Posts Tagged ‘recording studio business plan’

Growing Your Recording Studio Business

Friday, December 30th, 2011

You found a client? Congratulations! That’s a huge first step. Now you want to grow your business a bit more. You want to turn it into a more substantial income. This doesn’t have to be difficult or frightening. It’s just going to take some vision and effort.

My best piece of advice for new studio owners is to reinvest your profits. Don’t go out and immediately buy a new TV, stereo for your car, or anything else like that. Buy something useful to your business. That could be a new microphone to fill a gap in your existing mic locker. It could be a better preamp. It could even be something big like a new recording interface or computer.

Reinvest those profits and improve your studio. As your studio gains new gear and new clients, you’ll slowly be able to charge more or be more selective about the clients you work with. You want to become a desirable studio in your local market. The first step is to have the necessary tools to command attention from artists in your city.

Always reinvest, and you’ll be on your way to a bigger and better studio business in no time.

If you are still struggling to find clients for your studio, check out this incredible guide to marketing your studio. Click here to find out more.

Planning Your Recording Studio Business

Friday, December 30th, 2011

Every good business starts with a rock solid plan. This is true of recording studios, too (even home studios). You don’t have to write out a formal business plan. I’ve never been a big fan of those kinds of documents. Unless you’re looking for investors or a loan, I wouldn’t worry with a “business plan” per se. Instead, we’re going to jot down some notes on notebook paper or a Word doc.

First, why do you need a plan? If you don’t know what your goals are, you’ll have trouble reaching them. So that’s a good place to start. What are your goals for this recording studio? Where do you want to be in 6 months, 1 year, and 3 years? Visualize those goals and try to be realistic. Unless you’re already a millionaire, don’t plan to have a 5,000 square foot facility with a Neve console in 3 months. That’s not realistic. Think small at first. Here’s a sample:

6 months: I want to have my first 5 clients recorded, mixed, and paid in full.

1 year: I want to reinvest my initial profits into a couple good condenser mics and a decent tube preamp.

3 years: I want to have new clients weekly, move into a larger facility, and pocket $35,000 in profits for the year.

Obviously your goals may differ, but I wanted to give you the basic idea behind this exercise. Now that you have your goals, you need to put together steps to reach each goal. These steps should include how you’ll market and find clients, how much money you’ll need to earn to invest in new equipment, etc.

Remember that your plan doesn’t have to be perfect, it just needs to give you an idea of what to do each week in order to reach your goals.

No doubt, part of your goals will include finding new clients. Here’s an incredible guide to help you bring new clients in every single day: 7 Minute Marketing for Home Recording Studios.