Wondering what business plans for a band look like? That's a valid question, as they're not the most common type of proposal you'll see. Most "big name" musical groups get recognized by labels through concerts, promotions or PR firms, or just dumb luck. But yes, small acts and self-financed groups can "make it" too. So do you need some seed capital to take your band to the next level? To get more studio time, press a record, or undertake a US tour? Then you might just need a business plan. Business plans for bands can look very different depending on your needs, but in order to pitch for angel investment or get a loan or line of credit at the bank, you will at least need to cover the following:
• How much money are you seeking and when can you repay it (or what share or revenues are you offering)?
• What sort of music do you play, and who is your typical fan?
• What successes have you had to date?
• What are the main competitors and threats you will face?
• When can you hit break-even?
If you need to purchase equipment, itemize these expenses in a start-up table and show how you will spend your seed capital by category. In the pro forma, project when revenues come in and what your ongoing monthly expenses will be. From here, what profit can you probably achieve? Talk about that in the plan. Also look at marketing ideas for your group and provide bios for the team. MasterPlans can write your entire business plan in about 2 weeks so you can present for funding. Call a consultant today for a free quote: 877-453-2011.
