Making a living in the music business industry is the absolute of every serious musician. After all, the music industry is a highly profitable industry that consists of individuals and organizations that earn money by writing musical compositions, selling recordings, doing concerts, and labels representing music creators. Whatever career you want to pursue in the music industry, be it a professional musician, recording artist, producer, or music teacher, having a business plan proposal can take you a long way to achieve a successful and profitable career in music. Read the article to find out how to make a music business proposal.
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Why is a Music Business Proposal Important?
A business is always a business whether it’s in a music field or retail field. And so, having a business proposal plan allows you to focus to set a realistic plan with realistic goals. The proposal plan can also be a great tool to use to bring in people and companies you would like to be part of your teams such as managers, agents, or recording labels. It will show these people that you are serious about your music career and you are committed enough to outline your goals, have a plan on how to achieve them, and list the resources you need to make it possible.
How to Make a Music Business Proposal
Prepare the materials you need to write down your proposal plan right away. You can use a pen and paper or notebook to write down the draft of your business plan or you can type it in a word document software. The following points below are your guidelines to create your proposal:
Give an introduction about yourself (or your band or your music partner). Provide important information about yourself such as your biography, accomplishments, key moments in the music industry. If you have other people in your business (aside from bandmates) such as the PR officer, booking agent, or promoter, etc., outline their tasks and responsibilities.
2. Executive Summary
The executive summary basically summarizes your proposal plan. Include also a short description of your methods to carry out your plans and the resources you currently have to help you accomplish your goals.
3. Mission Statement
The next part of the proposal is your mission statement. In a sentence or two, describe briefly the details of the goals that you want to accomplish.
4. Audience Analysis
The next part is where you’ll identify specifically who your target audience is. Create a demographic outline of your target audience based on gender, age, location, musical tastes, and favorite venues.
5. Touring and Recording Plans
Making a music business proposal plan can be quite different compared to other proposals; since you’re in the music business, part of your job is recording music and going on tours to promote your music. Outline your plans on recording sessions and touring to different places. For example, for recording sessions, including information on who is producing the recording project, the engineer, sessions players, and other key people needed for the recording and the studio you’re going to use. Include a timeline of the recording project.
As for your touring plans, if you really plan to make it big, touring is a must in a musician’s life. And not just for musicians too, managers, booking agents, PRs, can greatly benefit in tours. Touring helps you reach out to more audiences and more audience means more profit. For your touring plans, you must include a timeline on when the touring will occur and the places and venues, you will do your concerts.
6. Marketing and Financial Plan
The next part of your proposal is where you detail out your marketing plan and financial plan. Outline first your marketing plan. Describe how you’re going to promote yourself. Touring is one of them. But how are you going to start promoting before you go touring? How can you hype people up with your music? Share your plans on how you will promote yourself such as using social media sites, press kits, and publicity materials such as a logo and photography, band merchandise.
The next part is presenting your financial plan. This part of the proposal has to be a bit more detailed and accurate since you are talking about money matters here. Get a full account of your current budget. List how much capital you currently have and estimate how much it’ll take to get your business running efficiently. Create a budget spreadsheet and list down all the stuff that your budget will go into such as your marketing and promoting strategies, recording sessions, touring in different places, providing allowances to your staff, and earning profit for your business.
What music jobs pay the most?
A lot of occupations in the music industry pay well. Some examples are record label producers, music teachers, road managers, promoters, booking agents, music lawyers, music therapists, and film and TV music supervisors.
What skills do you need to be a music producer?
Do you have what it takes to be a music producer? If you want to pursue to become a music producer you have these qualities and skills to help you make it: a comprehensive understanding of music and sound engineering, great skills in managing people, skills in communication, and comprehensive knowledge in business, finances, and contracts.
Why is the music industry important?
The music industry, just like other industries, drives economic value to a certain area (such as a city). It helps create jobs, promote economic and artistic growth, and develop tourism.
Making a music business plan isn’t a task that can be done in just an hour or two. You’ll have to commit a lot of time to brainstorm and create your proposal so don’t be too pressured of making your proposal. Take your time to think through every section. Invite your colleague to help you make your proposal. To help you get started on making a music business proposal, download our free sample templates provided above!
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