How to Gauge if Your Studio Business Goals Are Achievable or Not

Running a successful audio engineering studio is a dream for many, but it requires a blend of technical skill and savvy business sense. Goal-setting is vital, but it's equally important to know if those goals are realistic or just wishful thinking. Let's dive into how you can assess the achievability of your studio business goals.

S.M.A.R.T Goal Setting – The Foundation

You've heard it before, but it's worth repeating. The S.M.A.R.T framework is your first line of defense in creating achievable goals:

• Specific: Don't be vague. Instead of "Increase revenue," try "Increase revenue by 20% through new client acquisition."
• Measurable: Your goal needs quantifiable metrics. "Attract 3 new high-budget clients per quarter" has a clear way to track success.
• Achievable: Be ambitious, but don't set yourself up for failure. Is tripling your income in a year feasible based on your current situation?
• Relevant: Do your goals truly align with your studio's direction and your values as an engineer?
• Time-bound: "This year" isn't enough. Deadlines like "By the end of Q3" create accountability.

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The Reality Check: 3 Key Considerations

Once you have S.M.A.R.T goals, it's time for a reality check. Consider these:

1. Market Analysis:
   • What's the competitive landscape in your area? Are there gaps you can exploit?
   • What are other studios charging? Can you justify higher rates?
   • Is there a strong enough demand for your specific niche (music, podcasts, etc.)?
2. Resource Audit:
   • Does your equipment and space align with your goals? Will upgrades be needed?
   • Do you have the time for the increased workload higher goals imply?
   • Does your marketing budget support your growth ambitions?
3. Past Performance
   • Be ruthlessly honest about past successes and failures.
   • Have you consistently hit previous targets? This might suggest your goals can be bolder.
   • Did you fall short? Reassess what went wrong before scaling up goals.

Flexibility is Key

Even the best-laid plans need adjustments. Regularly review the following:

• Market shifts: Is your niche shrinking? Do you need to pivot to new services?
• Your personal capacity: Is burnout looming? It's okay to set more modest goals to protect your wellbeing.
• Unexpected roadblocks: Equipment failure, client cancellations, etc. Don't get discouraged – adjust goals for the current circumstances.

Additional Tips

• Break down large goals: A huge annual goal can be intimidating. Break it into monthly or quarterly milestones for easier tracking and motivation.
• Get outside perspectives: A mentor, business coach, or successful studio owner can offer invaluable insight and identify potential blind spots in your plans.
• Don't be afraid of 'stretch' goals: Push yourself, but keep those big, long-term goals separate from realistic, short-term targets.

Wrapping it Up

Setting achievable goals is a balance between ambition and practicality. Be honest about your studio, the market, and your own strengths and limitations. Regularly re-evaluate your progress and adjust your strategy as needed. This dynamic approach is the key to sustainable growth for your audio engineering business.

Rich Steve Beck is the creator and owner of Produce Mix Fix Conquer/We Are PMFC and PMFC Atlas. As well as being a Mastering Engineer, Blogger, Podcast Interviewer and Community Leader, Rich has 20 years + experience in finance, insurance, account management and online marketing. This will be a regular series supporting new up and coming audio engineers and producers as well as hopefully throwing around some fresh ideas to industry veterans to help assist sustainability. Cherry pick what is helpful, leave behind what you don't need. Good luck on your audio adventures!