Learning how to start a music marketing company is a bit difficult but it can be done. Though many major record labels tend to have certain music marketing companies that they work with and if not they tend to provide in house marketing you can still grab a piece of the market.
If you wish to start a marketing agency for musicians, bands, or artists below I will outline the initial steps to accomplishing your goals.
7 Steps about “How to start a music marketing company.”
- Business Plan – The very first thing you need to do is begin a business plan.
(Yes, a successful business must outline it’s goals and define the paths it wishes to take to accomplish these goals. It also helps to provide you with a financial overview of the company or business endeavor you are about to attempt.
- Business Structure – Decide if you will go LLC or Corp, Decide what services you will provide.
(Once you have decide your angle of approach you will be able to focus your attention on accomplishing your goals and your clients goals.)
- Marketing Costs – You must obtain cost materials from across the spectrum of advertising.
(Call radio stations, TV stations, Newspaper and Magazine Publications, Printers and more. By knowing these amounts you can develop marketing strategies based on your clients needs and your needs.)
- Who’s your Client? – Are you attempting to serve the major record labels or local musicians?
(Financially the difference is huge as well as the competition aspect. If you are targeting local musicians, expect your budgets and income to be tight. While serving locals and angling to serve more than a few make sure to prepare for the competition factor. Local bands tend to compete with other local bands in their area for gigs, record sales, and fans.)
- Financial Structure – How are you going to make that all mighty dollar or euro?
(Typically service businesses go on contract and begin service before they get paid. However, I strongly suggest against doing this. Musicians, bands and recording artists tend to be here one day and gone the next. So my suggestion to you is this [This is only a suggestion and shouldn't be looked upon as legal advise]. When fixing your pricing structure for the services they request figure your services value [the cost your going to charge for your labor] and the cost of the marketing [i.e. radio, newspaper, or ad buys] they are going to receive. Then decide how much capital you need upfront – I tend to use the cost of the marketing they are going to receive plus 20% of my services cost. This is the deposit I must receive before I lift a finger to market a business. It also allows a large enough portion for the client to make payments on or to pay when the job is complete. Make sure to have a lawyer or attorney draw up your contracts for your specific state to provide you with the best protection.)
- Your Company’s Marketing Strategy – How are you going to reach your potential clients?(Every company must face this question, and being that you are the “Marketing Company” how are you going to get in to the eyes, hearts, and ears of your target cliente? I would first suggest diving in to the local scene, attending gigs, conferences, viewing local music shows, reading magazines and websites based around your potential client. No one knows more about reaching a musician than a musician.
- Taking a Leap – Everyone that has started a business before knows the anxiety and worries of opening the doors.
(If you are not scared before you open the doors then you aren’t ready to start your business. Why do I say this? Because, if you are not risking a lot to accomplish your goals then you will not put 150% in to your business. Many people are started businesses only to fail due to lack of “fear”. It allows you to work 16 hours a day, or to travel across town on your last tank of gas to make a business meeting, and to know when a deal is not in your companies best interest. Working on fear is pure motivation and will work wonders for your business.)
These are only the essential steps needed to know how to start a music marketing company. There are is a lot more that you must do and accomplish your goal. I would like to assist you as much as possible with this goal and look forward to seeing your business flourish. Please stay tuned to this website for more articles about music marketing and marketing in general. If you have any questions or would like to see an article written please feel free to ask.