Business Planning for Artistis

Often artists have trouble with taking their work to investors and turning their great creative ideas into monetizable business transactions.  Here I will explore the advice of two prominent artist business plan writers.

Sarphreem King is a multiplatinum album producer and music industry journalist with years of experience helping artists to grow their careers.  He runs a music business course,  “Music Business Guru Academy” that he offers from his website.

King’s biggest tip for artists on writing business plans includes getting the information out of your head and on to paper as early as possible, whether that be on a napkin, scrap paper, or any medium.  Keeping the ideas in your head makes it harder to get it all down in to an organized business plan when it is time to develop your ideas and present your work to investors.  He also stresses the importance of taking yourself seriously and working on the business plan one step at a time so the artist does not get overwhelmed.

However, Alyson Stanfield, a renowned art business blog writer cautions against over-planning.  She recommends that artists start with a one-page business plan that includes immediate action items and defines their business as it currently exists, and then expand into the future.   Too often artists over-plan which can confine their options and prevent them from seeing creative solutions.  Furthermore, artists who spend all of their time planning often don’t have time to put their plans into action and use planning as a way to procrastinate.

King, Sarphreem.  Tip Jar: How to Write a Music Business Plan.  Accessed on Sunday, June 8, 2014 at http://musicconnection.com/tip-jar-write-music-business-plan/.

Stafield, Alyson.  Is Over-Planning Killing Your Art Business?  Accessed on Sunday, June 8, 2014 at http://www.artbizblog.com/2012/05/over-planning.html.