14 Business tools that music business owners should use
- Work out a 12 month business plan: include all costs, projected revenue
- Open and maintain a separate business account. Separate your personal money from your business finances.
- Create an action plan and stick to it.
- Be willing to be both in charge and responsible for all aspects of your business.
- There are two main prongs to your business – creating your products and services, and generating revenue. You need to focus on both.
- Be very clear about your profit. Know your profit margins on each and every business transaction whether it involves a product or service.
- 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.
- Work out who your competition is and be aware of it and learn from it, but don’t worry about it too much.
- Pay your bills promptly and get payments due to you promptly.
- Check prices before contracting out, giving an order, or signing anything.
- Review the Business Plan with your business coach.
- Detach from people who are difficult: clients, partners, employees, and your own difficult behaviour. Remember to be business like when doing business transactions.
- If you have a problem with record keeping, billing or collecting money: ask for help!.
- 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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