Plans

[TheOne]

Hi

Can anyone give advice on writing a business plan for a recording artist? Tips etc.

TheOne

[Didier]

Hi TheOne,

Could you be more precise about "a business plan" for a recording artist?

What kind of plan? For the recording? Or more as a "Carreer" business plan.

While I'm not a success in the music industry, I spent time enough with start-ups to be able to discuss about organisation, business plans, whatever.

Didier

[TheOne]

Hi Didier

thanks. I mean a plan to turn it into a business as a justification to investors, to demonstrate growth and how to make money. Part of my problem is really awareness of possible income streams. Once I'm aware I then have to know what to do with the info, and how to present it.

ideas?

TheOne

[Didier]

Hi TheOne,

>I mean a plan to turn it

To turn it what?

The first thing you have to learn (it's true in legal as well as in business) is to be specific.

What do you mean by "a recording artist"?

Doing sessions as a musician for other bands/singers?

Having a solo career?

Having a band career?

Be as specific as possible.

So first, you have to define exactly the "it".

<<Part of my problem is really awareness of possible income streams. >>

Once you will have define the "it", you will find it's easier to go in-depth about the possible income streams.

Now for the second part.

<<Once I'm aware I then have to know what to do with the info, and how to present it. >>

In short, Power Point

No kidding. Power point is the basic tool to discuss with investors. The reason is that if you can't layout your ideas/propositions in Power Point, then it's not worth it (too complicated/intricate/whatever).

I'm not sure at this step I have to go to all the slides your business plan will include. But, more or less, it will have:

Executive summary (1/2 slides max)

What you are, and where you want to go

What you are in detail

Your strength, your background, how you compare to the competition (which would allow you to plug your unique points)

Market analysis

What is the market you want to compete in

Key players

Success factors

Economics of this market

Your share in this market

Facts and figures

How much will you earn

How much will you spend

What do you need in terms of location, gear, support, whatever.

(A typical business plan gives detailed figures for the first year, and then an outline for 3 years. At the end of 3 years, of course, the operation has to be successful).

Action plan

A plan giving the specific actions you will do according to facts and figures

e.g., promotion strategy, number of people you will contact, whatever

It has to be factual

Value Proposition (I love this Americanism)

A summary, again, of how what you offer to the investors is unique, and they will found it nowhere else.

I think I gave you a starting point.

Now, once you have defined the "it", we'll be able to move on

Didier

[john]

Hi Didier

Good stuff:)

By good of course I mean beneficial/useful

By stuff I mean information

Cheers

John

[TheOne]

Hi Didier

Thanks! I guess my problem is I am a songwriter, and performer...my interest is as a solo performer. Although I will use session musicians when necessary.

TheOne

[Didier]

I guess my problem is I am a songwriter, and performer...my interest is as a solo performer. Although I will use session musicians when necessary.

Hi TheOne,

You're still not very specific

Let's sumarize what we have:

You want a carreer as a solo artist, using sessions musicians whenever necessary.

You need money, which I suppose means you plan to release an album (your mentionned 'recording artist').

You intend to find money from investors.

Are the above asumptions correct?

The bare basis of a business plan is to research:

- how much what you want to achieve will cost.

- how much what you want to achieve will generate in revenues.

- by what means you will achieve the above revenues.

I hope I gave you food for thoughts.

Based on what we have at the moment, I'm not sure you would search for real investors, but rather 'sponsors'.

Didier