Do Music Artists Need a Business Plan?
Is it really necessary?
A music artist who intends to take a career path with his craft is like any businessman or entrepreneur who needs a plan for the journey he or she is about to embark on.
THE PLAN, becomes a guide and a blueprint mapping out the path and progression of the bearer. Without a plan, it is obvious the different windings that an artist may go through until he or she reaches a stage of having full tangibility of establishing his or her music career.
With the series of evolution that the music terrain has experienced, most artists have become more independent about their craft, not waiting for record labels to sign them on. Most independent artists, before reaching a stage of comprehension of their craft and how to establish a quality career with it, would have spent many years muddying themselves and moving with the flow. Artists who are signed on by record labels, on the other hand, may enjoy a level of structure and organization for their career because record labels usually have their plan and are likely to move along with artists who have what they are looking for in terms of management.
Despite a record label having a plan, it might still not be enough to sustain an artist who is looking to establish his music career in the long term.
The reality as stated earlier, is that artists, like any other professionals, can greatly benefit from strategic planning and a well-thought-out business plan.
WHY AN ARTIST BUSINESS PLAN?
1. Clarity of Vision: An artist’s business plan forces you to articulate your artistic vision, goals, and objectives. It prompts you to define what success means to you and how you plan to achieve it. This clarity of vision serves as a guiding light, helping you stay focused and motivated amidst the challenges and distractions of the creative journey.
2. Financial Management: Creating art is not just about passion; it’s also about mapping out activities or actions to generate revenue to fund some of your projects and a business plan helps you assess the financial viability of your artistic endeavors by outlining your income streams, expenses, and budgeting strategies. It enables you to set realistic pricing for your work, allocate resources effectively, and plan for future investments or opportunities.
3. Target Audience Assessment: Understanding your target audience is crucial for any artist seeking to connect with their viewers or listeners.
For Christian Artists, the direction of reaching out isn’t limited to a specific group necessarily, considering the mandate of the Gospel, which must be preached to all men. However, along the line, artists should be able to make a keen observation of the audience that is more responsive to their music.
This knowledge empowers you to tailor your artistic offerings to meet the needs and desires of your audience, thereby increasing your chances of success for the Kingdom.
4. Marketing and Promotion Strategies: Artistic talent alone is often not enough to make your efforts thrive, considering marketing and promotion in building a music career is quintessential.
It doesn’t have to look scary or burdensome. For an artist who is now setting out on a career path in music, one could take advantage of the various minimal digital marketing activities such as social media avenues, through content creation and leverage its potential to establish and promote an online presence.
Also included in having a marketing and promotional strategy in an artist business plan is, mapping out the place of networking, collaborations, and creating a fan base where you can add value to the community as well as impact the lives of your fan base.
5. Talent Development: Just as artists continuously refine their craft, they must also invest in their professional development. A business plan can include provisions for ongoing education, training, mentorship, or participation in exhibitions and workshops. By committing to lifelong learning and growth, you can stay ahead of the curve, explore new artistic avenues, and remain relevant in a rapidly evolving industry.
6. Risk Management and Contingency Planning: Like any business venture, artistic pursuits also come with inherent risks and uncertainties. From ongoing evolution in technology influencing music processes and systems: production, distribution, and consumption to unforeseen personal or external factors, numerous variables can impact your artistic career.
7. Long-term Sustainability: Ultimately, an artist’s business plan is about laying the groundwork for long-term sustainability and success. It provides a roadmap for achieving your artistic aspirations while maintaining financial stability, creative fulfillment, and work-life balance.
In conclusion, while artistry and entrepreneurship may seem like divergent paths, they are, in fact, deeply interconnected. An artist business plan is not just a bureaucratic document; it is a dynamic tool that empowers you to pursue your passion with purpose, professionalism, and Kingdom profitability. So, if you’re serious about taking your artistic career to the next level, invest the time and effort into crafting a comprehensive business plan.
For a Gospel Artist, having a business plan can be an important and crucial step in presenting your intentions before God for His guidance and partnership for Kingdom Advantage and Advancement, notwithstanding, giving heed to being flexible to make amendments in your plan, as God steers you.
By: Majorie Lamptey
