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My business plan is to draw, paint, take photos and design artwork for musician’s album covers. My main target audience is musicians that are starting out in the music industry and need ideas or musicians that need a design for a new logo or album cover.
There are bands and many solo artists the create music daily so the chance of running low on customers should be rare. Due to the public, music is more about marketing the artwork and becoming more important as it the first thing the customer will see. As the artwork is important, it must be similar to the music, for example, if the music were ‘hippy-like’ then the cover would be filled with bright colors. But if it were heavy metal influenced then it will have dark based colors. With the different styles of music, I must also think of the different age groups especially when I am advertising.
To attract customers I will add a consultation page, which would allow my customers to come into the shop, or to discuss through email if they have a busy schedule, with their band/manager or even just a solo artist, to discuss what genre, what the song names are and what design they wanted on their album cover. Many bands that are musically talented have many ideas but aren’t able to put that in pictures, So if they were to give me a few words, a picture of them or even from song names from their album I will hopefully be able to create what they desire. Also to make sure that they will be happy with the designs, I will give then a portfolio of drawings, photos and different designs on the writing that may be on the album if needed and they could agree on a design before it being produced in a large scale.
To compete with other retailers, artists and dealers, I will make sure that all my artwork is unique compared to other artists making sure that its different to other artwork already out in the market. In some circumstances, I could promote my artwork informally over lunch rather than in a formal meeting. This may depend on who the buyer is.
I will advertise on popular social networks, advertise on television and different radio stations. Also on a poster advertised in recording studios, colleges, universities, theatres and even schools. To even have newspapers and music magazines advertise would be getting the public interested.
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"Proposal for Album Cover Business Plan." 123HelpMe.com. 19 Feb 2020
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If this business succeeds then I will expand by placing shops all over the UK, By doing this it will attract more customers which may interest more styles of artists.
To be able to start this business up, I will promote this to banks to ask for a large loan for around 150,000 pounds to buy a suitable space to sell artwork. To pay this back to banks, I will have to have artwork and customers ready to buy.
On an average I’d say that artists would get around 16p for the artwork sold on an album cover. So if a customer would buy 1000 units, the price I would charge for the artwork is around £160 plus around £50-£75 depending on how long it took, and whether they had a professional photo shoot.
If I were to get at least 3 customers per week I would earn around £630 and if I were to pay the bank back over 5 years the that would mean paying them £625 per week or £2500 a month. The best idea for a starting business would be to pay monthly in case there is one week with fewer customers than another week. Also if money is tight and there aren’t too many customers around I would lengthen the time in paying the back. So if there were to be a large sale one month, then I would pay as much as possible to hold off the following month in case of loss of customers.
However, as the business is new I would start paying the bank back when I start to get regular customers, as I may not have that many as it would be new. This will insure that I may have some money left over to decorate and publicize the shop.
Compared to the town I live in, Brighton is filled with musicians that want to make it far in the music business. This brings more opportunity for me to place a shop near to the center. But as shops are expensive, I will place my shop at least 10-15mins away from the center so that it will still have a chance of having a decent amount of customers. Even if it’s not possible near the center then near a theatre or recording studio would be an ideal space.