So we’ve covered the fact that many musicians don’t know the next steps they should be taking in their career and many more don’t have enough time to get everything done. Now, we’re going to address both of those problems with a method commonly used by entrepreneurs – a business plan, or in this case, a musician career plan.
I know, most of you probably didn’t get in to music to write a business plan, but if you’re really serious about making a living off your art, it’s an invaluable resource that will help you succeed. Think about all those choices you face everyday. How long should you spend on social media? Which social media channels should you be on? How much time should you dedicate to touring? Is crowdfunding the right way to fund your album? If you have a plan in place that states where you are, what you’re focusing on, and where you want to be in the future, these choices become a whole lot simpler.
If you need more guidance on setting your goals and putting a plan in place that will set you up for success in music, we have a free workbook that you can download right here. Learn how to create a unique plan for your own music career and start putting it into action today!
1. Business Structure
You probably don’t think of your band as a business, but that’s exactly what you are. A lot of the professional bands and musicians out there even go so far as to organize themselves into a Partnership or even a Corporation. You don’t have to go that far quite yet, but you need to think about what everyone’s roles are within your business and how each moving part works together to make one whole unit. How do you communicate with each other? Is one person responsible for decision making or does the whole group vote? Talking about these things up front will make everything run a lot smoother and more efficiently.
2. Revenue Streams
There’s more revenue streams out there beyond just selling albums and singles. Of course, the revenue streams you draw on depend entirely on your career focus. A songwriter will pull from different revenue streams than a recording artist. The main point here is to be creative with it! The music industry is ripe for innovation. Sponsorships and brand partnerships have grown exponentially lately. Some musicians even make money from exclusive membership sites.
3. Booking Strategies
Playing gigs shouldn’t just be something you do on the side. It should be part of your overall strategy. Depending on your goals, you can use your live show to forge a deeper connection with your fanbase, spread awareness for your music to a new city, or meet new collaboration partners.