My Business Plan / Idea

[tukaniray]

So I have a business plan / idea that I wanted to throw at you guys and you tell me what you think.

This year I have decided to jump into the world of Media and Press Kits.

I have researched alot about this in the past year and found myself wanting to get more and more emerged in the idea.

NOW I know it's a huge commitment to do these for local bands and artists ... but eh ... I have a great Full Time gig at a studio so working at night and weekends with low-budget artists and bands doesn't bother me. It's the love to get out there and give bands and artists that media attention they need to grow themselves.

My plan:
I would offer bands
- Photos (Obviously)
- Poster Designs
- Group Banner
- Apparel Designs (I've talked to several Clothing and hat makers in town and have priced out what is cost efficient)
- 2 Videos : 1 Live Event and 1 Music Video ... (I have been in the video field for 5 years now and have several good contacts that shoot and would help me with a second camera, lighting, audio and location design)

All compiled in 2 different versions of the kit. A Hard Copy Kit and a digital Copy kit on a new design idea I have for Thumb - Drives.

My wife thinks it's a good idea ... but needs lots of hard work.

I am super excited to jump in and have prepared myself for most of it.

So what do you guys think ... will I sink or swim???

-Ray-

[WarrenG]

Ray,

This is not meant to be negative in any way, but it sounds more like you have a business concept, rather than a plan. You asked if we feel you would sink or swim? What does your market research show? Did you put together any kind of focus group to find out what sort of demand, and budget local bands would have? Have you done any ROI analysis to show how the investment would pay off to the band? What numbers did you use for your cost basis? You said you spoke with several clothing makers (I assume you mean embroiderers / screeners) what types of numbers did you use for quantity take-off's? There is a wide range of price differences between digital, screen, etc especially once you factor in a variety of sizes / colors for clothing, hats, etc.

I realize you have a background in video, but as you well know you will need a lot of resources to create professional videos. How are you planning on accomplishing this? Even if you have a significant amount of personnel and resources at low cost, counting on them to continue to provide "low cost" assistance over a multiple videos will be a recipe for disaster if the resources dry up.

The next question you will have to overcome will be why I should work with you rather than a true agency or marketing team who can create the media kits, and distribute them to the right contacts. What is your plan to give them "that attention"? Are you going to distribute the kits or simply create them? What types of kit quantities are you planning on doing for each band?

Like I said in the beginning, please do not take this the wrong way. Perhaps you have already addressed all this and just did not mention it in the original post. It seems to me like you have a lot of work and information to obtain yet. If I am in your shoes with your background, I would put together a focus group, and offer a couple of "test" kits to see if you get any traction.

Good luck,

W

[HotHolly]

Originally Posted by tukaniray

So what do you guys think ... will I sink or swim???

-Ray-

Ive had and executed some crazy-ass ideas, and I can tell you the thing that makes or breaks something usually isnt the idea itself. It usually breaks down in the "tweaking stage" where all the components arent falling into place together. Things have to be altered, adjusted, and then thrown into full swing. Think about execution of your plan and always have plan B (and plan B for plan B). Dont know if that helped or not. Its not so much what you want to do, as it is all about HOW you do it.

[WarrenG]

Originally Posted by HotHolly

Its not so much what you want to do, as it is all about HOW you do it.

Great Feedback

[tukaniray]

Warren: Thanks ... I am not looking at any of the comments in a negative way at all. I am actually looking at them to see what things I still need to consider. And you gave me some much appreciated thought.

Um ... I have created 2 small kits for locals last year. And they are are actually doing quite well with the kits that I made for them. That's why I thought this would be a great concept to execute. I was thinking of mainly creating them for these different people. And they would have a separate person, usually a manager, distribute and promote them.

I don't mind pushing a promotion for a group, but I believe my responsibility lies in the creation as oppose to the distribution. The promoting part is a whole new headache :)

As for cost. I took my guys rates and my rates and the rental rates and the cost of post and time it takes to do everything ... and figured a price. I then created a contract that would have a group separate the cost as oppose to one lump sum. The separated prices would divide in a way that would cover each stage: photo time, video time, post time ... etc. But I still need to move somethings around to have a more fixed price as oppose to full one on one price basis ... but it seems that is what I will have to do ...

I've also created a few different packages to fit an artist or bands needs ... hopefully that will help leviate some pressure of these low-budget guys. I have done some research as well to see what bands are pulling in for terms of their budget and worked a cost around that.

Holly: I appreciate the terms of your "tweaking stage". I realize that it won't fall together perfectly any time ... but that's why I offere different variations to see what it is a person or group is looking for then create a plan for them that would benefit them and me.

As for the Plan B idea ... hmmm ... you know I haven't fully thought about a fall back. But with that in mind now I will do that. Thanks.

Guys I really appreciate this and keeps me on my toes for what to expect .. more advice is always better early then finding the problem during the production ... eeks ... I hate not being prepared.

-Ray-

[HotHolly]

Originally Posted by tukaniray

As for the Plan B idea ... hmmm ... you know I haven't fully thought about a fall back. But with that in mind now I will do that. Thanks.

I dont usually consider Plan B an entirely different plan...but it does have a significant change in the means your plan is executed, if the original tweaked plan fails or has components that just cannot fall into place no matter what you do. Plan B is in the execution of the plan, not the idea itself. Those who are successful constantly change, adapt, and adjust until they get their plan working in the capacity they wish.

[Steelsun]

I think alot of it, like many business concepts, will come down to the determination of whether or not the client (band) will want to fork over enough money for it to be worth it for you to do it. You have to price yourself not only to cover your costs (all of them, including equipment use/depreciation, time, etc), taxes, and a profit for you (and the taxes on the profit).
As you probably know, the bands that would be needing this service (i.e. ones without an agent or contract that already provides the service) are operating on a shoestring budget and can barely afford necessities.

I'd try to get a few LoI's in place with some clients first so you can determine if the projects will work and self fund.

[brad]

My experience is bands just starting out have no money.

[Tom]

Originally Posted by brad

My experience is bands just starting out have no money.

Exactly. There is no money in this. Plus bands are usually pretty creative people and will put stuff together for themselves.

A band that has the money for this has a label who probably does it for them.

[HotHolly]

I think you are correct in your assessment of bands, however I think there are other businesses that may enjoy having you create their press kit...eg, bridal shops. Most are trying to do their own and dont know what they are doing. Plus they really need better pics than most of them have. The idea has merit. Limiting it will decrease the likelihood of success. That woulda been one of my tweaks.

[tukaniray]

Thanks guys.

And Holly, I see what you mean about "Plan B" ... I will be working that through this process.
And I also realize that I can pitch the idea to not just musicians but other mediums like you stated ... I just wanted to start here.

Thomas ... I agree there are lots of bands with lots of ideas and creativity and their own photographers .... but be surprised many or them do not know how to execute them. Even the photogs that help them out for fun (usually their friends), though they have great cameras and fast lenses ... I've found many of them don't know how to manipulate them in Post (Photoshop or Illustrator) or even know how to use most of the settings on their cameras ... I'm not knocking them ... just pointing out that there is a way to show these bands a professional's worth over their friends who do it for them.

-Ray-

[tukaniray]

To add ... I am not jumping into this thinking I'm going to make tons o cash ... I am jumping into this because I love how the process works and watching the media help a person or group move along.

I use to do alot of Live Events for a video broadcast group here in Houston (And I still do occasional live events for video) and the photogs that worked those gigs didn't make a whole lot, but enjoyed what they did and made some good money doing it. I think for me to start here, I can begin my process of getting into the live event market and jump into that side of photography. Because at the moment, I am in the Corporate market of photography .... and I can't even show them off ...

I love the field, I just wanted to be able to show my abilities to stay in the field.

-Ray-

[toverman]

I think it's a fascinating idea, and it sounds like you've thought through the process pretty well. If you believe there's a market, go for it. Even though you're not looking to get rich, I'd suggest monitoring ways to cut your costs so that you can increase any profit. Otherwise, it's not really a business concept or plan, it's an expensive hobby.

[tukaniray]

Yeah ... I have been pricing other items like banners for groups and apparel around town and online to see where I can get a good price and meet their budget and make it worth my time. Plus the cost of my time and travel.

Cost is always on my mind ... and doing it efficiently under cost is also on the mind. As the old saying goes, Time is Definitely Money.

I'm not looking to jump in thinking that Im putting more money in then coming out, but I do want to make a little something along the way. But again, I know this is not a Cash Cow Route ... just a fun, career goal with making some money along the way.

NO I am not thinking of this as a Hobby at all.
I am looking at this as an opportunity to jump into this medium, a way to grow my skills and place in my career that I look forward to keeping me happy in what I chose as my life long career ... not a job, a career.

-Ray-