Incorporating Business Experts Advice into My Own Business Plan

 

  

 Mr. Donald Trump has been a business leader that many entrepreneurs look up to to follow. He believes that a business without a business plan will not survive because there is no direct focus. He couldn’t be more than right. As a student earning my masters degree in Entertainment Business, I clearly agree with Mr. Trump with a business plan guiding me with my own business for my online marketing company Simply Entertainment Marketing and the subsidiary business called All About Musik. As I sit and examine my business plan in the making, it is causing me to develop the necessary directions with focus and determination. The directions I’m speaking of is building a winning team of experts who are skilled in the digital marketing field for the entertainment industry that will help guide me in the right direction. Secondly, understanding who my target audience is specifically will give my company a better leverage on who to focus on with creating the business that caters to their marketing needs that is growing rapidly for artists and entertainment companies today.  Keeping up with technology and trends is essential for my business to implement because the entertainment industry is also known as trendsetters.  Being creative and innovative is my focus for setting new trends in my business industry. This allows S.E.M and A.A.M to build strong relationships with their clients and attract new clients. I understand in order for my business to make it successful, I need to keep up with the latest marketing trends, workshops, seminars, and listen to my clients on what they want. Marketing techniques are consistently changing, and new software’s are constantly improving to accommodate businesses needs.  In addition, it is good business sense to focus also on my competitors for what they are doing to better themselves, and how their target audience is responding to them. These are the focuses that will be strategically modeled after for my marketing and music business company to grow and be successful.

Ms. Oprah Winfrey Is another business leader I look up to because she has long Gevity with her business empire she grew thru the years, and it demonstrates her success thru out her career. Ms. Winfrey’s business plan advice I will incorporate into my business plan is to see what needs to be changed forecasting for the what- ifs moments. The what- if’s is almost being a psychic looking into the future for my business. I will need to research the possibilities that could possibly cause me to either be unsuccessful or successful when it comes to the operations of my business.  Understanding all necessary costs for operations, supplies, sales and everything else involved to run my business, will be the foundations in making money for my business. Implementing in my business plan every detail of cost matters because it’s the numbers that will determine my business health. Without incorporating the what- ifs in my business plan for my business just wouldn’t be business smart in my humblest opinion. In addition, Ms. Winfrey also believes that people who want to own their own business, needs to understand that there needs to be changes within their business plan as their business grows. I will follow this advice in my business plan because making changes will continue to help my business prosper, and keeping up with trends and technology for my clients marketing needs. In Oprah’s Magazine O, the author Ronna Lichtenberg “believes that by taking a day to think about the way you earn your living, you can make a huge difference in making your job more fulfilling” (Lichtenberg, R., 2001). This is true for my business because the work I do to earn my living is make a difference in lives that want their careers, and businesses to succeed through marketing and music business knowledge. Having passion makes all the difference in helping S.E.M and A.A.M grow.

The specific changes I’ve made for my business plan currently are changing the music business classes from a music industry big name facility to a community school in the same city. This will cut All About Musik’s monthly rent cost. LA City College in Los Angeles will charge All About Musik a cheaper rate to hold their classes the two nights a week needed than LA Recording School. Doing this change will take some pressure off the company’s monthly bill’s. However, All About Musik wants to teach at LA Recording School in the near future because the school is a larger target audience for A.A.M to attract, with anticipation that students will take advantage of S.E.M’s marketing services as the business grows to work with film and gaming students marketing needs. In this event, A.A.M will by then have more finances to afford to hold classes at LA Recording School after their classes grow a few years. Although, the class will cost a little higher to balance out the higher rent being paid. The changes made from the business plan will have changes as the company grows due to new technology, software, employees, and new marketing services added to S.E.M as a business.

The author Elizabeth Wasserman states, “According to inc.com “the financial section of a business plan is one of the most essential components of the plan” (Wasserman, E., 2010). The most important section in S.E.M’s business plan to angel investors would be the financial section in my opinion. This will give the investors the future forecast whether S.E.M and A.A.M business will be viable or wasting their time and money. There is nothing more worse than an investor who believed the business they chose to invest in was really a money pit. In other words, do S.E.M’s financial projection make sense? If so, then the investor’s can see that S.E.M and A.A.M is a good choice to invest in because they will see that the management team is capable of implementing S.E.M’s business plan. Last but not least, there are four steps in raising capital for angel investors, which are: executive summary, investor presentation, due diligence and investment. These four components are what make or break any entrepreneurs chances in receiving the funding he or she needs to start their business. The author Adam Hoeksema states, “According to the Angel Capital Education Funding report only between 1 and 4% of entrepreneurs that apply for angel investment funding will make it through the entire 4-stage process (Hoeksema, A., 2010). With that being said, it will be critical for me to understand how to implement the four processes in receiving funding from any angel investor. In conclusion, many people dream of owning their own business, but it takes research, skills, hard work and legal guidelines to make a person’s business dream become successful and grow. One thing I will say, never start a business without a business plan if you want to be in the future for long Gevity, because without a plan you have no future.

 References:

Hoeksema, A., (2010). Inc.com. Four Steps to Raising Capital For Angel Investors. Retrieved December 16, 2011 from http://www.bizplanit.com/blog/four-steps-to-raising-capital-from-angel-investors

Lichtenberg, R., (2001). O’Magazine. Retrieved December 16, 2011 from :http://www.oprah.com/money/How-to-Create-a-Business-Plan-for-Your-Career#ixzz1gaGMC9ft

Wasserman, E., (2010). How To Write the Financial Section of The Business Plan. Retrieved December 16, 2011