When Running A Record Label, Don’t Forget To Budget For Recoveries

Nothing is more fulfilling than opening your record label, getting your artist in the studio, laying down some tracks and mastering your final project. You’ve gotten investors involved who really believe in your project as much as you do and they’re putting a significant amount of money behind your company for both production and marketing. The only uncomfortable part about the whole process is that they have accountants, business managers and financial gurus working for them behind the scenes and they need you to put together a budget

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The 7 Big Mistakes That Indie Musicians Make In Music Business - Mistake #1

The music business is a tough industry to succeed in. It is a prestige industry and having a position in the music business is highly sought after and positions in all aspects of the music business are few and far between. As an indie musician it is useful to understand what mistakes to avoid. So here are the 7 big mistakes that indie musicians make in music business according to Positively Music.

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Preparing Music Business Financial Statements

I’d like to pick up where I left off with my Music Business Template and talk more in depth about how to prepare your financial statements. I’ve seen many new businesses write their entire plan first, then work the numbers last, wrong move. Once you have established the overall business model in your head, START with the Financial Statements. All of the words, goals and context that are in the rest of your plan should be dictated by how the numbers play out, not vice versa. What happens if your plan proves that you will not make a profit after three years, and the business will fold? I’ll tell you how to address this common mistake at the end of the post.

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