If you want to start or grow your music business, you need to learn how to set business goals. That way, you can increase the chances of seeing success.
Your goals can be as varied as your music business. Be sure to follow a few steps when choosing what goals to set.
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Consider Your Business
First, you need to think about the type of business you have or want to start. As a blogger, my goals will probably differ from a private teacher or a composer.
Think about if you primarily provide a service or if you sell products. You should also consider if you operate your business online or in person (or both). That way, you can figure out the goals that make the most sense.
Now, regardless of your business, you may want to set revenue goals. But a teacher might care about attracting a certain number of students. On the other hand, a performer may want to get a certain number of gigs.
Every business is different, so you should review your specific situation. Then, you can make sure you set goals that will make sense for your business.
Focus on What You Can Control
It can be tempting to set a goal regarding the number of Instagram followers you’ll get by a certain date. However, as much as you do, that goal will still be somewhat out of your control.
A better goal may be to post a certain number of times per week. You’re the only person or thing that could stand in the way of reaching that goal. That will make it easier to reach that goal and stay on track.
Plus, posting more content usually means you’ll grow your audience. So if you start with a goal you can control, you might just reach one that you can’t.
Keep Your Finances in Mind
I always like to set a revenue goal for the year. Now, I haven’t always met that goal, but I have been a bit ambitious. However, you should think about finances regarding any goal you set.
Consider how much it may cost you to reach a specific goal. For example, if your goal is to take 10 orchestral auditions, that can be expensive. You have to pay for flights, hotels, and food on your trips.
Make sure you have enough money coming in, either from your music business, a day job, or other sources. That way, you can set more realistic goals that won’t cause you to go broke as you work towards them.
Be SMART
No matter what goal you set, try to follow the SMART system:
- Specific
- Measurable
- Attainable
- Relevant
- Time-based
Let’s start with the example goal of posting more videos of yourself playing. To make it specific, set a goal of one video per week, for example. This will also make it easy to measure your progress.
But maybe a weekly video isn’t attainable based on your schedule. You could alter that goal to share a video every other week. Of course, a video is usually relevant for musicians, especially performers, composers, and even private teachers.
If your business is in journalism or something, your goal could be to post a certain number of articles per week or month. Finally, you should give yourself a deadline, so whatever your goal is, maybe you want to hit it within a year.
Figure Out What You Need to Learn
Depending on the business goals you want to set, you may not know everything you need to know to make it happen. Using the video example, you might need to know how tools like Instagram or YouTube work.
You can use Google and YouTube to learn the basics. But if you want to dive further into a subject or get more help, an online course is useful. For example, I took the Instagram Marketing & Sales Academy.
That course has helped me narrow down my Instagram content. I can use my various accounts to grow the blogs they’re connected to. Sure, you can learn stuff for free, but if you want more information quickly, a course is worth it.
Invest in Some Tools
Even if you know everything you need to know, you might need to invest in some tools to help set and reach your business goals. Some of my favorite tools include:
- SiteGround for website hosting
- Easy Digital Downloads for selling digital products
- Teachable for creating courses
- Astra for creating niche blogs
- Later for scheduling social media posts
Of course, since I run a primarily online business, these tools work for me. But if you work in person, you may use other tools. Maybe you teach private lessons, so you use an appointment booking platform.
Or you might drive a lot, so you use a mileage tracker. There are tons of tools out there that you can invest in for your music business.
Don’t Forget Physical Equipment
You might also need some gear or equipment to run your business. As a musician, you’ll probably need at least one instrument.
I like to have a good tripod to help take photos and videos of myself. That way, I can make sure the footage is stable, and I don’t have to worry about asking someone for help if everyone else is busy.
It also helps to have a good quality computer. Even if your business is in person, you may still need to handle emails and other admin tasks digitally.
Think About Outsourcing
You may find you want to set business goals that you can’t reach on your own. Of course, you can decide to hold off on some of those goals. If not, you should look into outsourcing.
That way, you can bring on contractors or even employees to help. You can delegate certain tasks to others. Then, you’ll have more time to focus on what you do best, and you can avoid tasks that take too much of your time.
If you’re looking to outsource some of the content creation to help market your business, consider working with me. I love helping music business owners make content for the web!
Set Up Some Accountability
After you figure out how to set business goals, you need to work towards them. A great way to do that is to find some way to hold yourself accountable. If you’re lucky, you can do this yourself.
However, it never hurts to have some outside source of accountability. For example, maybe you share your goals with other music entrepreneurs. Then, you can meet regularly to share your progress, and you can help them with their goals.
You could also work with just one other business owner. The two of you can hold each other accountable to whatever goals you set. You can also use them for motivation if you feel like you’re falling off course.
Choose a Few Goals
Maybe you want to accomplish a lot in your business. I definitely have some lofty goals myself. However, you should rail it in and focus on a few goals, at least for now.
It’s a lot easier to focus on two to three goals instead of 10 goals. Of course, the goals you want to prioritize depend on you and your situation.
If you want to build a private studio, your main goal should be to attract new potential students. On the other hand, if you want to perform, your main goal might be to start getting regular gigs.
If you want to do both, choose one to start with. Then, once you reach that, you can work on adding the other to your schedule.
Scare Yourself
Some of the best goals are a little bit scary and push you out of your comfort zone. If your goals are all in your comfort zone, you may be tempted not to do much to work on them.
But when your goal seems a bit out of reach, it can motivate you. Then, you might be more likely to spend time finding more students or getting that extra gig.
Of course, you might not meet your goal, and that’s okay. You can reevaluate the goal and determine what’s more realistic next time.
Develop a Plan
Now, you’re almost ready to start working towards the business goals you set. But I’d make a plan first. You can figure out what you need to do in order to reach your goals.
A lot of people talk about reverse engineering, and this can be especially powerful for number-based goals. Maybe you have the goal of getting 20 students into your private music studio within the next year.
That means you need to average almost two new students a month or one every two to three weeks. I can’t say what your conversion rate will be, but maybe you start by emailing one new band director per weekday.
You mention that you’re local and ask if you can do a flute sectional. Not everyone will say yes, but putting yourself out there is the first step.
Final Thoughts
Knowing how to set business goals is crucial if you want to work for yourself. Without goals, you can fall into the same old cycle. And that could cost you in the long run.
Be sure to revisit your goals at least every year or so. Figure out how you can improve on those goals.
And if you’re scared of working for yourself, download The Freelance Solution to learn how to get over the basic roadblocks of self-employment.
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