I wanted to take a look back at the industry professionals I wrote about in my previous post. Here are a few of the things I’ve learned from them. I’ll also discuss some of the ideas I plan to take from them and use in my own business ventures. Take the strength test also, which is provided as the last link below.
The first thing I have learned and plan to implement into my business plan is belief in my clients and good scouting. I plan to do most talent scouting myself but I do have close friends that I believe can help me find artists that are the right fit for my company. Getting these clients to sign with LubDub Sound might be tough but I feel that leadership and belief in their ability will allow me to sign most of the artists I have my eye on. I will have contracts and a proposal ready for each potential client that I met with, that way they realize that I’m serious about working with them. "Seeing talent and believing" will be one of my many mantras when it comes to clients. Another key to being successful with a business plan is to have people backing you. With the connections I’ve made recently it will help me along in getting investors, clients and interest from fans that buy my artist’s music. My business plan is fairly well solidified but there is always room for improvement. One change I will make is utilizing outside consultants such as managers and booking. This should free up money that I would otherwise have to pay out to a full-time employee.
The most important part of my business plan I would have to say is the financial outlook. Investors want to be able to see when they can start recouping the money they have invested. If you are able to show solid and reasonable predictions when it comes to how well your company will do then it’s easy for others to see your company’s worth. One article I read stated that finding your target market would be one of the most important parts of a business plan. I plan to do plenty of research when choosing my target market for each of my artists because each of my artists will be different so I’ll have to treat each one of them differently. Social networking will be very important for not only a hip-hop artist but also an indie rock band. Inc.com also gave some helpful tips in narrowing the target market for products.
In some of the previous classes at Full Sail we visited TED for ideas and inspiration from already established professionals. I came across this particular presentation by just Google searching “belief in your vision”. My search pulled up a fellow blogger Chris Redmond as the top hit. Chris’s blog is full of many inspirational speeches, advice and words of wisdom from not only himself, but also some other professionals. His “Belief is your vision” article spoke about being an inspiration and having belief in yourself and others. The TED presentation that he posted on his blog featuring Caroline Casey spoke about those same things. In hopes that people reading my blog will view the video I wont say much about it. I will say that what she spoke about and the way she spoke those words is exactly the type of attitude we need to be successful people and entrepreneurs.
http://www.ehow.com/about_5050287_important-part-business-plan.html
http://www.inc.com/guides/201104/how-to-narrow-your-target-market.html
http://chrisredmond100.blogspot.com/2011/04/belief-is-your-vision.html
http://www.ted.com/talks/caroline_casey_looking_past_limits.html
http://www.strengthstest.com/theme_summary.php
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