Businesses don’t plan to fail they fail to plan. According to the Small Business Administration, lack of planning is one of the top 5 reasons why a new business fails (Schaefer, 2010). Many people go into business with an idea of success, yet they do not formalize their business with a written plan.
Many of us, as entrepreneurs and Full Sail students, have a multitude of tools available to draft a viable business plan. As a matter of fact we will not graduate without a plan for our business in the entertainment industry. This is the foundation for the success of our businesses. We cannot survive without one.
In our industry, a well-written business plan is even more important than in other industries. Competition is killer. The use of technology makes our industry operate incredibly fast. If we do not have a roadmap of where we want to go, it is too easy to get delayed or lost and that can be fatal.
The first and most important aspect of your business plan should be a clearly articulated vision of what your business is, where you want it to go, and how you plan to get it there. Start with the end result (your vision of your business) and work your way back from there. A good business plan is rigid enough to provide much needed structure, as you start out, but malleable enough for you to be responsive to the needs of your clients or industry.
After you have determined what and who you are as a business, then there are other considerations. How much capital am I going to need? Where will the capital come from? Because a start up generally requires a significant amount of capital, lining up your funding sources is one of the first items on your to do list.
Then you need to determine what your work force needs will be. What types of positions do I need to operate effectively? How many people do I initially need to fill the positions? What resources do I have to go out and hire the best? Will I have the luxury of finding people that share my vision? How will growth affect my hiring needs in the future?
You will also need to look at your competition. Who are they? Where are they? How can I differentiate my company from theirs? In this day and age of intense competition, you either have to do something different or do it much better?
Marketing, advertising, and networking are the linchpins of communication to potential clients and business associates about your company. Other than payroll, this may be the biggest part of your budget when you start. Which leads to how do I articulate my message? First determine what the message is? Then establish a presence on the web! A web presence in your plan is as needed as any other part. It gives you economy of scale when trying to get your message out to the public. It is also an effective tool for clients or potential clients to give you feedback on how you are doing or what they might like from your organization.
While this list is by no means complete, it can give you the basis of what is most important when putting together a business plan. First is to make sure you have one! If you are in need of help in setting up a business plan, please feel free to contact me at stephen.brown8461@gmail.com or call me at 941-276-9016. Or you can contact the nearest office of the Service Corps of Retired Executives (SCORE). SCORE offers online and face-to-face business counseling, mentoring, and training.
Stephen Brown is the CEO of MarCris Entertainment Management and Media, LLC. MarCris is a full-service talent management and audio/video production company. They specialize in representing talent in music, television, and film both in the performance and production areas. Please visit his blog at http://steve-itsalluptoyou.blogspot.com.
