Business Plan in Entrepreneurship Paper.
The music industry is fast-growing and ever-changing. As an entrepreneur, I want to tap into the billion-dollar industry by starting a music entertainment company that focuses on bands. My passion for music is the driving force behind this business idea. The company’s target customers are all types of bands, from original to heritage bands which are looking to strengthen their brand and increase their following. Most bands lack adequate funding to acquire equipment to perform, produce their music or market themselves. Business Plan in Entrepreneurship Paper.This business fills this gap by providing production, marketing, branding and promotion services, as well as event management. Further, the record label will take care of tax returns for the bands. Thus, band members will be free to concentrate on creating art and leave the business side of the music to the company. Establishing a record label is an expensive venture and I will need a good business plan and the help of investors to turn my idea into a successful business.
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A business plan is an essential tool in the process of establishing any business. To ensure that the idea translates to a successful business, coming up with a business plan that outlines the objectives of the business and the steps to be taken to achieve them will be the first step. A complete business plan that serves as the blueprint for the company’s operations is necessary when pitching the business proposal to potential investors. Business Plan in Entrepreneurship Paper.There is a large number of record label businesses in the music industry, and our plan will highlight to our investors that we are capitalizing on a market niche that has not been flooded yet.
The process of pitching an idea to potential investors requires a good understanding of the target market and contents of the business plan. Most record labels focus on growing the brands of individual artists as opposed to bands because band management is said to require the label to “babysit” a group of adults. However, the company will focus on band management solely. The plan will also outline our industry analysis, company description, market analysis, methods of generating revenue, marketing plans, operational plan, financial projections, company structure, and the schedule for establishing the business. After identifying potential financers, I will make an oral presentation so that if there are any questions, they will be answered and feedback can be received immediately.
The investors will be funding the company in exchange for a percentage of equity. As the founder, I plan to hold the majority of the shares. The investors will be the board of directors, and I will hold the position of the managing director. A music professional with the experience of managing artists will be brought on board as the manager. The company will be working with bands in the early stages of their career and building them up to international success. The manager will, therefore, be responsible for forming a team of professionals that can handle production, sales and marketing, public relations and bookings, branding, and accounting for the bands. Managing a band requires people skills, knowledge of the music industry, the ability to multitask and remain neutral in the face of disagreements within the band. We will be looking for individuals who possess such skills within the industry, and I will make the final decisions on the people brought on board. Business Plan in Entrepreneurship Paper.
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Venturing into the ever-changing and fast-growing billion-dollar music industry is an expensive venture that requires a good business plan and sufficient funding. My company will tap into this industry by producing music for bands, marketing their music and events, promoting their art and managing the band’s events. A detailed business plan for the company will be used to make a presentation to potential investors who will receive a share of equity in exchange of funding. With the help of a good business plan, my passion and support from stakeholders, I believe this company can succeed in gaining a market share in the music entertainment industry. Business Plan in Entrepreneurship Paper.