Stop Dreading Your Business Plan

My last post spoke on the importance of having a business plan. Yes, it’s a dreaded part of doing business that cannot be avoided. Yet, as a creative it is a part that is overlooked. As a recording artist, I never had the thought of creating a business plan. This could be a factor that contributed to my lack of success on the scale that I had desired. Perhaps if I had taken the time to map out the plan, I would have achieved the level of success that I always envisioned as a child… MEGASTARDOM!!

Now, as I contemplate turning talents toward helping others reach their desired vision, I can truly say that I get it. Megastardom does not just happen. Someone plans it. If it’s not the star, it’s their management team or record label. The point is that someone maps out what needs to happen for the star to become and remain a star. As an indie artist, chances are, you are paying too little attention to the planning parts of your journey. Most indie artists know just enough not to make it and, more often than not, they think that success will miraculously find them.

Let me give you the benefit of some information I just learned. First, it’s always good to map out the financials in your business plan. Know how much things cost and how you are going to pay for them. Know how much you are going to make, how much your talent is truly worth. Know how much you will need to pay others for their services on your behalf. However, more important than your financials is translating your vision and personality in your business plan. You should work to make certain that your business plan fully conveys your creativity.

One of the most important changes I plan to make in my own business plan is reevaluating to see where I can begin to interject more of my vision and personality. Since I cannot be with the person who’s reading it while they are reading it, the best I can do is make sure that it is a solid representation. That may be enough to get me in the room with potential investors.

Secondly, research the industry. Know the trends and how they will affect your bottom line. Know what you will need to make your vision a reality and how much it will realistically cost you. This is another aspect of my own business plan that I intend to change. Having more accurate projections about performance and profits can help you make much more sound business decisions. You can clearly begin to determine what paths are going to enable you to get where you want to go.

Overall, the need for a plan is key. Your plan doesn’t need to be as detailed as, perhaps, Microsoft’s. However, the more detailed the plan the better the insight. Finally, remember that plans change. Just because you write out a plan does not mean that you are completely locked into every step of it. However, it can be a useful tool in your journey to the top.