How to Prepare for Your Leap to Music Entrepreneurship
So you dream of starting a business in the music industry. Maybe you already have a unique business idea and model you believe can bring a profit. Or maybe you simply want to be your own boss so that you can have more freedom, flexibility, and control over your destiny.
Whatever the case, being an entrepreneur is one of the best ways to forge a fulfilling career. But it’s not easy. To start and run a successful business requires a relentless devotion to your work, smart decision-making, constant strategizing and re-strategizing, and much more. It can also get stressful — really stressful. And while a certain amount of stress can keep you motivated to say on top of your tasks and accomplish your goals, too much stress can cripple your productivity.
How do you minimize stress while you’re trying to get your business off the ground, you ask? Preparation. The better you prepare for your entrepreneurial journey, the more likely you will be able to confidently take the steps necessary for short- and long-term success. Supreme Tracks is here with some suggestions for how you can start preparing today:
Brainstorming and Research
Many entrepreneurs begin without any specific business idea; they just know that they want to be business owners. If this is the boat you find yourself in, don’t sweat. As long as you have self-discipline and a general knack for business, you can think of something!
Start by writing down all the interests you’ve ever had, including music and others. Then, write down any knowledge and skills you’ve acquired up to this point in your life. In short, dedicate time to brainstorming business ideas, and don’t worry about how ridiculous they might be. Once you’ve put every idea you can think of on paper, then start narrowing down your options to a few of the most solid ideas.
Researching the feasibility and profitability of your business idea is just as critical as coming up with the idea. After all, what good is an idea if it won’t allow you to make a living? Evaluate your potential market(s) to determine whether your business has a chance of success. As a starting point, think of what an investor might want to know about your company before they agree to provide you with funding.
For example, you will need to know what your primary product or service will be (e.g., music production, songwriting, instrument maker, etc.), who your target market is, what kind of challenges you may encounter, and how you will respond to those challenges. You’ll also want to assess other companies or individuals in the industry to see what they are offering and how they interact with their clients or audience — this will help you to ensure your offerings are unique and get you thinking of how you can refine your idea so your brand can compete.
Writing a Business Plan
Once you have a solid idea that you’ve researched, you’ll need to develop a business plan for how you will make it a reality. Business plans come in various lengths, with an average of 15 to 25 pages. Rather than focus on how long your business plan is, however, just make sure it contains all the information necessary to convince investors or other stakeholders to take interest in your company.
A good business plan will include a mission statement, a description of your offerings, a unique selling proposition (USP), a market analysis, your legal structure, financial projections, funding requirements, a marketing strategy, and more. When creating the plan, remember that it not only helps you secure funding but also provides a valuable reference when navigating challenges on your entrepreneurial journey.
Forming a Legal Structure
As mentioned above, you’ll need to establish a legal structure for your business as it will play a critical role in your financial success, the taxes you pay, and your personal liability. Forming an LLC will provide you with asset protection and tax benefits, among other perks. And the process is relatively simple, especially if you work with a professional formation service.
Assembling a Team
When starting a business, you need to know what tasks you’re good at and what would best be handled by other people. If you try to take on every responsibility, it will hinder you from effectively running your company and you’ll eventually burn out. You don’t want that. Look for qualified workers who can take care of any tasks that will boost efficiency in your operations.
For example, you might benefit from hiring specialists in bookkeeping, administration, web design, software development, digital marketing, blog writing, etc. Research employment agencies in your area to see if there are any qualified candidates for the roles you need to be filled. If you’re looking for remote workers, online job platforms are a great resource.
Getting the Right Workspace
No matter what kind of business you’re starting, you will need a workspace. For some entrepreneurs, this means securing a storefront on Main Street. For others, it means working from home. Estimate how much square footage is necessary to effectively run your operations. This might include space for a desk, furniture, music equipment, storage, inventory, and any number of other factors. Then, figure out how much money you can spend as it will help you narrow down your options when shopping for space.
If you want to work outside of your home, spend time researching and touring commercial office spaces in your area. Along with evaluating the space itself, try to meet potential neighbors to get a feel for what a day-in-the-life at the office would be like. You’ll also want to consider other factors, such as the convenience of the location (for yourself, employees, and clients), parking availability, nearby amenities, and the potential for expansion.
If you plan to work from home, you’ll need to ensure your workspace provides separation from your personal life. For this purpose, garages, basements, and spare bedrooms are ideal. If you must set up in the living room or any other area of the home that sees a lot of foot traffic, you may need to get creative with design and schedule your work for when others are not at home.
The Bottom Line
Thoroughly preparing is crucial when it comes to starting a business. Remember to brainstorm business ideas and research to ensure it’s viable. Create a detailed business plan, and choose a legal structure that will prove most beneficial for your business. Start putting together a killer team and figuring out how to get the workspace you need.
Fortunately, the Web has plenty of valuable resources for entrepreneurs who don’t know how to begin their venture. Keep researching so that you can take advantage and set yourself up for long-term success.