local markets and identify business opportunities to reach financial goals. A business plan also provides key points in the areas of business operations, sales and marketing as well as financial reporting in order to gain funding, partnerships, sponsorships, and more.

This Music Business Plan Template pack offers a convenient way to create a business plan for musicians and bands. It includes a 25-page pre-written music business plan, editable financial reporting documents, a financial growth chart, and an editable artwork file for the cover page.

Customize this template to create a music business plan of your own. Verbiage, language, and overall voicing can be kept the same or changed to fit your style. If you are a musician and you are hoping to write one of the most important documents to build a strong foundation for your music business with a professional, polished look, this template will help you do just that.

The Music Business Template includes the following elements that are standard with most business plans…

  • Executive Summary
  • Business Description
  • Service and Product Offerings
  • Market Analysis
  • Your Business Model
  • Organization and Management Team
  • Financial Outlook

Every element is customizable. You can change all fonts, colors, images, or the entire layout based on your needs.

NO REFUNDS will be issued as this is a digital listing. If you have problems with access or any other issue, please  reach out on the contact page  for assistance.

Distribution, modification, and selling of any part or of the entire template are strictly forbidden.

WHAT YOU WILL GET

  • 25-page pre-written music business plan template
  • Editable financial reporting documents including Profit and Loss Statements, Quarterly Statements, Revenue and Expense Statements, and a 5 Year Financial Snapshot.
  • Editable financial growth bar chart
  • Editable artwork file for cover page presentation
  • Supporting links to coaching videos where you can watch this exact business plan explained step-by-step

HOW IS THE FILE DELIVERED?

  • Design-oriented files are delivered via CANVA (you can use a Paid or Free account)
  • Text-oriented files are delivered via GOOGLE DRIVE

RECEIVING YOUR DIGITAL PRODUCT

Once your payment is confirmed, you’ll see a link to download your file(s). You will also receive an email with the link to the file included.

Get this template and many more for FREE when you become a member. Memberships start at just $5 a month!   Find out more here.

Check out our entire Template Library  here .

Music Business Plan Template via @thecraftymusician

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Writing a business plan for your music career

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For all the creativity needed to sustain a career in music, having a business plan is one way to stay grounded, define your goals, and keep you reaching for the stars.

Artists of all stripes grapple with the struggle of art versus commerce. We need time to make music and concoct our visions, but we also need to eat, pay the rent, and have clothes to wear. Musicians who become famous when they are young often have to learn business acumen and skills as they go along, usually learning the price of ignorance by being ripped off.

For those of us on ground level, having a plan can mean the difference between being able to make a living as a musician and being a weekend warrior with a day job for eternity. Here are a few suggestions on how to make a business plan as a musician. The most important suggestion: take it one step at a time! This kind of work can be overwhelming for creatives. I left my last day job by working on a business plan 15 minutes a day at lunch for a year. Slow and steady wins the race!

How to start

There’s a ton of resources online — including articles, courses, and software you can purchase — to help write a business plan. But where to begin? A good place to start is to define what a business plan is and why you might need one.

A business plan is an outline of your goals, the practical methods you will take to achieve them, and the resources that you have and will need. The plan will help you take your goals from disembodied ideas to concrete actions.

There’s a number of reasons to have a business plan, not the least of which is the basic idea that planning always helps. When you go to the grocery store, you go with a list. When you head on a cross-country drive from New York to California, you plan your route. Having a business plan will give you clarity, focus, and a sense of forward motion in your music career by identifying realistic, achievable, and action-based short-term goals.

It’s also worth noting that you will absolutely need a business plan if you seek to attract investors or loans. It can also help to show potential managers, booking agents, and record labels that you are serious about what you’re doing. There is value in making long-term (10 year), medium-term (five year), and short-term (one year) business plans. You might also want to make a business plan for a specific project/album to have structure for the process from recording to releasing to marketing.

Writing a business plan requires research. You’ll need to understand your audience, your market, and where/how you will find resources and people to join your professional team. If you’re writing the plan for yourself, this step is still important to provide guidance and clarity. If you are writing a business plan to attract investment, a thorough understanding of your field and your plan is crucial.

First, you need to clarify your vision and craft a mission statement. Who are you, what do you want to do, and why? These are weighty questions and worth pondering in depth: the clearer you are about who you are as an artist, the easier it will be to explain what you do to others and sell your project/products. The mission statement doesn’t have to be long, just a short paragraph describing who you are as an artist and what you are trying to achieve.

The meat of the plan

There is no set business model for a career in music, but there are some essential components to any business plan, and no matter what your objectives or what kind of outline you use, it’s a good idea have the following categories included.

Executive summary. You should actually write this after you’ve finished the entire plan. This is a one page summary of your business plan that includes an introduction, a description of your project/goals, an account of the funding you have and/or are seeking, and a synopsis of your plans for implementation. This will be the first thing prospective investors read, so it’s important to make it thorough and compelling.

Analysis of your audience. It’s a bad idea to try to appeal to everyone. To define your demographic, start by understanding who comes to your shows. What is the gender breakdown, age, and geographical location of your fans generally? What other artists do they listen to? How do they purchase music? What other events do they attend? Where do they shop and could you work with those retail outlets on cross-promotion?

SWOT analysis. This is a standard part of any business plan in any field. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The first two categories, Strengths and Weaknesses, are internal to your music and music business: they are things you can control. For example, the people on your creative/business teams, musical skills and abilities, your location.

The second two categories, Opportunities and Threats, are external, based on what happens in the larger market. You can take advantage of opportunities and protect against threats, but you can’t change them. Examples would include recordings and success of your competitors, prices of gear and equipment, and technology shifts (streaming vs physical product). Most SWOT analysis templates would have you list at least three items per category. Once completed, this will provide new perspectives on ways you can leverage what you already possess to take advantage of opportunities and protect yourself from marketplace threats.

Marketing plan. Creating a comprehensive marketing plan is a separate exercise requiring as much research and detail as a full business plan itself! For the purposes of the business plan, though, you will at least need to demonstrate awareness of your market and have an idea of some solid steps you are going to take to generate revenue and get your products and services into the marketplace.

What kinds of promotion will you do? What will it cost? What kind of return do you expect to achieve on your marketing investment? How will you track your progress? All these questions should have answers within your business plan. The music business specifics you’ll want to address in this section are your web page, your social media plans, touring, radio promotion, press kit, what merchandise you’ll sell, what your logo will look like, etc. Get as detailed as possible; your plans may change once you begin to execute, but if you have a blueprint, your chances of success will be much higher.

Financials. There should be detailed financial breakdowns of your estimated income and expenses. It’s not important that you have a lot of money to start with; you need to show how judiciously you would use investment funds and what kind of return you would expect you and your investors to get. If you’re doing a recording project, you should have a clear breakdown of all the costs involved in the recording, mixing, mastering, and replication processes. This section will likely require significant research. Include a category for legal expenses, as it’s vital to copyright your songs and trademark your logo. The better your estimates are of income and expenses, the easier following your plan will be, so be thorough!

Metrics. You are going to need to demonstrate to investors (and yourself) how you will measure your progress. Will you have weekly or monthly check-ins with your business team for accountability? Social media accounts and websites have multiple analytical tools to measure page hits, likes, demographic info of your fans, and where your page/account can improve. If you choose to advertise on Facebook or Google, there are tools to track the progress of those as well. Use them. Set yourself a very specific timetable and make yourself accountable to someone else, even if you are not seeking investors and just doing this for yourself.

A word about income

In any creative business plan, you should have multiple revenue streams. Business coach Gary Ryan Blair suggests that anybody in business for themselves should have at least 10 revenue streams at all times. This ensures that if one stream dries up, another can cover the gap until you rebuild it. In writing your business plan, you’ll examine your skills and abilities (SWOT analysis) and figure out where those revenue streams could come from.

In looking for those 10 revenue streams, keep the definition of what you do broad. One of my heroes and good friends, the artist Rex Ray, was an artist, a teacher, a graphic designer, and designer of housewares (wallpaper, rugs, furniture). He straddled the line between art and commerce better than anyone I know. He designed album covers, book covers, rock posters, and also made high art that hangs in museums. He followed his interests and saw how he could contribute and also survive as an artist.

There are multiple options out there for a business plan framework. LivePlan is an excellent piece of software, and there are books available, including Business Plans For Dummies which also offers a kit you can purchase with templates to craft plans. Find something that works within your budget. The format you use is irrelevant as long as it is comprehensive and detailed.

As Casey Kasem, the great DJ who hosted American Top 40 for many years, would say: “Keep your feet on the ground and keep reaching for the stars.” Dream big, but think practically and build a business plan. Break down your goals into smaller, more achievable goals. Become clear on what the costs will be. You’ll find that the very act of creating a business plan will set things in motion and center you in a place of clarity. This opens the door for synchronicity and fate to intervene. But it all starts with formulating and having a plan.

Chris Huff has been a professional singer, multi-instrumentalist, songwriter, and producer for over 20 years. He has worked as a sideman with Peter Yarrow (Peter, Paul, and Mary), Echo and the Bunnymen, Chuck Hammer (David Bowie, Lou Reed), and Tom Kitt (Broadway composer of Next To Normal). Chris also wrote liner notes for David Bowie’s Live And Well CD, and has two full-length albums of original music available on iTunes .

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Chris Huff

About Chris Huff

5 thoughts on “ writing a business plan for your music career ”.

this is just like starting any type of business, isn’t it ? Even though as a new old musician I don`t think of being a business person. How many people start in business for themselves without a business plan. This article opens my eyes about how far I want to go in music & the ground steps. thanks

Really good post! Thanks so much for sharing this.

Great mr thanks for your good handover, all the best

Amazing Post Chris, Very helpful for Musician. I am also a musician i learnt a lot also having difficulties to break through into the industry why because i don’t have manager and publisher’s. So I manage it all alone for now. But in future, I am definitely going to expand business.

Every successful career came up with a good plan. Thanks for this informative information. Well done!

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THE ENTREPRENEUR'S GUIDE MUSIC INDUSTRY

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How To Write a Winning Musician Business Plan + Template

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Creating a business plan is essential for any business, but it can be especially helpful for musician businesses that want to improve their strategy and/or raise funding.

A well-crafted business plan not only outlines the vision for your company, but also documents a step-by-step roadmap of how you are going to accomplish it. In order to create an effective business plan, you must first understand the components that are essential to its success.

This article provides an overview of the key elements that every musician company business owner should include in their business plan.

Download the Ultimate Business Plan Template

What is a Musician Company Business Plan?

A musician company business plan is a formal written document that describes your company’s business strategy and its feasibility. It documents the reasons you will be successful, your areas of competitive advantage, and it includes information about your team members. Your business plan is a key document that will convince investors and lenders (if needed) that you are positioned to become a successful venture.

Why Write a Musician Company Business Plan?

A musician company business plan is required for banks and investors. The document is a clear and concise guide of your business idea and the steps you will take to make it profitable.

Entrepreneurs can also use this as a roadmap when starting their new company or venture, especially if they are inexperienced in starting a business.

Writing an Effective Musician Company Business Plan

The following are the key components of a successful musician company business plan:

Executive Summary

The executive summary of a musician company business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

  • Start with a one-line description of your musician company
  • Provide a short summary of the key points in each section of your business plan, which includes information about your company’s management team, industry analysis, competitive analysis, and financial forecast among others.

Company Description

This section should include a brief history of your company. Include a short description of how your company started, and provide a timeline of milestones your company has achieved.

If you are just starting your musician business, you may not have a long company history. Instead, you can include information about your professional experience in this industry and how and why you conceived your new venture. If you have worked for a similar company before or have been involved in an entrepreneurial venture before starting your musician firm, mention this.

You will also include information about your chosen musician company business model and how, if applicable, it is different from other companies in your industry.

Industry Analysis

The industry or market analysis is an important component of a musician company business plan. Conduct thorough market research to determine industry trends and document the size of your market. 

Questions to answer include:

  • What part of the musician industry are you targeting?
  • How big is the market?
  • What trends are happening in the industry right now (and if applicable, how do these trends support the success of your company)?

You should also include sources for the information you provide, such as published research reports and expert opinions.

Customer Analysis

This section should include a list of your target audience(s) with demographic and psychographic profiles (e.g., age, gender, income level, profession, job titles, interests). You will need to provide a profile of each customer segment separately, including their needs and wants.

For example, the clients of a musician company may include booking agents, music venues, and corporate event planners.

You can include information about how your customers make the decision to buy from you as well as what keeps them buying from you.

Develop a strategy for targeting those customers who are most likely to buy from you, as well as those that might be influenced to buy your products or musician services with the right marketing.

Competitive Analysis

The competitive analysis helps you determine how your product or service will be different from competitors, and what your unique selling proposition (USP) might be that will set you apart in this industry.

For each competitor, list their strengths and weaknesses. Next, determine your areas of competitive differentiation and/or advantage; that is, in what ways are you different from and ideally better than your competitors.

Below are sample competitive advantages your musician business may have:

  • Specialized experience and knowledge
  • Proven business model
  • Strong customer base and loyalty
  • Robust marketing strategy
  • Established industry presence

Marketing Plan

This part of the business plan is where you determine and document your marketing plan. . Your plan should be clearly laid out, including the following 4 Ps.

  • Product/Service : Detail your product/service offerings here. Document their features and benefits.
  • Price : Document your pricing strategy here. In addition to stating the prices for your products/services, mention how your pricing compares to your competition.
  • Place : Where will your customers find you? What channels of distribution (e.g., partnerships) will you use to reach them if applicable?
  • Promotion : How will you reach your target customers? For example, you may use social media, write blog posts, create an email marketing campaign, use pay-per-click advertising, launch a direct mail campaign. Or, you may promote your musician business via word-of-mouth marketing or referrals.

Operations Plan

This part of your musician business plan should include the following information:

  • How will you deliver your product/service to customers? For example, will you do it in person or over the phone only?
  • What infrastructure, equipment, and resources are needed to operate successfully? How can you meet those requirements within budget constraints?

The operations plan is where you also need to include your company’s business policies. You will want to establish policies related to everything from customer service to pricing, to the overall brand image you are trying to present.

Finally, and most importantly, in your Operations Plan, you will lay out the milestones your company hopes to achieve within the next five years. Create a chart that shows the key milestone(s) you hope to achieve each quarter for the next four quarters, and then each year for the following four years. Examples of milestones for a musician business include reaching $X in sales. Other examples include adding new employees or opening a new location.

Management Team

List your team members here including their names and titles, as well as their expertise and experience relevant to your specific musician industry. Include brief biography sketches for each team member.

Particularly if you are seeking funding, the goal of this section is to convince investors and lenders that your team has the expertise and experience to execute on your plan. If you are missing key team members, document the roles and responsibilities you plan to hire for in the future.

Financial Plan

Here you will include a summary of your complete and detailed financial plan (your full financial projections go in the Appendix). 

This includes the following three financial statements:

Income Statement

Your income statement should include:

  • Revenue : how much revenue you generate.
  • Cost of Goods Sold : These are your direct costs associated with generating revenue. This includes labor costs, as well as the cost of any equipment and supplies used to deliver the product/service offering.
  • Net Income (or loss) : Once expenses and revenue are totaled and deducted from each other, this is the net income or loss.

Sample Income Statement for a Startup Musician Firm

Balance sheet.

Include a balance sheet that shows your assets, liabilities, and equity. Your balance sheet should include:

  • Assets : All of the things you own (including cash).
  • Liabilities : This is what you owe against your company’s assets, such as accounts payable or loans.
  • Equity : The worth of your business after all liabilities and assets are totaled and deducted from each other.

Sample Balance Sheet for a Startup Musician Firm

Cash flow statement.

Include a cash flow statement showing how much cash comes in, how much cash goes out and a net cash flow for each year. The cash flow statement should include:

  • Cash Flow From Operations
  • Cash Flow From Investments
  • Cash Flow From Financing

Below is a sample of a projected cash flow statement for a startup musician business.

Sample Cash Flow Statement for a Startup Musician Firm

You will also want to include an appendix section which will include:

  • Your complete financial projections
  • A complete list of your company’s business policies and procedures related to the rest of the business plan (marketing, operations, etc.)
  • Any other documentation which supports what you included in the body of your business plan.

Writing a good business plan gives you the advantage of being fully prepared to launch and/or grow your musician company. It not only outlines your business vision but also provides a step-by-step process of how you are going to accomplish it.

Remember to keep your business plan updated as your company grows and changes. Review it at least once a year to make sure it is still relevant and accurate.  

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    Your music business plan should include 10 sections as follows: Executive Summary Your executive summary provides an introduction to your music business plan, but it is normally the last section you write because it provides a summary of each key section of your plan. The goal of your executive summary is to quickly engage the reader.

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    It could seem daunting to start work as an independent musician and to create an independent music business schedule, and flying solo may be just the opportunity you need. BBC Music Correspondent Mark Savage spikes out that that may even be the best path towards success, since self-releasing artists grew their revenues by 27% in 2020. On apex ...

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  22. How To Write a Winning Musician Business Plan + Template

    Writing an Effective Musician Company Business Plan. The following are the key components of a successful musician company business plan:. Executive Summary. The executive summary of a musician company business plan is a one to two page overview of your entire business plan. It should summarize the main points, which will be presented in full in the rest of your business plan.

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