Putting the Business in Music Business Part II

This week, the Stay Tuned blog is still focusing on overall business, and how to get that business on the right track. Most entrepreneurs know this starts with a business plan. A company without a plan, has no direction. The business plan is your vision in the form of words. This is how you get your vision and dream to other people.

In the first "Putting the Business in Music Business" post, we talked about Growthink and its founders Jay Turo and Dave Lavinsky. Turo and Lavinsky have mentioned important things that investors are looking for in business plans. The most important aspect of any business plan is research. While investors want to know how they will make back their money, and what makes you stand out from everyone else. But your overall plan should show that you have done the necessary research. This research includes research of your industry, your audience/target market, and your competition.

Lavinsky and Turo additionally mention investing in yourself and taking risks. We believe these go hand-in-hand. If you can prove that you have a service or product that is different, you should believe in yourself enough to invest in it. You should always be willing to better yourself and your craft. In music, that means singing lessons, even if you think you are great at singing; or piano lessons, even if you can figure out any tune playing on the radio.

Research and investing in yourself are the key aspects prospective investors want to see in your business plan. If that's want they want, why aren't you giving it to them?

Besides these things, the most important section of your business plan includes the Industry Analysis, the Marketing Plan, and also the Competition section. These sections show the most in terms of your research and what sets your business apart in the industry. If you come off as if you don't know much about the industry or the companies already in it, you may already lose the investor.

Take time to get to know the industry you want to break into and where you fit in. Research prevents you from trying an approach another company has tried and failed; or shows you how to capitalize on your competitions mistakes. Also, find yourself so caught up in your work and planning that you forget to show exactly who you are and express yourself.

Until next time, Stay Tuned.