What everyone needs to know about the music business
Playing music may be your passion, but when it comes to going into business, the whole approach has to be very different. You can no longer be random about it. You need to plan it well and make sure you have the right goals that you want to achieve. Here are some tips on how you can start putting a business angle on your passion.
First have a vision. This may sound very fluffy, but you need to know where you want to go with your business. Your vision is the most important part of your business and drives your strategy. Make your vision statement as specific as possible while also allowing room for maneuver; so you can make it all encompassing. For example: the vision statement might say “Become the Top 10 local music business brand in 2 years” instead of “Become the best known music teacher in town.” The second declaration is self-limiting and does not allow you to exploit any other aspect of the music business, such as giving live performances, selling music on the Internet, etc. As you progress, you may find many opportunities in areas you may not have dreamed of when you started. At that point, you want to make sure your vision statement is as broad as possible. This will help you identify these opportunities and not let them pass you by.
Once you have made your vision, set your goals and milestones. Setting goals requires proper planning. So if your goal is to have 20 full-time students at your music institute in six months, you’ll need to plan your marketing and advertising campaigns to make it happen. However, if you don’t have milestones, you’ll just take each day as it comes and won’t approach things with the same passion and vigor you would if you knew where you were going. Having a goal will also keep you from getting sidetracked and help you look for options in case something doesn’t work out.
Once you have these sets, move on to the physical aspects of the business. If you have a studio, make sure it looks professional and has all the necessary equipment. Whether the studio is used to teach students or to compose your own songs, make sure it is fit for purpose. Actively market your facilities to your customers. Also try other means of reaching your audience, such as the Internet, email marketing, etc.
Developing a proper marketing plan is the next most important step. Explore all the options you have to market your services such as flyers, advertisements, free presentations, the Internet, etc. Whichever mode of marketing you choose, it’s important to plan your message well. So spend time thinking about your ad copy and make sure your message is succinct and to the point.
Finally, implementation is the most important part of the equation. Start implementing all the plans and test the success of your plans.
