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3 Questions Every Music Business Must Ask

April 16, 2012 | Comments: 0 | Views: 172

My objective today is to help you consider some life changing questions that will enable long term sustainability, business growth and market expansion.

Any business wishing to thrive in the internet age must ask the following questions:

1. Where do you see your business in 1 year, 2 years, 5 years and 10 years? It is said that any business without a plan is planning to fail and I believe this has a large element of truth in it. What are you planning to accomplish in the next few years? Are your objectives documented? Can they be shared with anyone working with you? The answer to this first question can actually help you create a business plan that can be used to establish and build a business. If you do not know where you are going, how do you know when you have arrived at the "Nowhere" destination. In a recent Dragons Den interview a band called "Hamfatter" made a presentation that had all the Dragons willing to invest.

In reality their actual sales figures were unimpressive but what got the Dragons interested was that they were making steps towards progressive achievements. Have you seen 10 years down the line or are you waiting for others to decide what should happen to you in the future?

2. What are you key strengths and weaknesses? What amazes me about music-preneurs is that they mostly work with people who are just like them. How foolish can that be! In reality one of the reasons you do so is because you have never sat down to determine the skills that are necessary for success; the ones you have and the ones you need. We must always work with those who complement our skills. Writing down your skills through a personal audit will enable you to build confidence, attract the right people and set your business en route to success. When we mention weaknesses the first thing everyone wants to do is say "I don't have any". Well I can tell you that that is not true, because the way GOD created us, we need other people. We are independently, dependable. The correct way to assess your weaknesses is as I said before. Consider the skills necessary for success and consider the areas you are brilliant in and others (though necessary) you dislike or lack. To succeed in the music business you need creative skills i.e. music production (if you can DIY), but you also need administration skills. Most musicians lack admin skills and yet continue to associate with business people who lack the same skills. A recipe for disaster no doubt. Some artists hate standing up and selling their music, which indicates that they need a salesman as part of their team not another producer! So write down your strengths and weaknesses so that you can attract those people whose strengths are your weaknesses.

3. What are your Unique Selling Points? Another way to think about this is what do you do better than most or how do you differ from other artists/labels/service providers within your genre? Are you a live artist or a studio artist? Are you great at promotion but hate the process of making music? Understanding your USP will enable you to create the catchy slogan that actually represents' your product/service. For example if you are great at live gigs you could have a slogan that says "Music To Thrill". If your USP is that your music helps people think and contemplate life issues, your slogan could be "Reaching the Soul" (these are just examples) Every business must know why they are unique and communicate that for profit!

By the way, do you want to learn more about making money with your music? If so, download my brand new free course, "How to Make Money With Your Music" here:


Source: EzineArticles
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