The Music Industry got to love it: 2014

Tuesday, February 11, 2014

The World of Funding

There are so many great companies that stay stagnant in growth because they are crippled by resources. We all know money walk and the rest talks. The quickest way to obtain resources needed is to have money to purchase them. Now I know what you are thinking, how am I suppose to get the money to obtain the resources. Well first as you may have read in my last blog you make a business plan, to A see what kind of money you really need and where it goes and B to procure investors to give you the money. There are organizations that are there to help business obtain funds needed. The Small Business Admiration (SBA), the National Venture Capital Association (NVCA) and Equity Net are organizations dedicated to helping you receive funds for your business.

“Since it’s founding on July 30, 1953, the U.S. SmallBusiness Administration has delivered millions of loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses. SBA provides assistances primarily through its four programmatic functions:

Access to Capital (Business Financing) SBA provides small businesses with an array of financing for small businesses from the smallest needs in microlending - to substantial debt and equity investment capital (venture capital).

Entrepreneurial Development (Education, Information, Technical Assistance & Training)

SBA provides free individual face-to-face, and Internet counseling for small businesses, and low-cost training to nascent entrepreneurs and established small businesses in over 1,800 locations throughout the United States and US territories.

Government Contracting (Federal Procurement)

In keeping with the mandate of Section 15(g) of the Small Business Act, SBA's Office of Government Contracting sets goals with other federal departments and agencies to reach the statutory goal of 23 percent in prime contract dollars to small businesses. This office also provides small businesses with subcontracting procurement opportunities, outreach programs, and training.

Advocacy (Voice for Small Business) Created in 1978, this Office reviews Congressional legislation and testifies on behalf of small business. It also assesses the impact of the regulatory burden on behalf of small businesses. Additionally, it conducts a vast array of research on American small businesses and the small business environment. The Chief Counsel of this office is appointed by the President of the United States.”

“ The National Venture Capital Association (NVCA) empowers its members and the entrepreneurs they fund by advocating for policies that encourage innovation and reward long-term investment. As the venture community’s preeminent trade association, NVCA serves as the definitive resource for venture capital data and unites nearly 400 members through a full range of professional services.”

“Crowdfunding is the use of small amounts of capital from a large number of individuals to finance a business venture. Crowdfunding makes use of the easy accessibility of vast networks of friends, family and colleagues through social media websites like Facebook, Twitter and LinkedIn to get the word out about a new business and attract investors. Crowdfunding will increase entrepreneurship by expanding the pool of investors from whom funds can be raised beyond the traditional circle of owners, relatives and venture capitalists. EquityNet is the original and only patented equity crowdfunding platform. It is used by entrepreneurs, investors, government entities, business incubators, and other members of the entrepreneurial community to plan, analyze, and capitalize young, privately-held businesses. Thousands of entrepreneurs have used EquityNet to efficiently plan and fund their business and have raised over $217 million to-date.”

In the day and age option range from traditional loans to crowd funding, I saw try them all and give it your all.

References:

http://www.sba.gov/

http://www.nvca.org/

www.equitynet.com

Creating a Business Plan

Creating a Business Plan

We all know you have to have money in order to start a business successfully, how much vary on the business plan and business goals. The problem is a lot of people have great goals and ideas…but do not have the funding to see these goals through. There are a few steps and options that I would like to share with you today that may help you get your business goals in progress. First thing is first write out a business plan. When I say write out a business plan I do no expect you to give an 80-page report if this is something you are unfamiliar with. I mean write out the simple things like the company description, what you are selling, who are you trying to sell to, how much does it cost and how much do you plan on selling monthly, what will it cost to create, how are other businesses like yours doing, what makes yours different from the others and what are the start up cost and operating expenses. I know it sounds like a lot but most of these questions can literally be answered by just brainstorming what you know about your product. The other option is paying a company to write the plan for you. You will have still have to answer the questions that I have listed prior, but the company will do the research needed to incorporate charts that explain growth in your industry and give numbers pertaining to demographics and targeted markets. There are also programs that you can purchase for cheap that help you develop a plan like Live Plan or Bplans. Lastly there are free templates online that you can apply to you company. You can Google words that pertain to work business and the word business plan for example consulting business plan or recording studio business plan. There are many ways to get this done but it is important to have a business plan to help guide you and to motivated investors to give you money to execute your goals.

Monday, January 27, 2014

The 7 key lesson’s to Success

In the past few weeks I have learned about some amazing business people and their road to success. Since then I have decided to implement the advice and knowledge learned by Steven Gedeon. Steven Gedeon has what he calls the key 7 lessons. First on the list is “All problems are people problems” the way to address or over come that is to learn how to manage people; how to hire and fire, how to motivate, how to ensure they do the right things and how to ensure they meet objectives. I have implemented those techniques a lot more when dealing with my staff. One thing that I had a problem with was firing people. I understand now how important it is to be able to play all those roles with out getting to emotionally attach to my employees.

Lesson 2 “Nobody cares about technology”, “They care about benefits to the customer; Tech must be delivered through products and services. This applies to my business when dealing with communications and creating our sound. Lesson 3 “ Nobody buys products and services”, “Learn marketing and sales”. Deeply understanding my customer’s wants and needs of the client is so important in order to deliver the best product possible. Lesson 4 “A rising tide lifts all boats” Understanding trends make it easier to spot and secure opportunities. In the entertainment business there are constantly new trends staying up to date on these things helps keep us relevant in the business.

Lesson 5 “Pick the right business model”, A good business model will help a company map out the goals as well as execute them. The master’s in entertainment business program at Full Sail University has been a key role in applying this lesson. I can see my business plan so much more clearly now and understand the necessary steps I have to take to be successful. Lesson 6 “Be important to someone”, this is a great… great lesson expressed in the “48 Laws of Power” that was given to us to read in our leadership class at Full Sail. Always keep people dependent on you therefore you are never replaceable. Lesson 7 “You are the business”, “People give money to people they like, trust and respect. Gedeon says you need good character to be worthy of investors trust; this is the true nature of entrepreneurship. I live, eat and sleep my business. I make sure that everything I do goes well with my brand, I am so conscious of it I will not even allow an investor to partake if I feel that their brand cant taint mine.

These lessons are so important in entrepreneurship. I am so enlightened by the knowledge shared by Gedeon; I have a whole new insight, enlightenment and ambition.

References

http://bpexpertviews.blogsp

http://www.ryerson.ca/tedrogersschool/bm/faculty_staff/bios/gedeon.htmlot.com/

http://www.wikihow.com/Write-a-Business-Plan

http://www.nytimes.com/allbusiness/AB12322189_primary.html

http://www.slideshare.net/sgedeon

Sunday, January 12, 2014

Experts on Business

A business helps achieve you achieve your company goals. It is the step-by-step guide to help execute the journey of you business ideas. The plan will explain all the elements that you business composes of; what you are offering, what it cost you to offer it, how much you are selling it for, who else is selling it, who are to trying to sell to and much more. Having a strong and well-written business plan can attract or persuade other to invest in your company. Most banks and investors won’t take you serious without a business plan.

“Chuck Blakeman and Steven Gedeon are experts in writing and reviewing business plans. “ChuckBlakeman is a lifetime practitioner who now uses his experience to help business owners create success.

He is author of “Making Money is Killing Your Business” which was named as the #1 rated business book of 2010 by the National Federation of Independent Businesses.

His company, The Crankset Group, provides outcome-based mentoring, peer advisory, and consulting for Business Owners, CEOs, and their growing businesses. He started and grew five small businesses, including one sold to the largest consumer fulfillment company in America. He helped lead three other companies between $20-$100 million through repositioning in the Marketing Support Services industry. Mr. Blakeman is considered a thought leader in Marketing Support Services and has decades of experience in sales, marketing and operations of companies involved in branding, database and website development, call centers, fulfillment, printing and direct mail processing. Some of Mr. Blakeman’s customers have included Microsoft, Apple, Eli Lilly, TAP Pharmaceuticals, Sun Microsystems, Tyco Healthcare, Johns Manville and many more.”

“Steven Gedeon is a professor in Entrepreneurship & Strategy at the Ted Rogers School of Management. He has founded or led over a dozen private, public, venture capital and non-profit organizations; published over 100 articles, reports and patents; and delivered over 40 public speaking engagements and on-line videos on personal leadership, motivation, entrepreneurship and teaching.

“Dr. Gedeon has won over 20 awards including the inaugural Ryerson Experiential Teaching Award, the Ryerson President’s Award of Teaching Excellence and the USASBE National Award for Entrepreneurial Experiential Education Best Practices.

Professor Gedeon teaches the year-long experiential capstone courses in entrepreneurship where 100 students created over $20M in new revenue for 19 site companies and started over a dozen new companies over three years. Steve was CEO of Ashurst Technology, a TSE and NASDAQ listed company with 26 subsidiaries in 15 countries and founded Jaycor’s $100M corporate VC program. More recently, Steve was Founding CEO of 3DNA Corp., a new media technology company that raised 6 rounds of financing and created the number one download in its product category with over 20 awards and 80 magazine articles, as well as many fan sites and over a million users.”

Needless to say these guys know their stuff. They have mastered the art of making businesses successful. There are critical and key components that investors look for in a plan. Investors will want to see your background in the industry and business experience as well as that of your management team. Many small businesses fail because of weaknesses in the management team. You must show that you know your demographics and will reach your target market in an ongoing manner. Your pricing and sales strategy have to be clearly defined and in line with industry norms. Investors want to know that you have acknowledged and researched your competition thoroughly. In addition, they will want to see how you plan to contend with your competitors and distinguish yourself. What will give you the competitive edge? Investors expect to see a return on their investment. Therefore, they want to see realistic financial projections that show how long it will take for the business to show a profit and for them to recoup their initial investment. They will also want to see a clear exit strategy: a way to make a profit and move on to the next deal. These components are key because they tell investors how much money they can make or lose by supporting your company.