Starting any type of business can be a daunting task and a business in the music industry can have its unique challenges. Since last post was about different areas to consider in the music industry, I thought it would be a good follow up to include some basic things to consider when starting any business. By preparation and thorough planning you will protect yourself and your business below are a few things to consider.
It is important to do the proper research a number of areas when entering a market along with the proper planning. This will help you achieve success and identify any threats or challenges you might face on your journey.
Business Plans are a bug part of due diligence and an important first task when starting a business. Recently Forbes published a great article on 10 essential business plan components, check it out here
The name you choose for your business can have a big impact on building your brand. You can set the tone of your brand through the name rather spiffy or professional. This will be the first thing people see about your company both off-line and on-line and along with the tone it should describe or allow people to associate your product or service with your name.
Before jumping all in to creating your business you should know how your going to fund it and fund yourself as you get it off the ground. A good rule to go by is to have six months of personal expenses covered before committing full-time to your new business. That being said there are a number of ways to fund your venture such as investors small business loans and self-funding. Even without a stack of cash many businesses where started through shoestring budgets and while the entrepreneur held their day job until they could afford to step away.
Hire an attorney:
I know you’re thinking you might not need to hire an attorney for your small music business and maybe not. However, it is always a good practice to have an attorney help setup paperwork and contracts for your product or service. They can also guide you on the correct business structure and get those documents setup with the proper agency.
Hire an accountant:
Accountants are a great resource for any company big or small new or old. They will make sure your books are in order and help you strategize on funding and business planning. Many times they can help in similar areas as an attorney with business structure and registrations. Utilizing an accountant instead of an attorney may save you some money as well.
Setting up independent banking accounts for your business is a very smart thing to do from the start. This will help you keep business and personal fuds separated. An important lesson for every new entrepreneur is that the business but survive on its own and must be feed first.
This day in age having a web presence for your business is crucial. You should have a great website that describes exactly what you do with examples of your product or service. Beyond just a website, you need a good social presence on Facebook, Twitter, Snapchat, G+, Yelp and Four square to name a few. These are tasks you can easily do yourself or look for a qualified business to handle for you. As you get started it might be a good idea to handle some of these yourself. However, as you grow you need to focus on what makes you money and your passion. O, hiring these tasks out will ultimately make sense as it takes a lot of time and expertise to master ones web presence.
These are just a few suggestions we hope you find helpful as you consider starting your music business. If you have some more suggestions, please visit our contact page and send us a note.
See you next time