Building A Plan To Success

In my previous post, I did a review on two business plan experts and shared some of the highlights from each expert on how to create a successful business plan. As I come to the end of my current class, business plan development, I am amazed at how much I didn’t know and how much I’ve learned in the past four weeks. In preparing to launch a new business, I have been able to incorporate some key factors to better develop my business plan.

The first key factor incorporated into my business plan was a conscious, clear, and detailed company description. After reading the ‘Successful Business Plan’ section on the company description, I realized the importance of having a detail understanding of your business, and know how to convey the description to potential investors and customers. To quote Rhonda Abrams, ‘the reason most businesses fail is that they don’t understand the business they are in’. One of the key components Rhonda points out, is even if your business is a start-up company, and you don’t know all the details, state what you intend to do and where you intend to go. The best way for you and others to know where your business is going is to have a mission statement.

The second key factor incorporated into my business plan was a detailed operations breakdown. Business plan expert, Tim Berry, teaches the importance of knowing how to insert projections in the business plan, even if the projections could be wrong. The most recent update to my business plan was to detail the operations for my business. Although my business is not yet up and running, I used projections based on research to get a gage on how much the cost to operate would be. An old biblical proverb, states ‘what man builds a house, without counting the cost’. I’ve learned not counting the cost of what it takes to operate your business could be unwise and prove detrimental to the success of your business. Understanding what it takes to operate and how much it will cost to do so will save time and future headache.

As I come to the end of my program and look to the immediate future, I am confident I will be able to go out and see my dream of entrepreneurship come to pass, as I carry with me the blueprint for success.

Resources:

Abrams, R. Successful Business Plan: Secrets & Strategies, 5^th edition. 2010. Chapter 5.

http://www.inc.com/author/rhonda-abrams

http://blog.timberry.com/

Thanks for reading,

LaKesha, xo

Business Plan Experts Review

          For any person wanting to start his or her own business, the first place any entrepreneur will tell you to start is with a business plan. Yes, there is much controversy on whether a business plan is truly needed to start a business, but the consensus surrounding this matter is a successful business is built on a plan. The following is a review of two entrepreneurial experts revered in the industry for their knowledge on writing a successful business plan.

            Rhonda Abrams is a renowned best-selling author, syndicated columnist, popular public speaker, who has over 15years experience in advising, mentoring, and consulting small business owners and entrepreneurs. Rhonda Abrams has written three books, with her first book ‘The Successful Business Plan: Secrets & Strategies’ recognized and acclaimed by Forbes magazine as one of two best books for small businesses. As well, Abrams is a well-known columnist reaching over 20 million readers in 130 newspapers through her weekly newspaper “Small Business Strategies” (RhondaOnline, 2009).

The key concepts Rhonda focuses on for finding an “angel investor” are:

• Developing a winning pitch
• Create a key presentation
• Develop the best valuation of your company
• Understanding negotiation techniques
• How to locate the “right” angel investor

            Rhonda helps small business and entrepreneurs develop and execute the right business plan to fit their company needs, and find investors by following the above concepts (ThePlanningShop.com, 2013).

            Tim Berry is founder and chairman of Palo Alto Software, and co-founder of Borland International, an entrepreneur, and a published author. Tim Berry has solidified himself, as an expert in the business planning industry, having developed relationships with companies such as Williamette Angel Conference and Apple Computer (Timberry.com, 2013). Berry has been a frequent judge for several business plan competitions, worked as a teacher at University of Oregon for over 10years, and presented seminars on business planning in 13 countries (entrepreneur.com, 2014).

            Tim Berry’s main focus of the business plan is forecasting and projections. Although, Berry believes its important to realize projections will be wrong, as in business planning its not about guessing right, but having dots connected to make reasonable assumptions (blog.timberry.com, 2013).

            In starting a business, it all can be a guessing game, as no one knows for sure whether their business will or will not be succeed. However, taking the time to put together a comprehensive business plan can help take some of the guessing out of the equation, and be the blueprint to building a successful business.

Resources

http://blog.timberry.com

http://timberry.com

http://www.entrepreneur.com/author/tim-berry

http://www.planningshop.com/products/angel.asp

http://rhondaonline.com/content/aboutRhonda/aboutRhonda.asp

http://www.inc.com/author/rhonda-abrams

Thanks for reading,

LaKesha, xo

Digital Marketing the Way of the Future in Performing Arts Projects?

A. Quinn Performing Arts is a nonprofit-based center dedicated to teaching the youth of our local community the arts in dance, drama, and music. As a nonprofit, we thrive on the donations of sponsors and donors to help us to successfully provide the adequate training, rehearsal and performance space needed to teach the youth.

In days past, nonprofits relied on traditional marketing techniques to reach sponsors and donors. Traditional marketing strategies used to help raise funds, or receive donations, consisted of solicited donations, fund-raising events, and word of mouth. Although, these traditional practices are still used, and needed, the birth of digital technology has allowed companies the ability to market to their target audience in new ways. One of the most effective tools in marketing has been through social media. Social media allows a company to connect with their audience and build a new audience of followers. For a nonprofit company, social media is a great resource to not only build a new audience but also obtain sponsor and donor support.

Another effective digital marketing tool has been through marketing sites known as ‘crowdfunding’, which allow companies, and individuals, to promote a project or idea and raise funds. Crowd funding is a great resource to utilize in conjunction with traditional marketing strategies. Performing arts companies, and artists, are using crowdfundng to fund various art projects. Most recently, African-American Ballet Soloist dancer Misty Copeland used crowd funding site Kickstarter to promote and raise funds for her documentary film ‘A Ballerina’s Tale’. The project goal was to raise $40,000 and through the use of social media the project exceeded its goal by raising over $54,000. This is the power of digital marketing and technology.

As a nonprofit company starting up, digital marketing tools such as these are essential in not only helping to promote the center, but also raise funds to preserve the arts and inspire a new generation of artists. In order to not be left behind it is important to learn how to adapt and change with the times to remain relevant in the industry. By understanding the resources available, companies like A. Quinn Performing Arts can continue to reach new audiences and new heights within the community.

So, if you haven’t used new digital marketing to help promote your business or project I strongly urge you look into it as you could be missing out on new opportunities to expand your dance/art company.

In the meantime check out this video from Misty Copeland’s kickstarter, which is now closed.

A Ballerina's Tale

Resource:

A Ballerina's Tale. 2013. http://www.kickstarter.com/projects/819201034/a-ballerinas-tale

Crowdfunding. http://news.investors.com/management-leaders-in-success/120213-681257-crowdfunding-is-another-business-funding-option.htm

Thanks for reading,

LaKesha, xo

A Writers Community: What Direction Do You Take?

In continuing with the theme of writing and self-publishing this week, I wanted to share more information on additional resources for support and guidance in navigating the writing community. As a writer, support is a key component to success, as it can be a long and arduous road. And in any industry, community is a necessity to survive.

Here are a few links to review:

Playwriting

National Alliance for Musical Theatre

Keep Writing

As well, I have been dabbling with an idea for a potential children’s book geared towards dance. Since researching self-publishing options, I have been sparked with new passion for writing and ready to get my scribbled, or locked up, ideas out into full visualization. However, there can be pros and cons with self-publishing.

Taking the route of self-publishing can prove to be quite costly and you will want to ensure you have an idea the market needs in order to sell. Even if you chose a site to help self-publish and get to keep all revenue, the upfront cost can be quite expansive. Yes, the traditional route of publishing may seem easier cost wise in comparison with self-publishing, but going the traditional route can prove just a tedious. There is a complete process writers and authors go through to get their work published, and can take years before seeing the fruits of their labor. Traditionally, a writer has to research the various literary agents available, and then prepare a query letter to get the agent interested. Once you get an agent interested, it’s about shopping your work to publishing houses through the means of well-prepared book proposal. If a publishing house is interested, then it’s the process of rewrites, edits, rewrites, edits, and so on until all parties involved feel they have a New York Times success ready for print. In the end, as new and unknown writer, you may not even have full control over your creativity and work, because of the different involved in helping bring the book to life wanting their share. Whew! It’s all a process, and which route is best is up to you and your needs.  

Thanks for reading,

LaKesha, xo

Self-Publishing the Arts

Recently, I have been learning about self-publishing and the various resources available to a writer. Now, I know some of you may think what does self-publishing have to do with performing and culture arts? When we think about theater and the roles that come into play to bring a production to stage, it begins with an idea penned to paper. The idea is birthed into a full play production, and the creator is a writer. And though that writer may copyright his/her work, a writer may decide to expand upon script writing and turn ideas into a collection of published work. Self-publishing is a great way for an author to get their work published without the additional red tape.

There are many self-publishing sites available, however diligent research is needed to find the right and legitimate company. Otherwise, you could find yourself in a situation of loss over control of your creativity and work. Here are a list of some of the top sites:

•   CreateSpace
•  Tate Publishing
•  Dog Ear Publishing
•   Lulu
• Trafford Publishing

Depending on your needs, each site provides an array of services to help with building and publishing your work. One of the key factors to keep in mind when selecting a site is control. As an author, control is key to reaping the full benefits of your work.

In doing research on the topic of self-publishing, I thought of how it could be helpful and beneficial to my business. Although, I do intend to write books someday, that is a personal goal not directly related to my business. After much thought and research, I realized that as a nonprofit, ticket sales will make up roughly 30-40% of income and the remainder will come from sponsors and donors of the arts. The question is what other means can be used to generate income? Answer published work. Published work could include a book of photos featuring the dancers of the company, a dance calendar, and original work of scripts and performances. Through the right site, the company maintains control of the work produced and can reach a broader audience to generate new fan base and income.

So, what are your thoughts? Do you believe self-publishing can be beneficial for you and/or your business? Below are some great sites to visit for more information on self-publishing.

Publishing Perspective

Huffington Post

The Cadence Group

Thanks for reading,

LaKesha, xo