CORE BUSINESS PLAN FACTORS FOR MUSIC VENTURE

The company marketing approach and the financial data are the most important sections of the business for investors to read. A revelation from the marketing highlights the opportunities in a “stagnate” music retail environment. Industry reports from reputable trade publications like Billboard magazine will help highlight how our business concept will gain a favorable response in the marketplace. In addition to an effective business concept, the marketing data will reveal how our brand logo and slogan –AMPER: Music Mobile and More! - will inspire consumers to purchase our products and services. The successful branding entrepreneur and Shark Tank television personality - Daymond John – emphasizes how controlling the perception of your brand, product and self is integral to success¹.

In addition to controlling our image for branding the company, the marketing section will demonstrate how to take advantage of the standard successes for our business market, as well as, the opportunities from weaknesses in our present market (i.e. our niche). Daymond John points out how one must understand the weaknesses and plan around them².

Our financial section of the business plan will demonstrate the revenue potential in our target market.  How investment dollars will be allocated for inventory and strategic marketing will demonstrate the efficiency in our marketing plans. By assuring the investors of our ability to convert financing into profits, a justification for funding our venture will be made.

Ultimately, by concentrating on “how” we plan to improve on industry weaknesses in order to generate revenue, our marketing section will appeal to investors.  Since, a new approach to a successful music retail venture is still appealing to many music-loving investors and business owners, then, we must justify the love for music I which investors are eager to share in funding. Ultimately, the financial section will provide the clarity for returning an investment on the financial capital, therefore, this section will be of particular interest to the investors.

REFERENCES:

1)   Becoming An Icon; http://www.daymondjohn.com/power_journal/becoming-an-icon/; Dayomond John; March 31, 2010.

2)   Professional Ability; http://www.daymondjohn.com/power_journal/professional-ability/;

Daymond John; September 13, 2010

HUMILITY FOR LEARNING TO ENDURE MUSIC BUSINESS

Some significant points for business development from the three interviews of Jayson Whitmore includes how humility enables one to balance passions in order to learn; how business plans aid in forecasting potential market trends; and how demonstrating a self-respect for quality is a mark of professionalism.  

Remaining humble during the journey of a career in entertainment will foster creativity, personality and self-confidence. According to Jayson Whitmore, the aforementioned characteristics are “huge” factors for how he determines the caliber of potential employees or partners. In addition to identifying potential associates, humility is essential to my being able to learn during my career.  Instead of being passionate for an immediate gain, humility will enable me to temper my passion in order to gain invaluable hands-on and theoretical learning opportunities.

Forecasting potential business trends in a marketplace is an invaluable benefit of developing a business plan. Accurately, Jason pointed out how mission statements, business forecast, and market research are some essential benefits from developing a business plan. Critical to achieving any fund raising goals is the ability to present a correct and sound business plan for capital investors; moreover, developing a sound business plan can also indicate the level of professionalism or commitment to one’s own ideas and positions.  In other words, how a person represents their own self-interest is an indication of how a person may represent the business, investment, or another company. The development of a business plan is refining my ability to shape a mission statement by understanding the forecast of a business venture, 

A parallel exists between how his company operates in a “small circle” and how the entertainment industry as a whole has a tight-knit community.  My career goals for operating in the music industry will require an ability to maximize the “one-person degree of separation” within the industry’s network; therefore, my professionalism must show a respect for the trade’s standards of quality.  

REFERENCES

1) Jason Whitmore interview at Full Sail University; Selling Yourself, Business Plan Development, and Professionalism.