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MUSIC BIZ INSIGHT #1 Premier IssuePower Reading for Busy Music ProfessionalsHope you’re hungry! MUSIC BIZ INSIGHT is published for musicians, songwriters, managers, label reps, booking agents, entertainment attorneys, studio owners, music publishers, and all others involved in the music business. Its purpose is to help boost your business, find new markets, make the right connections, develop professionally, work smarter and improve your bottom line. As a general rule, the most successful people in life are those who have the best information." Benjamin Disraeli Published bi-monthly by Peter Spellman, Director MUSIC BUSINESS SOLUTIONS: Turning Music Business Data into Useful Knowledge. Career and Business-building books, articles, consulting and more. P.O. Box 230266, Astor Station, Boston, MA 02123-0266, USA Phone: 978-887-8041 Email: success@mbsolutions.com Website: www.mbsolutions.com IN THIS ISSUE - MBI #1
Announcing: A Key New Resource for Your Professional DevelopmentFor a long time now I have envisioned a publication offering the best of current business strategies and insights for those working in the music business; practical information that would empower entrepreneurial music-lovers to succeed in their ventures. Well, here it is! Or at least the beginnings of it. It’s called Music Business Insight and it’s designed to enhance and enrich your professional life. Each issue of Music Business Insight (MBI) will be jammed with user-friendly resources and ideas drawn from the areas of business management, creative marketing, office technologies and professional career development. Some upcoming articles to look forward to include:
and much more! In addition, each issue of Music Biz Insight will feature a "Reads & Resources" box listing and reviewing the best of relevant books, periodicals, conferences, seminars, products, etc. to keep you informed and up-to-date. And, perhaps, most importantly... As the global music industry evolves and matures, new opportunities are presenting themselves for music businesses, particularly small music businesses. This is indicated in the subtitle of forecaster John Naisbett’s latest book, "The Global Paradox: The Bigger the World Economy, the More Powerful its Smallest Players". MBI will serve as a digest of pertinent music business news and information, both national and international, to help keep you on the cutting edge of planning amidst these great changes. A lofty goal? You betcha! But I feel strongly about these issues and topics, and nobody else is doing it all in one place. Reason enough! MBI will begin as a two-pager and grow from there. I hope to produce four issues this first year. They will be sent free for now and hopefully, by year’s end, you won’t be able to survive without MBI and you’ll subscribe! Here’s to growth for us all! 8 Tips for Better Business Letters
BUSINESS MANAGEMENTFree Help for the Small Business When I first started Music Business File back in 1991, I knew I needed some help. A friend suggested I contact a Small Business Development Center (SBDC). Luckily, there was an SBDC right in my own backyard (Salem, MA at the time). I called, made an appointment with a small business advisor (Fred Young), and went to his downtown office. Fred is a member of SCORE, the Service Corps of Retired Executives. SCORE members commonly work out of SBDC sites. SBDCs are part of the US Small Business Administration (SBA), founded in 1953 to encourage the formation of new businesses and nurture their growth. Nurture. That’s what I felt the moment I walked through the doors of the SBDC in Salem. I needed to write a business plan. Fred produced a business plan outline, encouraged me to start filling it in, and then to meet with him regularly to review it. I needed computer training. Fred introduced me to his assistant who introduced me to the Mac, "FileMaker Pro", "Aldus Pagemaker", and so on. I needed tax advice. Fred had that too. What about information about personal manager licenses in Massachusetts? Yup; That too was available. And if they didn’t have what I needed, they usually knew who did. Now I don’t want to imply that SBDC reps are magicians capable of solving all your small business problems. They can’t. For example, they don’t usually know alot about the music industry. Nor should they. But, in so far as you’re a business, to that extent they can help you immensely. And perhaps the greatest feature of this service is that it’s FREE. You’ve already paid for it with your tax dollars so use it! SBDCs can also help you with:
SBDCs operate at about 650 colleges across the country. To locate the SBDC office nearest you, consult the U.S. Government section (the blue pages) in your telephone directory. There are nine general and specialty SBDCs in Massachusetts. For further information call the main office at the University of Massachusetts/Amherst -- 413/545-6301 CREATIVE MARKETINGChecklist for Going National It’s always wise to develop your business in one region, pre-test there, and then branch out. But what if you feel you’re ready to roll out nationally? Here are some preparatory thoughts to keep in mind:
NEWS YOU CAN USE"A rapidly segmenting market", is how industry analysts characterize today’s music business. Rock, for years the mainstay of the global music market, has splintered into numerous sub-genres and given way to completely different styles of music. According to the Recording Industry Association of America, rock’s share of music sales has plunged 28% since 1987 alone, to about 31% of the total. Musical eclecticism is on the rise. Even the Grammys, in their own way, reflect the slivered state of pop. The awards started in 1958 with a mere 28 categories; this year, 1995 the number was up to 81. Facts & Stats to Light Your Way...
Sources : Soundata; Young & Rubicam; National Assoc. of Music Merchants. READS & RESOURCESBOOKS 1994 Almanac & Desk Reference, ed. by Seth Godin (Houghton, 1994),$29.95. What’s the international dialing code for Japan? How do I get information under the Freedom of Information Act? What are the five types of legal fees, and when is each used? Which companies have the worst environmental record? Collecting thousands of factoids, this 767 page tome is just what the office manager ordered for the information-starved (or just temporarily disorganized) businessperson. TechnoTrends: How to Use Technology to Go Beyond Your Competition by Daniel Burrus (Harper-Business, 1993), $25. Techno-forecaster Burrus makes heady stuff clear as he employs the metaphor of a card game to show how new breakthrough technologies are changing the rules under which business used to be carried out and levelling the playing field for all companies. Important reading for music businesses even if somewhat unbridled in technology’s praise. Working Solo: The Real Guide to Freedom and Financial Success with Your Own Business by Terri Lonier (Portico Press, 1994), $14.95. Of the many handbooks out threre for the solo entrepreneur, this is a stand-out. Lonier knows her audience and seems to anticipate our questions as she writes. She covers all the bases with some additional chapters on computer on-line opportunities and a super useful "extra resources" guide. The book should also probably win an award for its design! Periodicals Home Office Computing (800/288-7812). Subtitled "Solutions for Today’s Small Business", HOC will provide you with monthly information on everything from getting the best price on health insurance to developing the ultimate marketing plan; as well as more-than-you-can-use information on the latest computer gagetry for the small business ($19.97/yr.). New Media (609/786-4430). How does one keep up with the latest technologies that affect the creation, production and distribution of media? This is it. A monthly mag packed with info on the burgeoning multimedia movement across all industries. A real seedbed for the cross-pollinization of ideas. Sent free to qualified new media professionals in the US (that’s you friend).
Success is getting what you want.
About the Publisher PETER SPELLMAN is Director of MUSIC BUSINESS SOLUTIONS, a business and marketing consultancy to the music industry, and Director of Career Development at Berklee College of Music, Boston. He is the author of several books for music entrepreneurs and teaches music industry courses at Northeastern University (Boston) and the University of Massachusetts (Lowell). A musician since he was ten, Peter continues to spin riddims in the improvisational collective, Friend Planet and sing Cat Stevens’ songs to his kids every night before bed.
BLOOM WHERE YOU’RE PLANTED! Quote of the Month— "Happiness is wanting what you get." —Anonymous E-mail: success@mbsolutions.com © 1997 - 2003, Peter Spellman, MBS Business Media, www.mbsolutions.com P.O. Box 230266, Boston MA 02123-0266 978-887-8041 Rise up!
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