Freelance MusicianSWOT Analysis & Business Plan Extras Chris Baker musicstudentinfo.com
Freelance MusicianMusic Business PlanFunding Your Music Business
Freelance MusicianThe following additional documentation will be useful•Contingency arrangements : what fallback will you have ifthings fail to run smoothly ?• SWOT analysis - a breakdown of the strengths, weaknesses,opportunities, threats inherent in your plan.• Testimonials from potential customers, suppliers, sponsors;lists, articles•Your CV !
SWOT ANALYSISStrengths What advantages does your organization have? What do you do better than anyone else? What unique or lowest-cost resources can you draw upon that others cant? What do people in your market see as your strengths? What factors mean that you "get the sale"? What is your organizations Unique Selling Proposition (USP)?
SWOT ANALYSIS Weaknesses• What could you improve?• What should you avoid?• What are people in your market likely to see as weaknesses?• What factors lose you sales?
SWOT ANALYSIS Opportunities• What good opportunities can you spot?• What interesting trends are you aware of? Useful opportunities can come from such things as:• Changes in technology and markets on both a broad and narrow scale.• Changes in government policy related to your field• Changes in social patterns, population profiles, lifestyle changes, and so on.• Local events.
SWOT ANALYSIS Threats• What obstacles do you face?• What are your competitors doing?• Are quality standards or specifications for your job, products or services changing?• Is changing technology threatening your position?• Do you have bad debt or cash-flow problems?• Could any of your weaknesses seriously threaten your business?
SWOT ANALYSIS SWOT’s are regularly used in business however some people conduct personal SWOT’s to calculate their competitiveness in the job market.
SWOT Exercise 1Exercise 1Conduct a SWOT analysis of either of the following1. Your business idea2. Yourself3. Colleague
SWOT Hints•When conducting a SWOT its often a good idea to keep a‘destination’ in mind!•What you are aiming for•What you would like to get at the end of it?•Simply answer each of the SWOT questions in order!•Add the results to your notes.•Feedback your results to the group.
Funding your Music BusinessIn a music business, depending on your idea what might youneed to find funding for?
Business Funding• For the majority of new businesses, start-up costs are a priority.• The sorts of resources that you might need will vary but would generally fall into these areas: SEE OVER
What do I need? Pt.11. Equipment: the term could cover anything from a laptop computer to heavy plant or2. industrial standard tools and machinery.3. Accommodation: renting or buying a work place.4. Training: additional course(s) to give you the skills and knowledge required.
What do I need ? Pt 2• Infrastructure: setting up systems and processes to move the business forward.• Marketing: promoting and advertising.• Administrative costs: phone calls, postage.• Employing staff.• General development: you might need time/money to do further research or develop products/services.
Other costs for your music business Are there any other costs?• It’s recommended that you obtain various types of insurance - buildings and contents.• Professional indemnity to safeguard you against legal action, health cover in case you are ill and cannot work, public liability if your premises are accessible to people not connected with the business.• You’all also need to think about taking out a private pension.
What kinds of funding are there your your music business?• All of the high street banks will consider loaning money for business purposes.• Grants, awards and matched funding can be accessed from local, regional and national agencies that back enterprise.• Charities provide grants, awards and matched funding.• They may, like the Princes Trust have a specific remit for business start-ups.
Funding for your music business• Some business firms and professional bodies offer grants and sponsorships.• Business angels and venture capitalists are constantly on the lookout for potentially large scale commercial opportunities in which to invest.• Private loans and investments from friends and family mean interest rates are likely to be negligible. However, they may not provide the on-going mentoring and support available from other sorts of funders.• If you go down this route, get a legal contract drawn up in case disputes arise later.
Class Exercise 2 Poster• A few sessions ago we discussed the advantages and disadvantages of starting your own business (going freelance)• I want each of you to create an imaginative poster that conveys either the advantages or disadvantages of starting up on your own in a music business.• Submit your final poster to me as a JPEG file.