Most individuals dream about what they want to accomplish in life but never succeed at pursuing it. Unlike them, I've been working my ass off for the past year in graduate school building a successful business plan for my company. I believe a business plan shows the difference between someone who is pursuing a goal, from someone who is creating a career. Previous articles that I've read about entrepreneurs and other businessmen have taught me the valuable lesson of believing in my product even when others don't. As a musician and producer competition is amongst many people everywhere. No matter how many instruments I play or information I take in, there will always be another person who is highly trained and can do the exact things I am capable of doing. Therefore, I have to believe that my product is a valuable resource towards bringing in revenue to my company. Creating music is extremely hard but music is just a sound unless it touches someones heart.
Warren Buffet taught me that patience is a virtue. After reading what Buffet went through when losing money in a long term investment, I've realized that opening a music studio will start out slow, but given time, finances, and commitment put into the equipment, musicians, and engineering, it will gradually gain its ground. Some of the changes I've included in my plan include increasing my Start-up cost to have enough revenue for the equipment and the staff, and downsizing on the available space I need for my company.
When creating a Music Studio Business Plan I feel that investors will take an in-depth look at the start-up cost of the company, and the competition. There are a lot of music studios across the world and to open up another one will only be considered as chaos to an investors eye. By allowing the investor to see how my company is unique and different from other studios within its area will give them more insight of why there is a need to open another studio.
One of the major lessons I've learned from reading about entrepreneurs is that investing money into what a person believes in can increase his or her revenue in due time. With my music studio opening in downtown Miami, Florida, revenue will be negative in the beginning stages due to clientele within the company, as well as finances for the building, equipment, and software programs. As a brand and a company I will have to invest in advertisement in order to develop a following. If I am able to create a following for my company, continue to network with other studios, and create a well-round background amongst my studio, then my studio will then begin to make its way to the top of the charts.
Investing money in the right business can turn someones life into a wealthy fairy tale. Here are two entrepreneurs who have invested their time and money wisely into products they believe in and successfully have been rewarded gracefully.
Warren Edward Buffet was born August 30, 1930 and is considered to be one of the most successful investors in the world based on the amount of capital he started with and what he was able to grow it into (collegeinvestor.com). At a young age Buffett was astonished with the business of making money work for him. At 6, he purchased 6-packs of Coca Cola form his grandfathers grocery store for twenty five cents and resold each of the bottles for a nickel, pocketing a five cent profit. At 11, Buffet bought three shares of Cities Services Preferred for $38 dollars. The shares dropped below what he paid and when they rebounded back up to $40 dollars Buffet made a bad decision and sold his shares; little did he know that the shares would continue to increase up to $200 dollars a share. This taught Buffet a basic lesson when investing: Patience is a virtue.
Buffet never intended on going to college, yet his father persuaded him to attend a business college. After attending a couple of colleges and receiving his degree within three years, Buffet was introduced to famed investors Ben Graham and David Dodd who taught him an experience that would forever change his life. Through the years Buffet has made over $60 billion dollars and is known as "Wizard of Omaha," for his investments. "Buffett’s investment focus is very simple…buying companies for a low price, improving them via management or other changes, and realizing long term improvements in stock prices. He looks for companies he understands and keeps it very simple. Many have criticized him for avoiding tech companies and other industries, but by sticking to what he knows, he has been able to realize amazing return," (collegeinvsetor.com).
Daymond John is also a great entrepreneur who knew that investing money could increase his financial situation. He is best known as the founder, president and CEO of FUBU, and appears as an investor on ABC reality TV series Shark Tank . Daymond created distinctive and fashionable sportswear and a host of other related gear. FUBU’s phenomenal success made mainstream apparel companies realize the potential for fashionable sportswear that appeals not just to trendsetting urban youth but to mainstream teens as well (womensconference.com). Daymond and his mother mortgaged the home they collectively owned for $100,000 in start-up capital. Soon, the home was turned into a makeshift factory and office space. Daymond looks for the start-up cost when investing in a business. He determines if the business will progress in a fast manner to receive his funds back with interest. Daymond has invested the most money on ABC's Shark Tank and continues to invest in businesses he feels that will increase his revenue (brain.com).
Heavy D gained even more fame by singing the theme song of the television program In Living Color and also MADtv. He enjoyed the cameras and took on acting in the 90’s as well. Heavy D appeared on shows, including “In Living Color” and “MADtv.” Here he caught the attention of viewers with his fresh smooth style of talking and his relaxing swagger.
He was found unconscious in his Beverly Hills home on November eighth and pasted away an hour later at the hospital. Heavy D was a phenomenal performer and will live on through the eyes of Hip Hop forever.
Is it cool to have a girlfriend in the industry? I think so... It's just hard. Many artist write from the affection that they have between a connection with another person. At the same time, many artist write about the break-up of a relationship and what they got out of the experience. Sometimes relationships can end in a good way were the two partners are still friends but, sometimes it can end with a lot of drama.
In my opinion, it just goes to show that relationships are very hard to control in the industry when your entire life is set on pleasing your audience. I believe that if you can find someone that is worth giving your all to, then take the time and build a strong relationship with them. if you can build a strong relationship, then nothing can come between the two of you. Below, are a few couples who are continuing to develop and build their relationship within the music industry.
Swiss Beats & Alicia Keys (to right)
Timbaland & Monique (bottom right)
Snoop Dogg & Shante (below)
Shawn Corey Carter also known as Jay-Z is my favorite entrepreneur in the business industry. He is one of the most financially successful hip-hop artists and entrepreneurs in America, having a net worth of over $450 million as of 2010. Jay-Z is part owner of the New Jersey Nets and also husband to R&B superstar Beyoncé, who also has her own clothing line Dereon. Jay-Z created Rocawear in 1999 and has exceeded revenues over $700 million. (Jay-Z.com) In March 2009, Rocawear launched its first social networking site, offering style news, music, fashion, and cultural connections. Jay-Z is one of my favorite artists because he grew up with a goal that he was going to be on top of hip-hop.
Tuesday I attended Kirk Imamura's lecture about running a successful studio. He touched on the who, what, when, where, why, and how concepts of what a person needs to establish a professional studio. He also mentioned that if a person is not determined to lead a pack, then he or she shouldn't think about running their own studio anytime soon. Kirk has written and produced many songs for artist such as Aaliyah, Eric Clapton Aerosmith, George Benson, and many more.
Berklee School of Music located in Boston, Massachusetts, is the largest independent music college in the world (Berklee). I believe that if a student is accepted into this school that they've increased there chances of making a better music career for themselves. Berklee offers music degrees in film scoring, music production and engineering, music therapy and many more degrees that are a valuable asset when entering the entertainment business. The schools mission is to educate, train, and develop students to excel in music as a career and I feel that they have achieved this goal.
In conclusion, Knowledge is Power. Knowing what it takes to make it in this industry will help you move above and beyond other individuals. Passion, commitment, and motivation will help when striving for your goals, but education is the key to success.
Many artist and musicians look for ways to invest time, money, and passion into their music. They value the best equipment and software that will produce a high quality sound and song to be distributed around businesses, online, as well as other venues that generate revenue. I have listed three valuable tools that have helped me produce well-rounded tracks.
Equipment can range on the price depending on how much money is available. Purchasing a top-of-the line keyboard such as a Roland Phantom, Yamaha Motif, or a Korg Triton can range between $2,300-$3,300 (Guitarcenter, 2011). These keyboards are used to produce sounds, beats, and other instrumental sounds that create tracks and other features such as commercials, soundtracks, and more.
Having the knowledge to create is the best asset in producing music. Many people are born with an ear for music; others attend college and universities to develop a background in audio engineering and other musical fields. I attended Texas Tech University majoring in music with a minor an audio engineering.
I feel that these three tools have led me to develop a broader technique for producing music. If you (as a producer, artist, or individual) can save money and invest in equipment and software that you need, and invest your time and mind into education, then you will have the knowledge, background, and tools that will help you produce well-rounded tracks.
Building a business from scratch requires time, motivation, and finances that will start your company off successfully. eHow.com provides online users many ways to creatively and traditionally finance a business. Traditional financing often requires a longer amount of time to be processed and approved, but it may yield a better interest rate. Creative financing can usually be completed within a short time frame, but it may come with a higher interest rate.