5 Business Tips for Music Studio Start-ups

By | November 3, 2017

 

If you’ve had difficult times setting up your own Music Studio, then I have some good and bad news for you. The good news is that you stand a better chance of setting up your successful music studio than trying to land a job in someone else’s. Working in the music industry shouldn’t revolve around securing a job in other people’s music business. If you’re a go-getter, you’ll recognize others like you, and will soon find that most of the successful people in the music industry have established themselves in their businesses rather than ride on the coattails of others.

The only bad news here is that if you don’t have love and passion for music then this going to be a tough endeavor and a long road. However, if you are determined and headstrong, read on for some secrets to get you started.

1. Make short and long-term plans
The first and most crucial aspect in establishing a business music studio is to make detailed plans in advance. The plan should be made with clear goals and effective means of achieving the set those goals. The objectives should define all the resource that you need including the material, human and economic resources required in to set up your studio.

2. What music products and services will you sell?
Gauging the market trends, you should have a pretty good idea of the kind of music services and products you are going to offer to your future customers. You also need to effectively calculate the expected benefits accrued from your business endeavor before starting up the project this will help your gauge on the economic viability of the whole exercise.

3. Learn the weak and strong points of your competitors
We live in a competitive world, becoming aware of what others are offering in the music industry will help you make some tweaks and changes that will give you an edge, putting you in a different league.

4. Get your finances and paperwork in order
Good bookkeeping is critical to ensure you don’t end up failing in the long run. Determine what kind of business you want to become; either a sole proprietorship or partnership and register legally locally. This important step will prevent future tax hangups as you grow financially.

5. Find effective means to market your studio
Creating websites and social media forums can prove indispensable in this field. Look for good web designers who will help you establish a modern website and will reach people locally as well as nationally. A good web designer will also be able to build a good print marketing and social media campaign. Marketing is everything- don’t be fooled. No successful business happens accidentally. No matter how great your studio is, to sell your services, it’s imperative that you invest a good deal of money in advertising.

Here’s a video on building your studio to get you started.