One thing that's important for business owners (and that includes independent artists) is to have a clear set of goals. Where do you want to be in 9 months, 2 years, 5 years and beyond? Take some time to think about this and then write your goals down. This can be done informally in a note pad, or formally, as with a business plan.
A business plan takes considerable time to research and to write, is it worth it? Most financial sources require a business plan before they will consider investing in your business. This includes banks, venture capitalists, and sometimes your own family. A property owner may require a business plan before he will consider leasing his property to you. Potential employees may want to see the plan before coming to work for you. Significant suppliers often will ask for your plan, and with a good plan you may be able to get better credit terms than without one.
But, the most important reason for a plan is to give yourself a guide to your future. A well written plan provides a road map to your business's growth, allows you to measure progress toward your goals, and it lets you know if the business climate is changing (and whether you need to change your plans too). It will guide you in your decision making throughout your business.
The next blog will talk about the business plan in more detail.....
See you next week!!