Is a Business Plan for the Creative Industry an important document?
To move your entertainment career forward, you are going to need a plan and not just the one in your head!
One of the areas you are going to need to put together is a business plan for your creative career, and not just if you looking to raise finance but a road map to see where you are going!
No plan then you are almost doomed to fail, this article looks at a few points for the first phase of your business plan…
Writing a business plan for your music career!
For all the creativity needed to sustain a career in music, having a business plan is one way to stay properly grounded, and ahead of the game, this will define your goals and objectives.
Many artists struggle with the art versus commerce, but its something you as a creative are going to have to over come, its really that simple!
Artists need time to make music and formalize their visions, but also need to eat, pay the rent, and have clothes to wear — you all know the score on this one, its time to do things right and plan for the future — and not bury your head in the ground with the usual moans and groans;
The bank didn’t give me a loan, nobody turned up to see us play, the label stuffed me and the band — Just get your SHIT together and remember nobody owes you anything!
An artist who becomes famous when they are young often must learn business skills as they go along, usually learning the price of ignorance by being ripped off down the line — but this is a necessary evil!
For those of us on the ground level, having a plan can mean the difference between being able to make a living as a musician.
Over the next few weeks, The Entertainment Engine will provide some suggestions on how to make a business plan as a musician over a 3-part episode.
But the most important suggestion: take it one step at a time!
This kind of work can be really overwhelming for creatives…. So, let’s take a look and prepare a killer business plan!
How to start and where to begin!
There are lots of resources online — including articles, courses — to help write a business plan. But where on earth do you begin?
A good place to start is to define what a business plan is and why you need this document.
A business plan is an outline of your short, medium- and long-term goals, the practical methods you will take to achieve them, and the resources that you have and will definitely need.
The plan will help you take your goals from just ideas to real concrete actions.
There are many reasons to have a business plan, not the least of which is the basic idea that planning always helps.
When you go to the supermarket, you go with your list. When you drive from London to Scotland, you plan your route.
Having a business plan will give you clarity, focus, and a sense of forwarding motion in your music career by identifying realistic, achievable, and action-based short-term goals.
What is a Business Plan?
The business plan outlines your professional goals, how you will achieve those goals, and the resources that you have and need to get in order to achieve those goals.
It is basically the story of your career and your business. The business plan takes you from the “idea stage” to the “action stage.”
Why Write a Business Plan?
At the very basic level (and for me the most important level), the business plan will allow you to focus your thinking, set a realistic plan with realistic goals, and get you moving forward with your career.
Additionally, the business plan can be used to bring in key players whom you would like to have as a part of your team.
These key players might include prospective managers, agents, labels. The business plan shows these people that you have thought about your career, planned how you want to achieve your goals, and treat your career seriously.
Finally, the business plans are often used to obtain financing from investors, banks, venture capitalists, government, etc.
To learn more about writing a “business plan” for the creative industry — check out the latest podcast episode from The Entertainment Engine below;
Writing a plan takes time and lots of effort, not least to understand where your creative project is heading. So it’s that time to roll up your sleeves sit down and get that pen and paper… Let us begin!
By Pete Moore