Transition Your Talent Into A Profitable Business
"If only I could earn a living with my music"
What is your unique talent? Is it specifically songwriting? Is it performing on stage and lighting up a crowd?
If it is songwriting, you may have recorded your music either professionally for distribution, or in a home setting uploading it to a streaming site - and then you count the number of clicks. If your unique talent is on-stage performances, you may find yourself going from one gig to the next, but not breaking out to bigger venues and larger crowds.
Your music is already a business, you are tracking your income and expenses. Do you have a business development plan that will move your music business through the stages of growth, to elevate your income and profitability?
Examining the current state of your business may lead you to the conclusion that you may not be achieving your long term goals.
What We Deliver
By developing and using a Business Development Plan, we can drive your music performing business to new levels of income, profitability - and popularity. While your music business is growing, a strategic management plan is a fundamental tool to putting yourself on the trajectory to success.
A Business Management Framework sets up the continuous planning, monitoring, analysis, and assessment of all that is necessary for a business to meet its goals and objectives. The business management framework helps you analyze your present situation, define strategic goals, start the critical projects, and continuously analyze the effectiveness and impact on your long term goals and your bottom line.
This management framework focuses your limited time and money where it matters most, on the projects and activities that are achievable within a short period of time, that can impact your longer term strategic goals, and gives you the ability to measure progress at frequent intervals. It consists of three parts: Strategic goals, key performance indicators, and supporting projects/activities.
How This Works
1. Create the Business Development Plan
- Identify and define your strategic goals. Keep them simply stated, so everyone understands them. The strategic goals should be measurable and achievable, and offer everyone a part in advancing it. Keep the list of strategic goals to the critical few, such as 3.
- Identify the key performance indicators (KPIs) that will provide a way to measure progress for each of your strategic goals. Setup the monitoring and reporting to review regularly for assessment. Show multi-year, historical trend lines on the KPIs.
- Identify and define projects and activities that support the strategic goals. Maintain a list indicating which of the strategic goals each of the projects/activities supports. Could be one or more strategic goals. If an interesting project does not support at least one of the strategic goals, then it may need to be deemed a low priority.
2. Review and Measure Progress with the Business Development Plan
Review the business development plan frequently, such as once or twice per month:
- Review the KPIs – is measurable progress being made on the strategic goals? If not, do the supporting projects/activities need to be modified? New projects/activities added?
- Review the projects/activities – which have been completed? Are they being completed on time? Are they too ambitious (unachievable) with current resource levels? Or not ambitious enough? Make adjustments as required, to improve the ability to move the dial on the key performance indicators.
US1 Digital's business advisor will help you determine your most important goals and the available time you have to work on the projects to achieve those goals - and help you make the tough decisions of what will be your top priorities, and how to best sequence your projects to make the most of your time. We'll also assist with identifying the best ways to accurately measure the progress on your goals.
Take advantage of the business management experience of the business advisor to guide you through the important decisions.