By Samantha Kleinman
NFL Player Engagement
On March 18th – 21st, 2013, a group of 16 current and former players descended on the campus of New York University for the second NFL Business of Music Boot Camp. Their goal: learn what it takes to make it in the music industry. Throughout the week, the participants spent long days in the classroom and the recording studio with some of the industry’s best. One of the key points that was hammered home is that a business plan is just as important in the music industry as it is a more traditional field. Passion can get you so far, but a solid plan will take you the extra mile.
Josh Deutsch, Founder and CEO of Downtown Records and instructor at NYU’s Clive Davis Institute of Recorded Music, was a featured faculty member at the Boot Camp. This year alone, Josh had music from four of his Downtown Records artists featured in Super Bowl commercials. How did he achieve this type of success at one of the world’s largest sporting events? He had a business plan for each of his artists. Josh spent three hours with the participants throughout the week discussing the fundamentals of putting together a business plan. Some of his tips are below, and they can be applied to the music industry and beyond.
- What is your statement of purpose? Josh kept on coming back to this point, and it’s equally true for both entrepreneurs and recording artists. The statement of purpose drives your entire business, so take some time putting it together. What is your product? Who is your audience? Why is someone going to want this music or product?
- Does the business model exploit your existing success? Whether your previous career was playing professional football or working in a more traditional industry, everyone has experience that they can bring to the table. Are there positive ways to leverage your past work and your current audience? Think about how you can apply your existing skills to your new business plan, and who in your network can supplement the skills you have to help you achieve success. Leverage your existing contacts to get your foot in the door, especially at the local level.
- Does your plan require funding? One important thing to remember about all business ideas is that they require money to implement. Determining how your idea will be funded is crucial. Will you have to raise money through donations, can you secure outside investors, or are you going to contribute your own money to the project? Josh told the players that the first thing he learned when we was launching his own business was that there is significant risk, and investors want to see you assume some of this risk. You may have to contribute not only your time and intellectual capital, but also some of your own money. But be careful - don’t invest blindly! Make sure that you’ve put together a thorough business plan and budget, run it by a trusted financial advisor who has been vetted by FINRA (visit http://www.saveandinvest.org/NFL for more information), and stick to what you have written down.
The business plan that you put in place is your first step towards success. The next step is to actually produce. Similar to how a publicly traded company measures success based on financial performance and stockholder returns, the music industry lives and dies based on hit records. Use Josh’s tips to structure your plan accordingly so that the combination of your passion for the industry and your business acumen lead to a sustainable and rewarding career for the foreseeable future.