Thursday, October 20, 2011

Minding My Business... Plan!

The Entertainment Business Master’s Degree Program at Full Sail University has challenged students, along with myself, to create a business plan. I had no intention of ever thinking of becoming an entrepreneur until I began this degree. Each month I have added more ideas and business strategies of building my company’s brand. This month, we started to finalized our business plans and bring everything we’ve done to fruition.

Starting an independent artist consulting firm requires key connections within the music and entertainment industry. Because my company is new, selling my company’s services and myself is what will help prosper the business. In writing my business plan, it is important to highlight the potential success my company will have. In the previous blog, Guy Kawasaki states that the most important part of a business plan is the executive summary. This portion of business plan is what hooks the reader, investor, or loan officer to continue to read the entire plan. The executive summary for my plan will express the problems independent artists face while trying to break into the music industry.

I have taken Simone Brummelhuis’ advice and changed my business plan to work from home and eliminate rent and lower office bills. Simone suggests keeping the office in a separate room of the home or apartment. This enables the entrepreneur to stay focused while in the office and not view it as just another room. I have planned to rent a 2-bedroom apartment and have one room as the office. This has cut rent, utilities, and commuting costs.

I believe that the most important portion of a business plan for an investor to read would be the monthly income statement for the first three years. Investors want to see bottom line numbers to see if the business is something worthy of the risk.