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. 

Grammy University

Being a part of Full Sail University, the school encourages students to dive into the creative arts. The past 2011 Grammy Awards spotlighted several Full Sail University Alumni that had been nominated on their works within the music industry. At the Grammy party, Grammy University had a table that included information about their association.

Grammy University is a offspring of the annual awards show that encompasses networking, educational programming, and performance opportunities for full-time college students. Any one who meets the scholarly requirements and are between the ages of 17-25 can join. Grammy University has twelve chapters across America. Cities and regions include:

·     Atlanta

·     Chicago

·     Florida

·     Los Angeles

·     Memphis

·     Nashville

·     New York

·     Pacific Northwest

·     Philadelphia

·     San Francisco

·     Texas

·     Washington D.C.

These chapters are involved with their perspective local music industries including artists, record labels, and recording studios. This network helps the students to prepare for the real world and a career in today’s music industry.

With the business plan that I am preparing for my Master’s Degree from Full Sail University, it would be wise to connect and engage in the different functions that the Grammy University offers. Becoming an independent artist and record label manager, partnering with Grammy University would allow me to network with individuals trying to break into the industry. Also, if my company created an event such as an open mic or concert is in a certain area, volunteers could be pulled from the network.

The objective of this association is to help enhance individuals who have a strong interest in working in the music industry. There are three different membership lengths and charges:

·     1 Year Extended Student Membership ~ $25

·     3 Year Until Graduation Membership ~ $50

·     4 Year Until Graduation Membership ~ $50

Although I have never been to a function of theirs, I look forward to involving myself with them in the future. On April 6, 2011, the Florida Chapter will be having a GRAMMY SHOWCASE. Over 300 members auditioned for the contest and six (6) finalist were chosen and will be showcased. The finalist will be competing for a valuable artist development package and granted the opportunity to perform in front of music industry leaders. This event will be held at The Social in Orlando, Florida.

For more information about joining click here.