Entertainment Trends for Business

In light of the fact we have been discussing points on how to develop a good business plan I wanted to steer away and discuss some points that help entertainment businesses thrive. This is where my focus is and I aspire to have a well-established business within the industry someday. Although this post may not be specific to the elements of a good business plan in does correlate in the sense that in order to interest investors or consumers you have to be aware of trends that drive your industry as well as understand the current market your entering.

Any good business is able to grow when they can sustain changes in trends and be prepared and aware that changes have and will occur. The Entertainment Industry is probably one of the biggest industries that constantly produce new trends and force businesses within it to adopt those trends. 

Currently new media and technology has been one of the biggest trends to hit the industry. Over the past 5 years they have changed the way the way media organizations produce media and entertainment as well as how consumers access it. New media and technology have become the top resources for communication and media. This wave of advancement has forced traditional media to follow trends and ultimately remodel how they operate.

When you consider some of the key players of new media and technology I would have to say blogs, social networks, YouTube, laptops, smartphones, and now tablets are some of the most common. Case in point you reading this blog has not always been the way of receiving someone else’s thoughts or opinions. Truthfully before trends like this as a consumer I didn’t have an outlet to have a voice.

What was then basic is now much more complex in terms of how consumers receive and share information. The businesses behind traditional media forms are now in a world where these tools are what they have to consider and even become engaged in. They ultimately have to function on the same level as the consumer.

The future of new media and technology is endless. We have to remember we are still in the beginning stages of these trends and are just on the realm of seeing what they can do for our industry and us. Looking forward at the industry as whole t=there are surely more trends to come and companies have to understand that knowledge of current trends can be vital to their success.

Here are a couple of resources on the topic that helped me to better understand where the industry is and the changes that have occurred.

How Old Media Can Survive

Relationship between Social Media Buzz and TV Ratings

The Social Media Revolution: Exploring the Impact on Journalism and News Media Organizations

More Resources for You and Your Business

Throughout the past month I’ve been providing you with resources to get your business off the ground. Well I am back again… This time our focus is solely based on resources to help you get funding. Aside from having a business plan we’ve already established that seeking investors eventually become your primary purpose. Its also one of the main reasons you even created your business plan.

This week’s resource is The Association for Enterprise Opportunity also known as AEO. AEO is a national organization that is membership based and focused towards microbusiness development in the United States. AEO provides resources that support entrepreneurs that allow them to in turn support their families and community through business ownership.

The reason I chose this resource is because their site is full of valuable information. They have hundreds of partnerships and initiatives help business owners like you and me get connected to financial resources. The other great thing I like is that directly from their website you can here from people who have benefited from their services. Soon they will have a service to find a mentor.

We all know how hard the process of starting a business can be. And how even harder it is to find money and ask for it the right way. I believe the mentor aspect that will AEO provide is truly one of their most valuable tools. Sometimes being provided with resources just isn’t enough. You can feel a little more confident when there is someone helping you through the process and just supporting you along the way.

I encourage you to check out this website as well as the Small Business Association website which I recommended in my previous post. These are really great tools rather you have started your business plan or just looking to see what resources are out there. These are just a few I can promise you there are tons more you just have to keep looking. 

Business Tips that got me Going!

In my most recent post I provided some tips for getting your business off the ground and on to paper. Well, I've had the opportunity to apply some of those resources to my own business plan. Currently I'm working to develop my business, which is an entertainment/sports PR, & management firm.

My business will operate mostly online but will be housed out of a home office based in San Diego, CA. The Small Business Association (SBA) was a resource I recommended in my last post. Since then I have taken advantage of some resources provided by the SBA San Diego office.

I attended a few business plan writing workshops as well as some one on one mentoring sessions with reps that helped to answer some urging questions I had. The amount of information I have received has been overwhelming but the best part is that it’s all been free. Well other than my time but, my passion and progress is well worth it.

In meeting with the SBA rep and attending some of the workshops, for my company I realized what my focal points should be and have really shifted my attention to those areas. In one of my meetings I was informed that my plan was well overall. The only area that lacked was my financial plan. Initially I felt it wasn’t a big issue. The representative then explained to me just how valuable it is for start up. In my last post I know I said it proves well to investors but I found out it also proves well for you as a business owner.

A lot of small business owners are taking a risk to start a business so essentially their personal finances are at risk as well. In my meeting my rep explained how understanding the cost of your business start up can sometimes help you be more prepared with handling your personal finances. He discussed the importance of knowing all the financial obligations that your business has monthly/annually. And doing the same for your personal expenses. He gave the advice to consider your personal finances when starting a business to know if you can support yourself in order to support a business 100%.

This has really mad me look back at my business and the steps I want to take to start up. I understand the importance of financial start up cost for my business and myself. I see the value in not only planning for the future of my business but also the future of my family because it has just as much importance. 

Business Plan Tips to Get You Started...

Need help getting your business off the ground an on paper? Well I have some key people you should consider in your search for help. 

My first recommendation is Christie Karis. Karis helps individuals in many of the vital areas of business start up including business plan writing, funding, development, and investments. She comes to the industry with over 30 years of experience and affordable services for someone needing that one on one assistance.What I like about Karis’s webpage is that she gives you the opportunity to see what she does. Her site is equipped with examples as well as an area to ask questions that she answers and see where others have asked some questions that you may have as well.

My second recommendation isn’t a person but more of a general resource that I can personally say is a good starting point, U.S Small Business Association (SBA). The reason I recommend this is because it really is a good resource for someone that just has no clue on where to begin. Once my business was on the ground and I used SBA to help generate my ideas to paper. Another benefit in this source is that you are learning and what’s required under the criteria that required for proposals to get funding, investors, and partners. The SBA website is equipped with information to help you position your business in the right market and understand how to get to other resources you need to start and run your business. One last thing I would recommend through SBA is to locate your local office. I had the opportunity to attend free workshops, and be mentored by a specific expert in business plan writing for free. So it’s truly a feasible resource.

When writing your business plan some of the key things to consider is:

- Your industry opportunities and target market

- Is there a need for your product or service?

- Cost to start business?

- Budget Projections (Can you make money?)

- Exit Strategy

- Income needs and goals

- Your strengths, weaknesses, and threats as a company

These points are key because investors want to know that you have thoroughly thought out your plan. They want to see that their money has the opportunity to make money. Investors know that things don’t always go as planned so they need to understand that you have a plan B is ever needed. Lastly investors want to know that you are starting a business not only cause your passionate but because you can run a business effectively knowing your industry. 

Making $ in a Digital World

People get into some aspect of the entertainment industry mostly because they love it. On the other hand we have to be honest and say people get into the industry to make money doing what they love.

Just like any other business or industry owners of companies, brands and products make money by how well they market what they have to offer. In recent years we have seen a dramatic shift in the world of marketing specifically in the entertainment industry.  Marketing is no longer about billboards and paper ads its all about being digital. Executives are asking how can we directly reach our audience and what will it take to make them market the product for us?

In a recent article I read titled “The Power of Facebook Likes”, it exemplified just how much power the consumer has in their hands and how that directly correlates into marketing stats. With new media and technology marketing is no longer the 5-man crew that brainstorms ideas in the company’s conference room. With digital marketing it has become a company effort. Companies are forced to collectively market the brand or product and be fully knowledgeable of the resources being used.

With digital marketing it doesn’t necessarily make marketing easier it actually becomes more difficult to understand just how the efforts are affecting revenue. With traditional marketing models companies where always able to see the direct connection of their efforts to the income. A prime example would be a record company looking to invest in a new artist. If xyz amount is spent in promo touring, recording etc. than record sales should reflect xyz. Now you have record companies trying to balance the pulse of an artist fan response by FaceBook likes, twitter followers, and YouTube views.

Aside from the advancement of digital marketing the digital world has become a revolution overall. It’s made for traditional thinking in business to be altered. It’s mandatory for companies to consider the digital resources that appeal to their company and completely understand how to market and make money through them.

For more info to help your organization enter the world of digital marketing here is another great article Teaching the organization the power of digital