Part 2 — How important is a Business Plan for the Creative Industry?
To move your entertainment career in the right direction, you are going to need a plan and not just the one in your head!
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Looking at the second part in the three-part series, of writing a successful business plan for the creative industries…
This is a very important area to really take forward and perfect your business plan and ideas over time.
This is an area you are going to need to put together a solid 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 to be heading over the next 2/3/5 years!
No plan then you are almost doomed to fail, this article looks at a few points and tips for the second phase of your business plan stratagy!
Writing a business plan for your music career!
For all the creativity needed to sustain and build 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 going forward.
Which will provide clarity for your ideas
Many artists and bands struggle with creativity versus commerce, but it's something you as a creative are going to have to overcome, it's really that simple, and especially with how the world is today you are going to need to apply yourself.
It's just not good enough to just put out your product and expect the world to love it, sorry it doesn't work that way-its called lots of hard work and graft!
How to start and where to begin!
There are lots of resources to help you push your business along, like online — including articles, courses, companies, people, etc — to help write a business plan or at least give you some advice on your journey.
But where on earth do you begin?
A good place to start is to define what a business plan is and why you will need this document.
Why Write a Business Plan?
At the very basic level (and really for me the most important level for this), the business plan will allow you to focus your thinking, set a very realistic plan with realistic goals, and of course pushing you moving forward with your entertainment career.
So, let us look at some key points to further your business plan and your career;
Putting a Press Kit together!
What is your press package comprised or made of?
Is there anything different about your press kit (outside of the normal press kit) that makes this different in any way?
Will your press kit have an electronic component of the package?
What is your press kit going to be used for?
Do you have your key players not already addressed in the document?
You need to look at press articles, recent and past success, etc?
Your Additional Merchandise!
Are you selling merchandise besides the recording/EP/Album project? I.e. T-shirts, Hats, Hoddies, Posters, Calendars, etc.
Or are you selling previously released CDs/downloads — So how are you going to make money in this area, really think about this?
A lot of artists do not spend enough time understanding their costs and pricing, this is crucial to your overall success.
If you understand your plan then you can portray this to the community and investors with confidence — NEVER rely on someone else writing your plan…
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 with a cuppa, and get that pen and paper… Let us begin and create that incredible journey!
By Pete Moore
