In today’s world, being a musician means being an entrepreneur and knowing there are business requirements to succeed in the industry. But what are the steps to follow?
Every day, more and more musicians must learn to take their careers forward on their own by doing their own marketing, booking their own gigs, creating blogs, and becoming mini-entrepreneurs to fulfill their artistic dreams.
Making your music profitable is no easy task. You need to create a business plan and know how to use a good marketing strategy to get your idea to the masses. As you begin to map out your plans to start and invest in your music career, here are some steps to consider.
Define your idea
Before thinking about numbers, strategies, and going into many details, start by defining your concept: “why do I want to do it? How can I do it? When can I do it?”
These three questions are key because they will give a structure to your idea of what you want to commercialize and how much time you have stipulated to do it. These time frames do not have to be strict, be flexible with yourself and keep your mind open to possible obstacles and failures.
Who is your target?
Without demand, there is no business, and this is exactly what you should keep in mind when developing the content of your project. Think about the needs of who would be your potential clientele and try to cover them all. The objective of this is to narrow down to the maximum what your market will be and how you can differentiate yourself from your competitors.
Determine the value of your offer
Once you are clear about the product or service you want to offer and to whom it is addressed. It is essential to give it an economic cost that is significant to the amount of work you are doing and consumers’ enjoyment. Considering functional, social, and emotional aspects, but also looking at the competition as a point of comparison. The important point is to do this step from the customer’s perspective and not from your perspective as a marketer.
Communication and distribution of your product
This step does not yet refer to marketing strategies but to finding out how and where is the best way to get your idea or project to your potential customers. If you want to give music lessons, the next step would be to analyze the best platform options; if it is a concert, then look for locations and venues. The distribution will depend on your product and the accessibility of the client to it.
Now that your project is more defined, it is time to think about everything you may need to carry it out. This includes the material objects and the estimated amount of time available to carry it all out. Instruments, costumes, electronics and digital content, and even possible partners are just some aspects to consider.
All aspects of the business plan should already be clear. Now comes the most essential part: Budgeting. Establish an accurate budget that fits your finances and allows you to carry out all the steps mentioned above, not thinking about what is cheaper but aiming at what will make your project possible.