Over the past few days, I have started to build a new Udemy course on how to write a business plan for musicians. I have made the first few videos. Perhaps the most exciting thing for you is that you don’t need to pay to get the full benefit of my course. This is because I am sharing each video for free on my YouTube channel. You can see the first few videos below, and I think you’ll get a lot of benefits from watching this course. We start by looking at how to write an executive summary for music business.
Get Your Free Copy of The Complete Guide to Music Marketing 2023
How to Write a Business Plan For Musicians
Although it will probably be your most laborious and mundane task, your business plan is an essential part of your business. The reason for this is quite simple…
If you fail to plan, you plan to fail.
This is the same in all businesses. If you don’t know how to start, you won’t know how to continue. Therefore, you should set down your business plan in black and white with all of the elements I will include in the course. How to Write a Business Plan for Musicians will be part of a much bigger project, The Complete Guide to Music Marketing. Therefore, it will be updated on an annual basis.
How to Write an Executive Summary For a Music Business
The first part of the business plan is the Executive Summary. However, this is the final part of your business plan. It is included at the very beginning because it should be in your mind from the beginning.
What is an Executive Summary for a Music Business?
An executive summary part of a business plan is much the same as for any industry. It is intended as a condensed snapshot of your business operation. Therefore, it should include all the aspects of your business you want investors to know. Learning how to write a business plan for musicians
Are you learning how to write a business plan for musicians so that you can attract people with industry contacts or people who can benefit your business? Writing a plan is a great idea if you want to attract such connections. Even if investors are not investing in finance, they may still be interested in sharing your music business with their contacts.
How to Write an Executive Summary For a Music Business
This part of the plan is perhaps one of the most important. You need to entice an industry contact to want to read more about your plan. Therefore, your plan will be doing what you intend it to do.
Why Do You Want to Learn How to Write a Business Plan For Musicians?
A business plan is essential to your business whether you are looking for financial investment or not. It will show you where you need to focus, and what you will have to do to make a success of your business. It will also show you where your company has been, where it is, and where you want to get to. You need to have a vision for the future and a plan of how you will get to that point.
The video below is the one that speaks about writing an executive summary for a business video.
How Long Should An Executive Summary For a Music Business Be?
It would be best if you condensed your plan right down to between 1 and 2 pages. Therefore, it should be a snapshot of your entire plan. It would be best if you made it appealing to the reader. It would be best if you also remembered that your business plan needs to get straight to the point. When you write an executive summary for a music business, you must put the different sub-elements down in order of importance. What is the most essential part of your executive summary? What do you want people to read first?
Learning How to Write a Business Plan For Musicians is Also A Good Exercise For Perfecting Your Elevator Pitch
Put yourself into this scenario…
You are about to get into the lift with someone who asks you what you do in your spare time. You could say that you are a musician. Why not tell them that you write and record music? Whatever you do in your music passion, you must think of the best way to promote your business in under three minutes. This time constraint is because when you are in a lift with a potential fan, you will only be with them in that confined space for three minutes.
Why practice an elevator pitch?
Your elevator pitch is vital because you need to learn how best to promote your business in a short space of time. This is an excellent practice because we all have moments where an elevator pitch can be used. It is like chatting up someone you find attractive. You may only have a short time to do something about it. However, in that situation, body language is beneficial.
As a musician, you could walk around with your mobile device so that you can play your best song when the opportunity arises. There is nothing that can demonstrate your music better than actually playing it. If they like it, you have a new fan. If they don’t like it, you haven’t lost anything. They may decide they don’t like it but still support you to their friends and contacts.
Advice on the complexity of your executive summary
If you want to learn how to write a business plan for musicians, you also need to keep your language as simple as possible. Your investors may know nothing of the music industry. Include things like…
- How popular is your genre?
- How big is your social media following?
- Do you know the demographics of your fans?
- Do you know how big the market for your music is?
- Are most of your fans from Africa, Asia, or America or where are they based?
- Include as much about the business side of your business as you can.
How to Write an Executive Summary For a Music Business?
When you are learning how to write a business plan for musicians, you need to gather as much information as possible. However, as I just said: Keep the language simple. However, keeping it simple doesn’t mean you should scamp the amount of information that you use. The more information you can find about your business and the music industry, the more successful your plan can be.
Information you should include in your executive summary needs to include…
- The name, location and contact details of your act
- Give an idea of what you do. What music do you play? Do you design and manufacture VST plugins, preset packs or sample packs? Are you more focused on writing stock music and music for production music libraries?
- As we have already mentioned, you need to give as much information as possible about your target demographic.
- Let the reader know why you are writing your business plan. Are you looking for finance, contacts or both? Are you just looking to build your plan so that you have a better picture of your overall business.
- What will you be using required finance for?
How to write a business plan for musicians with the future in mind
Although you probably don’t have any idea of the future yet, what would it look like if…
- Your business didn’t go to plan
- What is your vision for the next three years.
- Are there any vital issues that you think investors should know…
Do you have any criminal convictions? Does anyone in your team have any criminal convictions? Is there anything else a financial backer should know? Are you licensed to drive the band’s van? Does anyone in your band have a disability? These aren’t all red flags. Someone with a disability is just as valued and just as valuable as someone without a disability. In any case, we all have disabilities of some sort or other? It is just that disability is more obvious with some people than with others.
As far as your vision goes for the next three years, what do you think it would look like? You may have no idea how popular you will be until you start trading. Therefore, this could be a very difficult step to take. However, when you start and as you continue to trade, you will have more idea. You can update this on a regular basis to reflect on how successful your act will be.
Get Your Free Copy of The Complete Guide to Music Marketing 2023
How to write a Business Plan for musicians – Conclusion
Now you know how to write an executive summary for a music business, we are a step closer on the road to learning how to write a business plan for musicians.
If you would also like to watch the rest of the course for free, please subscribe to Krannaken TV on YouTube. Each video will be uploaded to the YouTube channel. If you subscribe today, please don’t forget to hit the bell. If you hit the bell, you will also be notified of all new videos as and when they are published.
