Product
or service:
live entertainment eg band, dance night; recording eg location recording
business, studio; services eg manager, producer; products eg merchandising,
music magazine
Identifying
target market: eg
market research, strengths and weaknesses, market trends
Development: planning; cost implications;
timescales
Legal
aspects: legal status;
sources of advice
Financial
aspects: profit and loss
budgets/accounts; sources of finance
Business
proposal:
models; setting targets and goals
Task 3: The
Business Plan
·
Produce
your own example of a comprehensive business
plan for a product or service with original market research.
·
Refer
to the Template for writing a music
business plan document on Learnzone.
Record label/studio for young aspiring artists
Hayley Muggleton's Record Label
Introduction
During this business plan I am going to talk about what the business is and what my goals are. I'm going to set realistic goals which I hope to achieve during a set time. I want to talk about my project by also weighing up pros and cons and looking at what kinds of threats and obstacles I could possibly reach and how I will work around to reach my goal to the best that I can. I will talk about how I'll promote my business, who my business is aimed at and how I'll make people aware of it.
Should I need help with the financial side to things, for example, taking out a loan to get me started, having a business plan will make it look better on my part and I would more likely be accepted for a loan from the bank.
My product:
I would like to start a record label for young aspiring artists who can't afford the funding to get themselves out there and need support along their way of their music career. I would like to find artists from all around the UK, especially around the Oxfordshire areas as talent is scattered all over here and give them what they need to encourage them and give them a kick start into the music industry.
I will need to:
- Find an environment which is suitable to work in, this will need to be, a recording studio
- People to support and help me to deliver this, so people like, scouts (to help me find talent), music producers, promoters-they will help promote the young artists that have been noticed
I have been inspired to do this by researching into a project that Gabrielle Aplin has took on which is also a recording label for young determined and motivated artists who need help into reaching their goals and targets.
Gabrielle Aplins record label is called Never Fade and she is currently working with an artist called Hannah Grace. Gabrielle Aplin helps her choosing what songs to record so she can help her also promote her music. Gives her studio time as this is something that's important as an artist, and also invites her to support her with her tours.
http://www.gigwise.com/news/79781/gabrielle-aplin-sets-up-her-own-record-label
Research
Before I did anything I have done some market research to give me a bit of a clearer view of what it is that I'm wanting to do and look into how to go about setting up your own record label.
I found a website which showed you steps to creating a record label and I found it very helpful. One thing that I found extremely useful was it told me to focus on the genre of music I am after so this will help people know what I am about. There's no point a mental band coming to me for help if I am more of an acoustic artist. http://www.wikihow.com/Start-a-Record-Label
I found that I need to add up the price of most things that I am going to need, and if I can't put a price on something that it's always good to estimate so I get a rough total of what I'll need, this will also look good when/if I need to apply for a loan, being able to show the bank what the money will specifically be going towards will be good and will look reliable.
I need to operate legally so I have found that I need to go through this process in order to protect my self.
http://smallbusiness.chron.com/need-start-record-label-4752.html
http://smallbusiness.chron.com/requirements-start-record-label-company-4754.html
INDIE RECORD LABELS
I researched into indie record labels to give myself a stronger idea of what it could perhaps be about.
Biggest indie record labels:
http://www.gigwise.com/news/79781/gabrielle-aplin-sets-up-her-own-record-label
Research
Before I did anything I have done some market research to give me a bit of a clearer view of what it is that I'm wanting to do and look into how to go about setting up your own record label.
I found a website which showed you steps to creating a record label and I found it very helpful. One thing that I found extremely useful was it told me to focus on the genre of music I am after so this will help people know what I am about. There's no point a mental band coming to me for help if I am more of an acoustic artist. http://www.wikihow.com/Start-a-Record-Label
I found that I need to add up the price of most things that I am going to need, and if I can't put a price on something that it's always good to estimate so I get a rough total of what I'll need, this will also look good when/if I need to apply for a loan, being able to show the bank what the money will specifically be going towards will be good and will look reliable.
I need to operate legally so I have found that I need to go through this process in order to protect my self.
http://smallbusiness.chron.com/need-start-record-label-4752.html
http://smallbusiness.chron.com/requirements-start-record-label-company-4754.html
INDIE RECORD LABELS
I researched into indie record labels to give myself a stronger idea of what it could perhaps be about.
Biggest indie record labels:
- Rough trade
- Creation
- Warp
- Domino
- Mute
- 4AD
- Burning shed
Pros of indie record labels:
- Artists will always get the right to their music
- They sign you because they're actually interested in your music and want to help you
- Closer relationships - this is something I am after, I think having a close relationship with who you are working with makes it all so much better and you can get more work done and a higher stronger level
- Pro-Artist contracts
Cons of indie record labels:
- Lack of funds- this is one of the things which could potentially hold me back but I am willing to do everything within my power to make it work
- Disorganisation- due to it being fairly informal, especially as I will be starting out it could become fairly disorganised
- Size- meaning having less power and affect to the music industry
- Lack of facilities
- Hard to get noticed as a label
From my research I've realised it's a full time job and I definitely need to employ people to help me, so I need a business partner. I am going to get a relative to help me with this to start off with and then as my business grows I'd eventually be employing others to help run the business.
Costs
- Phone
- Internet
- Travel
- Legal and accounting obligations
- Communications
- Membership fees
- Making the music
- Studio fees
- Sundries
VINYL, CD OR DD?
As my company starts out I will be using digital download, this is because it is a cheaper process and funding is tight. I would then want to encourage vinyl and CD.
The business:
I will create a website which talks about and lets people know what I am about and what my business is about. On my website I will promote my music also. On the website I will explain what it is that my business can do for young artists and all the help that we can offer them.
One thing that I really wanted to have was contact details so that these young artists can also send in their music, whether that be from SoundCloud, Youtube videos, and me and my team will try our hardest to get through them all to search for some real talent.
Before I do any of that, my plan is to work with friends or people that have been recommended to me and work with them to start off with. Doing this I believe will help my business grow and it will be a good way of testing out and moving the business along. I will only work with 2 or 3 people to start off with to see how things go and then once I have been able to help them a lot I will add these onto my website and the success stories will hopefully make others want to get involved.
What style of music will I specialize in?
What style of music will I specialize in?
- Indie/indie rock
- Singer/songwriter
- Acoustic
- Alternative
- Maybe folk in the but isn't one of my main focus' at the moment
- I am feeling very open minded about what kinds of music, and if I feel that I could help promote and give advice as well as educating and exposing their music to the right audiences then I feel that I will be willing to take on a challenge and also go for something that isn't perhaps something I would normally go for; I want this to be a journey, experience and challenge for me and I also want to gain skills and to be educated
The reason I have chosen to look into more detail and focus on these genres of music is because these are the styles of music which I am interested in therefore it makes sense for me to focus on these as I would have more knowledge on them and would be able to give these young artists as much help as I possibly can as I have experience in them.
I also don't feel as these genres are as respected as other genres so I'd also like these genres to be more known and listened to.
Artists like Mumford and son, Gabrielle Aplin and Daughter are all fairly known artists but I believe they're not as respected as they should be so I'm looking to find unique artists with aspects of artists like these and turn them into successful known musicians.
It's a good idea to make people know that I am focusing on certain types of music, and I found this out by looking into it and researching it.
Will I find the next Lucy Rose?
Goals:
- Find raw talent and unique artists
- Encourage them to gig as much as possible, and help find venues for them to show case their work
- try my hardest to get in contact and work with other music labels and hopefully they can also help my young artists with gigs, and allowing them to support artists which are signed to their labels
- Record music and release EPs/singles
- Always teach them and allow them them to have their own input, for example, when recording, some labels can be very bossy and not allow the artist have their input
- If they are recording in the studio I want these artists be taught about the process they are going through when recording and let them get hands on experience and get practical with music making
- Most importantly promote their music and let others experience either talent
Studio time:
This is one of the main things that I want to offer. I am hoping to rent out a local studio and then hopefully when I have enough fundings I want to buy it and expand my business as time goes on.
I want to encourage these young artists to use the studio as often as possible to record their music, and I want to be their when they're doing this to support them as much as I possibly can.
This is one of the main things that I want to offer. I am hoping to rent out a local studio and then hopefully when I have enough fundings I want to buy it and expand my business as time goes on.
I want to encourage these young artists to use the studio as often as possible to record their music, and I want to be their when they're doing this to support them as much as I possibly can.
What the business has to offer:
- Gigs
- Promotion
- Encouragement
- Support
- Studio time
- Help with releasing music
Creating my team (staff)
- I want someone who does the same job as me so if I can't be there then this person can step in for me and also work alongside me when I am available- I want me and this other person to take up most of the job roles, things like promotion etc, for the time being as money is tight so to start off with it will be fine for us to take on these roles.
- Music engineer/studio worker- I personally don't have enough knowledge, confidence and experience in working in a studio so I will need to hire someone to do this, I will need a full time worker once I am owning a studio and have more young artists that I am working with
- When my business grows I will then look into hiring a well experienced promoter
How will I get team?
I will do this by putting out an advert for jobs and then have casual interviews with people who apply and perhaps auditions if they are musicians themselves.
My market: young people etc
The reason I want to aim this business project for younger people is because I feel as though it can be very difficult for young aspiring artists to get themselves known and get their selves into the music industry. I think that they are often knocked and sometimes this can completely destroy someone's confidence and they will think that they will never make it. I understand that the music industry is a very tough place to be and you can't be so sensitive if you're turned away but I want to give these young artists that confidence and help to achieve what they deserve.
I think that working with young people, who are more around my age will not only help them but it will also teach me and I will pick up new things along the way, it's a good way of supporting each other.
Age from 16-25- I believe this age range are the more determined and motivated.
The reason I want to aim this business project for younger people is because I feel as though it can be very difficult for young aspiring artists to get themselves known and get their selves into the music industry. I think that they are often knocked and sometimes this can completely destroy someone's confidence and they will think that they will never make it. I understand that the music industry is a very tough place to be and you can't be so sensitive if you're turned away but I want to give these young artists that confidence and help to achieve what they deserve.
I think that working with young people, who are more around my age will not only help them but it will also teach me and I will pick up new things along the way, it's a good way of supporting each other.
Age from 16-25- I believe this age range are the more determined and motivated.
Advertising
- Create a Facebook/Twitter page- this will educate people about my idea and business and I can then add my website link onto this page and it will get people more aware of my plans
- Put posters up around my college and my local town and surrounding towns- this is a good way to advertise as it's hard to ignore a massive poster right in front of you as you're walking down the street
- Put flyers up in shops
- Hold a few small gigs with the first few people that I am going to be working with to showcase the music and this could also inspire others to want to get involved
Advertising is incredibly important when starting out a business, I need to get people talking about my business.
Planning:
- Find 2-3 artists
- Set up gigs for them to showcase their music
- Record songs
- Release EP
Costs:
I have researched into how much it will cost to...In order for me to get the money for what I need it is almost certain that I'll need to borrow money, and try and get the cheapest deals. If I want to borrow money off people then the people that I'm borrowing money off will want to know what the money is going towards. I've created a list of things that I'll need money for:
- Hire and/or rent a studio £500-1000 a month
- Employ a studio worker £300-600 a month, although will try and get someone to work for at a cheaper rate/for free to give them experience
- Employ a promoter and any other workers needed - depending on their job role
- Work phone - £40 a month
- Any other hire charges- trying to go for only about £100-£200 per month
- Electricity - £60 per month
- Food and drink although this is something I would try and avoid if they're able to bring their own lunches in
Studio
From my research I have found that roughly to hire studio for all day can cost up to £500 but this does include the studio engineer also, this also usually covers allowing us to use the instruments that they have available. Hiring a studio is what my plans are to do to start off with and when funding is coming in more regular then I shall be able to eventually buy my own studio.
Studio worker
I have been researching how much studio workers normally get paid and then this will give me a rough estimate if I compare the prices I find to high record labels to small record labels.
I have been researching how much studio workers normally get paid and then this will give me a rough estimate if I compare the prices I find to high record labels to small record labels.
Promoter
Where?:
Around the Oxfordshire area is where I am going to be starting this business, and hoping that it will grow around the UK.
Around the Oxfordshire area is where I am going to be starting this business, and hoping that it will grow around the UK.
Strengths and weaknesses within the business
Strengths
Strengths
- Helps younger people with their dreams and goals
- Gets talent promoted and noticed
- I am extremely determined and the team that I will hire will also be very motivated
- Helps those that perhaps struggle with finance so this will give them that funding they need to do things like record their music
Weaknesses
- Can be a very risky thing to do
- Expensive, money is very tight so the funding will be hard to have constantly coming in
- Hard to find team that are willing to work for little or no money at all to start with, so to work around this I can try and employ friends and relatives
- Can be more complicated than it looks, due to looking at my research I am not put off but I have realised it is going to be a harder task than I initially thought
Where I get my fundings from...
I'm hoping to try and get some funding from the government as I believe this would really help and I think if I have a strong reliable plan then this request could get accepted but before I do this I'd like to get the business up and running.
A good way to get good facilities is by making deals. I'm going to try my hardest to get hold of studios for free or by needing little money at all. I am also getting relatives to work for and with me as the are happy to do this without getting paid for the time being and also it is a good opportunity for them.
The money that my artists will be making, especially if their careers are successful then my business will be taking a small percentage from their income, just 12%.
I will not be making them pay for anything, like studios, instruments if they need them, travel etc so I believe that recieving just 12% from their income, from appearances or sales of their music that they make then it's only fair and it will enable them to keep going within my business.
I'm hoping to try and get some funding from the government as I believe this would really help and I think if I have a strong reliable plan then this request could get accepted but before I do this I'd like to get the business up and running.
A good way to get good facilities is by making deals. I'm going to try my hardest to get hold of studios for free or by needing little money at all. I am also getting relatives to work for and with me as the are happy to do this without getting paid for the time being and also it is a good opportunity for them.
The money that my artists will be making, especially if their careers are successful then my business will be taking a small percentage from their income, just 12%.
I will not be making them pay for anything, like studios, instruments if they need them, travel etc so I believe that recieving just 12% from their income, from appearances or sales of their music that they make then it's only fair and it will enable them to keep going within my business.
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