6:41 PM |
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.