This is part six of a series of posts on how to set up your band for business.
The Band Business Plan.
Any new business should have a business plan and a band is no different. This is a written document that first, forces the members of the band to come to some agreement of what the business strategy of the band is going to be, and second, a useful document to refer to at your band’s business meetings to help maintain focus. The agreement can be and should be updated as the band’s interest and direction may change over time. The business plan should have pro-forma budgets for start-up costs and cash flow charts for at least year one and year two and ideally year 5. Jay-Z started with a business plan and you should too.
Next Step: Sign-up With A Performance Rights Organization.
Todd Murphy is a Music and Entertainment Lawyer based in Jersey City, NJ. He represents musical artists in all genres such as rock, dance, electronic, pop, hip-hop, punk, new wave, jazz and classical. Click here for Artist Inquiries.
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