Part 3-Business Plan Tips for the Entertainment Industry

To move your entertainment career forward, you are going to need a plan and not just a pipe dream!

Looking at the final part in the three-part series, of writing a successful business plan for the creative industries…

Such an 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 next article looks at a few points and tips for the third phase of your business plan strategy!

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 with a solid platform to build from and adapt your plan!

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 even more — it's not enough just to write great songs, you have to come as a triple, quadruple threat — in fact wearing many hats as possible.

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 in this process?

A good place to start is to define what a business plan is and why you will need this document, what are your goals!

What is a business plan?

If you’ve ever jotted down a business idea on a napkin with a few tasks you need to accomplish, you’ve written a business plan — or at least the very basic components of one to start your journey.

The very essence of, a business plan is just a plan for how your business is going to work, and how you’re going to make it succeed.
Look at it as a working document!

How long should your plan be?

Typically, a business plan is a lot longer than a list on a napkin, that's for sure.

For me in practice, and for most real businesses, it can be as simple or a detailed plan that has a few or many bullet points to focus strategy, tactics, milestones to track tasks and responsibilities, and the financial projections you are going to need to plan: cash flow, budget, expenses.

So, let us look at some key points to further your business plan and your career;

Partnerships with Other Artists & Bands

Some artists may be working closely with other artists/bands to cut costs, cross-promote, etc.

This section should be the place where you highlight those relationships and the benefits that you will receive from them. A community that supports one another can be a really strong selling point.

Look at additional revenue

This also gives you the opportunity to highlight any other sources of revenue that you may be tapping into.

This may include management fees, day jobs, booking shows for other bands — anything that you may have not already covered.

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