Tips on writing a successful Business Plan for your music career!
The business plan is a vital document for your creative career. Written effectively, a business plan can help raise capital, and also draw new talent…
What is a business plan and why does this document matter? Let’s take a closer look…
A business plan is a formal document outlining the goals, direction, finances, team, and future planning. It can be geared toward investors, in a bid to raise capital, or used as an internal document for the company!
It typically includes market research, competitor analysis, financial information, an overview of your business and marketing plan.
A business plan can be very helpful during a company’s initial growth and serve as a guiding force amid the uncertainty of a NEW business and at times rapid developments involved in starting a business.
A business plan should be a living, breathing document that guides decision-making with controlled growth.
The Executive summary.
The executive summary should briefly introduce your business and describe the purpose of the business plan.
If so, specify how much money you hope to raise, and how you’re going to repay the loan. If you’re writing the plan to align your team and provide direction, explain at a high level what you hope to achieve from this process!
The executive summary should explain what your business does, and provide an overview of your financial and achievements to date — NO more than 1 page long!
The Company description.
Properly introduce your company, it’s important to describe your wider industry. What is the financial worth of your market? Are there market trends that will affect the success of your company?
What is the state of the industry and its future potential going forward is there a gap in the market? Use industry data to support your claims and include full information — both with positive and negative information— to provide investors, banks and staff alike — to make informed decisions.
Market analysis and the opportunity.
Research is key in completing a business plan, ideally, more time should be spent on research than writing the b/plan itself!
Understanding the size, growth, history, future potential, and current risks to the wider market is essential.
The Competitive analysis?
Explaining the elements that differentiate you from your competition, it’s important to provide an in-depth analysis of your competitors.
This research should dig into the company operations, financials, history and leadership.
It should explore the value propositions of these competitors, and explain the ways you can compete with them, or exploit their strengths and of course their weaknesses!
The Execution: Operations, development and management.
This area provides details around how you’re going to do the work. It should include information about your organizational structure and the everyday operations of your team.
Consider including your company’s organizational chart and a piece of more in-depth information on the company team:
Who are they? What are their backgrounds? What do they bring to the table? You should include the CVS of all key people.
Your Marketing plan.
It’s vital to have a comprehensive marketing plan in place as you scale operations — and this should be shared with your stakeholders and employees.
This segment of your business plan should show how you’re going to promote your business and attract customers.
Include brand messaging, marketing assets, and the timeline and budget for engaging consumers. Include a SWOT analysis into your strengths, weaknesses, opportunities, and threats.
This way you are going to be a step ahead to take your career forward!
By Pete Moore
