2021 Music Entrepreneurship Competition Details (CANCELLED)

Not Accepting Applications At This Time

Requirements

Applicants will submit a Music Business Plan describing their project by March 22nd, 2021. The plan can be for a new business or for the expansion of an existing one. Individuals and teams are welcome to participate. The competition is open to all College of Music students. UNT students outside of the College of Music may be eligible to participate as long as they are working in partnership with a College of Music student. If a team has business members who are outside of UNT, it will still be acceptable as long as the team leader is a UNT College of Music student. In the case of group submissions, if the team becomes a finalist, the leader(s) of the team will be required to present during the live pitches virtual final rounds via Zoom and livestream on April 17th and 18th, 2021. Previous first prize winners may not compete again as an individual submission but may compete the following year as part of a team submission. The business plan will have a minimum of 10 pages and maximum of 20, excluding a cover sheet, table of contents, and financial projection spreadsheets. All plans must be typed, double-spaced, maximum 12 pitch font, and 1" margin on all sides. Spreadsheets and appropriate appendices can follow the text portion of the plan and should not exceed 10 pages. The outline below, based on Peter Spellman's "Writing a Music Business Plan That Works", is the required template for students to explore the process and customize based on their own plan of action. The business plan sections in bold are required and the bullet sections are recommended aspects to be included in the music business plan. Additional business plan writing resources are listed below the outline. 

MUSIC BUSINESS PLAN REQUIRED OUTLINE

• Summary statement
  • Problem: what is the problem you are trying to solve?
  • Audience: who has this problem?
  • Solution: what is your solution (product/service)?
• Description of your business or project
  • History and background
  • Management description, include team background and credibility
  • Business structure (Sole Proprietorship, Limited Liabililty Company (LLC), Non-Profit, etc)
• Market Analysis 
  • Market description 1. General market information 2. Specific market information 3. Competition profile. 4. Differentiation: what makes you different?
  • Marketing plan 1. Positioning 2. Marketing mix 3. Pricing philosophy 4. Method of sales/distribution 5. Customer service policy
  • SWOT analysis (Strenghts, Weaknesses, Opportunities, Threats)
• Operations Statement
  • Facilities and equipment
  • Plans for growth and expansion
  • Risks
• Project Time-Line/Process
• Financial Information. Please use the spreadsheets from this template.
  • Financial model: how will you make money?
  • Financing required
  • Current financial statements. 
  • Financial projections

Resources to prepare the music business plan

• For a complete list of resources, including workshop videos and other links, please visit our Competition Resources page