Your Business Idea

January 4, 2012

By now you should be near to completion of your ‘Areas of the Industry Assignment‘ so you should have a good understanding of how the industry is made up from the inside. Your next task is to learn how to manage yourself as a business.

The Importance of Having a Business Brain

This video shows Jay-Z talking about how big a part business plays in his success as an artist. This is a nice introduction to get you in the business frame of mind.

Identifying Opportunities

Click on the image below to download a pdf version of the PRS Music Universe infographic. This can be a good start to get you thinking about what type of business you want to run and how it would fit into the existing industry.

Types of Business You Could Run

There are many different types of business in the music industry, some will seem obvious, other less so. Have a read through the list of examples below and see if any inspire you.

Session Musician (Freelance, Sole Trader)

Producer (Freelance, Sole Trader)

Studio Technician (Freelance, Sole Trader)

Promotion Company (Limited Company, Partnership)

Artist Management Company (Limited Company, Partnership)

Events Management Company (Limited Company, Partnership)

Music Teacher (Freelance, Sole Trader)

Learn From the Experts

By clicking on the Music Think Tank image, you will be taken to their website. Music Think Tank is an incredible resource, made up of articles, advice and guidance written by people who actually carve out a living for themselves in the music industry. Study the categories down the left hand side and you will see things like ‘Music as a Business’ and Music Business Models’ as well as useful information in categories such as ‘Handling Public Relations’, ‘Crowdsourcing’ and ‘How To Make Money’.

Take your time to read through this site and engage with discussions by commenting on the blog if you have something of value to say or serious questions to ask.


Now For Your Idea…

In preparation for next session, answer the following questions and be prepared to discuss your answers.

1. What is your initial business idea?

2. What product or service will you sell?

3. What will be your sources of income?

4. Who will be your main local competitors?

5. Who will be your main national competitors?

6 How will you provide something extra or different from what your competitors are offering?


Good Luck! You’ll be like Jay-Z before you know it!


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