Thinking about opening a music rehearsal studios business? We tell you what you need to know to get started.
Studio Industry Dynamics
Over the past decade, the music industry has experienced seismic shifts in distribution and revenue. The promulgation of file sharing, music piracy and other dubious digital practices has impacted the entire industry, including music rehearsal and recording studios.
Today, there are three categories of artists interested in renting professional studio space by the day or hour:
- Recording (and session) Artists -- Professional musicians who record music for distribution and sale.
- Commercial Artists -- Musicians and actors who produce commercials, voiceovers or other marketing content.
- Hobby Artists -- Homegrown musicians looking to record songs for their personal enjoyment and distribution to a limited number of acquaintances.
To be profitable, most rehearsal studio startups need to cater to all three groups and possibly offer additional services such as lessons or audio consulting.
A Day in the Life of A Studio Startup Owner
If you're serious about starting a rehearsal and recording studio, you're probably already familiar with the atypical lifestyle of a studio owner. Unlike other kinds of small business startups, studios aren't a 9—5, five-day a week business.
As a startup studio owner, your workday might not start until afternoon or evening. Musicians are notorious for working late into the night and since most of them hold day jobs, nights and weekends may be their only opportunity to rehearse and record. If your studio serves commercial clients, you may also need to schedule morning sessions.
Studio owners usually do everything themselves, at least initially. As your session bookings increase, you may want to think about bringing in a part-time or full-time employee, but that won't be financially feasible until the business generates enough revenue to justify additional staff.
For the first few months (or years), plan on spending all day, everyday working for your studio. When you aren't behind the soundboard, you'll be busy handling all of the other things that are involved with business ownership. Marketing, billing, accounting, janitorial -- someone has to fill these roles and during the startup phase, that someone will be you.
Best Music Rehearsal Studios Company Business Plans
As a startup small business owner, you need to have a business plan you can rely on for both external and internal purposes.
A shoddy business plan is a major misstep for a startup music rehearsal studios business. The evidence overwhelmingly supports the fact that your startup can't achieve long-term success without an accurate business plan.
From a business ownership perspective, that makes business planning your first priority - and not a task that can be assigned to the back burner.
Before you open a music rehearsal studios business in your area, it's essential to find out what the competition looks like. Use the link below to find competitors near you. Complete the form by entering your city, state and zip code to get a list of music rehearsal studios businesses that are close by.
Is the local market large enough to support another music rehearsal studios business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
If you are interested in starting a music rehearsal studios business, the next step is to learn from folks who are already in business. If you think your local competitors will give you advice, you're being overoptimistic. It'd be crazy for them to teach you the business.
However, a fellow entrepreneur who has started a music rehearsal studios business on the other side of the country will be much more likely to talk with you, after they realize you reside far away from them and won't be stealing their local customers. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
Want the scoop on finding a music rehearsal studios business manager on the other side of the country to talk to?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Advantages of Using a Business Broker
Business owners are decision makers. And the first decision you'll need to make is between a music rehearsal studios business startup and an acquisition. For music rehearsal studios business entrepreneurs, there are many reasons why a purchase is more logical than a startup.
A qualified business brokers can provide a range of services designed to ease your transition into business ownership.
Top quality brokers with an industry track record understand the nuances of music rehearsal studios business acquisitions and are equipped to make your transition to music rehearsal studios business ownership as easy as possible.
Don't Rule Out Franchising
Your chances for making a success of your new business increase if you purchase a franchise in lieu of doing everything yourself.
Prior to making the decision to open a music rehearsal studios business, you may want to check out whether purchasing a franchise might be the right move for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own a music rehearsal studios business, these resources will come in handy:
If you sell to music rehearsal studios businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.