It is imperative, he adds, that music creatives look at their potential careers through the eyes of an entrepreneur starting a business.
After all, he states; “being savvy in the business is the only way a music professional can truly survive in the music industry.” Gaining a better understanding of the Music Business is the key purpose of the seminar series recently launched by the Association of Caribbean Copyright Societies (ACCS) and the Caribbean Development Bank; piloted in Barbados through COSCAP.
References: Barbados Investment & Development Corporation (BIDC) (n.d..) “Business Plan Workbook for Students.”“The annoying business side of music is where the creative person often becomes an ostrich with his head in the sand.” While the visual of Patrick Hess’ comment may cause a chuckle, it is indeed a reality that many creatives are not versed in the business aspects of their crafts.
If you want to start a Music business or expand your current Music, you need a business plan.
The following Music business plan template gives you the key elements to include in a winning Music business plan.
Below are links to each of the key sections of your Music business plan: I. A key segment of the June 29 hosting of the seminar focused on the development of a good music business plan.This was presented by the Barbados Investment & Development Corporation (BIDC).Instead you should focus on your business relationships with any fellow musicians, band members, web designer, publicist and other parts of your team.It’s important to map out who does what before you launch your plan.Research shows that music businesses that benefit from the services of their local collective management organizations tend to do better in earning from those IP assets.Registration with your local collective management organization is an important part of operating your music business – This section is a perfect place to delegate responsibility to everyone on your team (do you have a team? You may or may not have a personal or business manager and that is OK.In our next blog post, we delve deeper into the elements of a Business Plan and what you should consider as you draft one.Click HERE for more on how to draft a music business plan.“The annoying business side of music is where the creative person often becomes an ostrich with his head in the sand.” While the visual of Patrick Hess’ comment may cause a chuckle, it is indeed a reality that many creatives are not versed in the business aspects of their crafts.This is certainly a leading factor behind why several extremely talented music creatives are never able to obtain noteworthy financial success in their careers.