Get ready to cue the lights, music, and crowd by starting a music venue in your town. Although it can be a challenge to get your enterprise up and running, you’ll find that concert halls and music venues are rewarding opportunities to make money and give back to the community.
After all, music not only has the ability to cross cultures, lift moods, and inspire artists and audiences alike, it gives you the perfect excuse to get your groove on.
Don’t let fear keep you from fulfilling your business dreams. Here’s how you can get your foot in the door and start a stand-out music venue.
Envision
Whether you want to open a bar, concert hall, or kid-friendly music venue, envisioning what you want is important. Follow these steps to envision (and achieve) success:
- Listen to your gut. No matter what everyone else tells you, listen to your gut. Once you know what you want, and feel it is the right way to proceed, you will have the drive to carry out your plans and succeed.
- Have an open mind. Don’t limit yourself to what’s been done before. Have an open mind when it comes to budgeting, building, designing, hiring, and promoting. It’s up to you to create your space. An open mind keeps vision alive.
- Educate yourself. Don’t jump into any business venture blindfolded. You need to know what you are getting yourself into. Educate yourself in every aspect of music, business, and networking. Don’t let lack of knowledge lead to failure.
- Involve the community. Although it’s wise to educate yourself, involvement takes success to the next level. Network and find people who are willing to help. The old adage “it’s not what you know but who you know that counts” stands true—especially in the music industry.
Budget
It stands to reason that you need a defined budget before beginning any business venture. Your budget should be smart, specific, manageable, attainable, realistic, and time-sensitive. Don’t ever plan on spending all of your pocket money; those who do generally go bankrupt in the process. Budgeting makes everything come together to work for the good of your business. Here’s what to include:
- Total start-up costs
- Funds for material
- Labor costs
- Regular operations costs
- Projected revenue (to support continuation and success of business)
- Projected profit margin
To begin, draw up an initial budget and then adjust your plans as needed. Once you begin making money, your budget should be tabulated yearly. Don’t forget to include the services of a good accountant in your budget as your business grows.
Locate
Finding the proper location can make or break your business. Do the following to scout out the right venue:
- Examine various neighborhoods (away from children and seniors).
- Understand property history, values, and tax rates.
- Research rental rates.
- Become acquainted with the city council and community business organizations.
- Get a fair deal on lease and/or mortgage.
- Hire a lawyer to negotiate and ensure stable payments.
- Set up utilities.
- Take out insurance policies as needed.
It takes a lot to run a business, but over-preparedness is one key to success. Be truly prepared before, during, and after you find the perfect location.
Design
Now you’re ready to let your creative juices flow. Designing allows you to couple savviness with style. Choose a style that is warm, friendly, welcoming, and suitable for your clientele. If your venue’s ambiance is off, don’t count on your crowd to come back for more.
When you design, keep the following in mind:
- Capacity
- Durable theater seating
- Bathroom conditions
- Sound-proofing
- Emergency exits
- Handicap access
Finding good sound equipment is another part of the design process. To run a successful venue, you need microphone cords, stage lights, speakers, and a PA system. And, if you plan to sell liquor or food, you need to obtain the proper licenses during the design process.
Advertise
Advertising is key. Unless people know about your business, they won’t show up to hear the music. When it comes to advertising, get creative:
- Distribute stickers & branded swag.
- Post flyers on bike racks.
- Chalk sidewalks.
- Use social and traditional media.
- Make announcements at related events.
Whether you advertise by word, street poles, or television, make sure everyone knows about your opening long before it actually occurs. Create some buzz.
Hire
While budgeting, anticipate the cost of employees and then hire as needed. Depending on your venue, common staffing needs include:
- Security guards
- Sound technicians
- Booking agents
- Musicians
- Waitresses
- Bartenders
- Cleaning personnel
If you can’t hire full-time musicians, begin a booking process online. Keep an open mind; many local and/or touring bands and musicians are willing to lower their initial cut for the exposure. While you shouldn’t hire just anyone, don’t turn groups away before looking into what they have to offer.
Enjoy
Now that you’ve invested all of your time and a good chunk of money in your music venue, enjoy it. Spend time there, make friends, open up business correspondences, and never stop reaching for the stars. If you are driven and committed, success is bound to follow—and before you know it, you can fill every seat in the house!
