14 Business tools that music business owners should use

14 Business tools that music business owners should use

  1. Work out a 12 month business plan: include all costs, projected revenue
  2. Open and maintain a separate business account. Separate your personal money from your business finances.
  3. Create an action plan and stick to it.
  4. Be willing to be both in charge and responsible for all aspects of your business.
  5. There are two main prongs to your business – creating your products and services, and generating revenue. You need to focus on both.
  6. Be very clear about your profit. Know your profit margins on each and every business transaction whether it involves a product or service.
  7. Put all your business agreements in writing. In order to save time, money and confusion, write your own letters of agreement before you go looking for legal advice.
  8. Work out who your competition is and be aware of it and learn from it, but don’t worry about it too much.
  9. Pay your bills promptly and get payments due to you promptly.
  10. Check prices before contracting out, giving an order, or signing anything.
  11. Review the Business Plan with your business coach.
  12. Detach from people who are difficult: clients, partners, employees, and your own difficult behaviour. Remember to be business like when doing business transactions.
  13. If you have a problem with record keeping, billing or collecting money: ask for help!.
  14. Don’t get too stressed – otherwise you can’t look after yourself properly. You’ve got to eat, sleep, exercise and have some form of spiritual practice to stay healthy in this world!

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