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Thread: What type of music business should I start?

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    Default What type of music business should I start?

    I want to start business, I know you should start a business by doing something you love and music is a passion of mine.
    I wanted to know what people think is lacking in the music business, for example - Magazines is their a need for a music publication, I dont want to start a record label..

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    Default I Hate to be a Wet Blanket

    This is my first post, and your subject, starting a small business, is familiar to me. The first and foremost requirement of any business is that it be profitable, unless you are prepared to support losses out of your own pocket.

    Many avenues that used to offer a chance to succeed in the music business have been rendered obsolete by new business models: the sales of recorded music by itunes, Amazon and ripping; the sale of home theater equipment by the web and mass merchandizing; the sale of take-it-with-you first by Sony and later Apple; etc.

    I believe that to succeed you will have to create a new method of distribution - the corner store model is continuing to fail. The only idea I can suggest is a 'Red Box' for new releases and that sounds iffy at best.

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    Quote Originally Posted by kapchipxp View Post
    I want to start business, I know you should start a business by doing something you love and music is a passion of mine.
    I wanted to know what people think is lacking in the music business, for example - Magazines is their a need for a music publication, I dont want to start a record label..
    I wouldn't bother if I were you. There's already a good deal of competition in most spheres of the classical music industry, and the "big boys" have it virtually sewn up as regards CD production and sales outlets. Besides, if anyone could give you reliable, solid advice on how to be successful as a new entrant in the music business they would have probably tried it themselves if it was any good.

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    Senior Member Chris's Avatar
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    How about busking?

    I was in Aldeburgh a couple of years ago. It was just after the Snape Maltings festival and several instrumentalists were busking along the seafront. One lady flautist playing Poulenc and Ibert seemed to be doing very nicely.

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    What do you actually do or study? What is your skill set?

    There is lots of room in development of new instruments and technologies. You can build an awful lot of virtual space with very little investment. Best advice I could give is to study, seek experience, look into investment, get a steady job and start your own pursuits which are equally profitable as they are easy to rear and raised out of love. You may have to offer your services for free until the model of the industry changes.

    If you be more specific about what you want to do, maybe someone can help in more detail.

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    Considering the used CD shop I use to go to right by me just closed, I wouldn't venture into that sector...

    If your main concern is helping the classical community - why don't you get a job making lots of money, become a strong consumer and/or donate to existing areas?

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    Senior Member Jeremy Marchant's Avatar
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    Quote Originally Posted by kapchipxp View Post
    I want to start business, I know you should start a business by doing something you love and music is a passion of mine.
    I wanted to know what people think is lacking in the music business, for example - Magazines is their a need for a music publication, I dont want to start a record label..
    As a business coach, may I state that starting a business in an area you love, merely because you love it, is a recipe for disaster. You - anyone - should only start a business if you know you can run a business successfully, or have a good reason to know that you will if you try. A good reason would be an experienced business partner or mentor.

    You don't need to find a gap - simply doing better that which other people already do is enough. However, without business skills - and adequate capitalisation - no amount of ability to deliver the service brilliantly will be enough.

    Sorry to pour cold water on the idea but I am afraid this is not less true because it is unwelcome.

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    If you want my opinion on starting a viable business in music, my best advice or incling would be to suggest you start some sort of events management/agency. Organising tours can be quite lucrative, and all the time CD sales are going down, concerts will never die out.

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    Quote Originally Posted by Catharsis View Post
    If you want my opinion on starting a viable business in music, my best advice or incling would be to suggest you start some sort of events management/agency. Organising tours can be quite lucrative, and all the time CD sales are going down, concerts will never die out.
    Surely people can find their own way to/from concerts, can't they?

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    Senior Member HarpsichordConcerto's Avatar
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    Quote Originally Posted by Nicola View Post
    Surely people can find their own way to/from concerts, can't they?
    Yes Nicola, my favourite weekend cars, the BMW and the Aston all have their GPS/navigation systems which come in handy for such purpose.

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    Quote Originally Posted by HarpsichordConcerto View Post
    Yes Nicola, my favourite weekend cars, the BMW and the Aston all have their GPS/navigation systems which come in handy for such purpose.
    Here's a joke about BMW owners:

    Q. What's the difference between a porcupine and a BMW?

    A. On a porcupine the pricks are on the outside.
    Last edited by Nicola; Sep-14-2010 at 13:25.

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    Senior Member HarpsichordConcerto's Avatar
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    Quote Originally Posted by Nicola View Post
    Here's a joke about BMW owners:

    Q. What's the difference between a porcupine and a BMW?

    A. On a porcupine the pricks are on the outside.
    Yes, I have been called worse. (But I am aware you are restraining yourself near the boundary of politeness in order not to get the moderators to infrigne you).

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    Senior Member Frasier's Avatar
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    The overriding issue in starting a new venture is understanding your market and how you intend to exploit it (marketing) as best you can. Of those ventures that fail it's almost always to do with marketing and/or overestimating the market potential for your product. Be realistic. If you hope to get a business loan or inspire investment, projections of sales, costs and profits will be important and will depend on a realistic assessment of your market. A unique selling proposition is important. Ask what gives you the edge over competition then exploit it like crazy. And be prepared to work hard!

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