Do you have a Business Plan in place in order to run a successful company
which allows you to make a FULL TIME income from your music?
A document that summarizes the operational and financial objectives of a business, and contains the detailed plans and budgets showing how the objectives are to be realized?
In plain English, a document that shows you and potential funding sources that you have carefully thought out how you plan to operate in order to make your Music Business venture A SOLID SUCCESS?
This section helps you define the general purpose of your music company, stating the main reasons it is in business, while it also serves as a reminder to the public and the employees within your company what you and the founders envision. General business purposes are mentioned here. Yours could be to dominate the Music industry offline and online across the world by producing and promoting high quality entertainment products. You can also add any additional goals for your music company such as becoming active in charitable activities, etc.
This part summarizes the main highlights of your business plan, including what products and services you plan to provide. Important facts such as projected sales and profits, the number of unit sales, profitability and the keys to your companies success are mentioned here.
This section also allows you to highlight any important information that you would not want anyone including potential investors to overlook.
This component of your record label business plan identifies the individuals operating in key positions within your company, and what their duties and responsibilities will be. In addition here is were that person’s educational, business experience, and significant accomplishments will be highlighted which they will in turn bring to the table in order to contribute to the success of your music company.
One of the most important components of a Business Plan is The Financial Plan section. This part includes a Projected Balance Sheet with yearly totals, Music Project Production cost sheet, Projected Statement of cash flow, Break Even profit analysis, Use of funds statement, and all other parts that make up a detailed financial plan for your company.