Saving Money

After polishing and presenting my business plan, I decided that I should work and save money to actually start my business.  While I search for employment to keep a steady income, it is best for me to find ways to receive and save money.  As an entrepreneur, it is wise to have a budget if I want to start a business venture.  I found a list of financial tips from Under30CEO that may help you with finance savings.

Set Goals

Setting goals helps you decide on how you invest your money.  Be sure to have realistic goals.  We cannot all become billionaires overnight.  Start off small, and then build your way up.  It shows that you are consistent with what you want in your business and life.

The Best and Worst of Times

Along with setting goals, you should always have a backup plan.  Things happen in life and some things we can’t stop.  Instead of complaining about how you are the victim, you could put some money aside “for a rainy day.”  When those unanticipated events happen, you have money reserved for emergency.

Track Your Money

When I see something new that comes out in stores, I am always ready to buy it.  However, if it is too much money, you should try to buy last year’s model. Whether you buy the new or old model, you should always keep records of your purchases.  If it is certain equipment, you can write that off during tax time.

This is only a portion of what can do with your money.  If you are aware of what you have to spend and what you spend it on, you should be well on your finances.  For more tips, check out Under30CEO.  They have plenty more tips on what you can do with your money as you build a business.

Funding Alternatives

Everyone knows that money is a large factor in starting a business.  As I build my business plan, I have been looking for resources such as loan agencies and alternative funding agencies, to grant my business money as a loan or investment.  I have reviewed a few funding websites that could benefit to my cause.

One website I researched for funding was the U.S. Economic Development Administration or EDA.  This website offers sections including federal funding opportunities, programs, and even a newsroom.  The federal funding opportunities section involves different grants and investment priorities like the Disaster Relief Opportunity, An Advanced Manufacturing Jobs and Innovation Accelerator Challenge, and the EDA’s Planning and Local Technical Assistance Program.  EDA also have investment programs such as public works, community trade adjustment assistance, and trade adjustment assistance for firms.

Another funding website I checked out was the Community Development Venture Capital Alliance or CDVCA.  They are a non-profit company that offers equity money to start-up businesses.  This company provides consulting services for businesses that want to start a CDVCA fund.  Some services involve start-up, performance and operations, government programs and fund raising, and investor services.  They offer national and international funds.

I can see both of these being having an advantage with my company.  As my company grows, I will want to give back to my community.  These companies offer charity options, which would look great for my company.  It would add publicity to the area and the community around my company.  Another advantage with CDVCA is that they offer consulting.  They have the expertise to plan charity funds rather than a regular finance officer.

Although I have discussed two companies, there are plenty of funding alternatives that can be useful.  The websites for these companies are at www.eda.org and www.cdvca.org.  Also check out CFED and NCIF for more funding options.

Business Plan Improvements

When it came to business planning, I had an idea of what I wanted to do but I did not know about the resources that I had to research.  The possibilities always stayed in front of my thought process of making my business plan but I did not realize the mistakes that could or will happen.  From the last post, Cheryl Snapp Conner from Forbes stated that leader of a business need a strategic perspective.  I learned that if I don’t have standby answers or resources in hand, my business would fail.  In my business plan, I went into detail about my customer will be obligated to do when we discuss the agreement before the recording starts in the studio.

From the last post, Judy Robinett, from the Forbes website, talked about moving forward after having failures.  I learned that businesses change, and with that, customers change their ways of acquiring what they need.  It is important to stay consistent and up to date with trends in my industry.  In my business plan, I had to update and add some features in the long-term opportunity category.  For instance, with my company, it is best that if a type of music is popular, it is our job to be creative and differentiate ourselves from the normal music.  Carlos Slim from a Second and Park article stated, “True corporate creativity can be helpful to both business and society.”  I learned that it is best to accept change and to add something new to the change.

I want investors to look at my company’s strengths.  Although we provide some of the same services as my competition, we have a few differences that can bring in more customers.  I also think investors should look at my technology category.  Some of the equipment that is needed to run a recording studio I already own.  I would need funds to get some of the outboard equipment that I don’t have so I can compete with the other recording businesses.

Experts in Business Planning

I went to Forbes website and I was able to find some professional business planning experts to research and share relating concepts with my followers.  One of the experts I researched was Cheryl Snapp Conner. Conner is the founder of Snapp Conner PR, a public relations agency.  According to snappconner.com, she has engaged in strategic programs for companies around the United States. 

A Strategic Perspective

On Forbes website, Conner talks about how leaders must have a calculated viewpoint.  It is best to have any problems set with a solution but be open to suggestions.  This is important because what investors look for in potential clients is how they work out situations if something goes wrong.

Choose Your Battles Wisely

In Forbes, Conner mentions that at times, it is best to be quiet and listen.  Sometimes, not speaking and opening your ears is more powerful than talking, especially during intense times.  This is vital because if an investor disagrees with an idea, it is best to just listen before replying to their argument.

Another business expert I researched was Judy Robinett.  She, herself, is an investor and an advisor for start-up companies according to Forbes.  On her website, judyrobinett.com, it states that she received awards for her work, including the Malcolm Baldrige Award for Medical Excellence received from former President Bill Clinton.

Learning and Moving Forward from Failure

With any business, there will always be failures.  Robinett mentions on Forbes that most beginning businesses fail three times before striking success.  It is important one must accept that failure and not give up because failure is a small part of having success.

Having Relationships and Connections

It is important that with any person you run into, connect with them in some way because it might help in the long run.  Robinett mentions in Forbes that without connections and relationships, it is hard to succeed and you’ll more likely to fail.

A Producer's Life

For a while now, I have discussed many things about starting a music/overdub studio.  But then I realized that I have not discussed my ultimate goal, which is to be a great music producer.  Being a producer does not mean making “beats.”  Being a producer means being a musician, composer, songwriter, sound engineer, but mostly, an all-around visionary.  Dan Conner mentioned on a blog on The Stereo Bus that, “producers are the people who decide how best to artistically and creatively represent the artist in a release.” 

It has been helpful through the past year to learn and apply facts and tips about the entertainment business, especially the music industry.  I have learned that although someone has talent or an art, it is best to properly own it.  This is true because everyone in the industry wants to own a piece or all of one’s intellectual property.  For instance, I read an article in Variety about Journey’s producer Roy Thomas Baker suing Sony Music for unpaid royalties.  Although I am an independent music producer, it is important for all producers to negotiate how the royalties will be split between themselves and a label. 

Being a music producer has its good and bad moments but that comes with the territory of the business.  With any business however comes with troubles but as long as you work hard with your craft, you will gain twice as more than what you have lost.  With that being said, having experience in the music industry pays off.  For example, I read on The Hollywood Report about the legendary producers, Quincy Jones and Pharrell Williams being honored the ASCAP Founders Award and the Golden Note Award for their hard work in creating wonderful music. 

I believe music is a lifestyle and I feel that music production is my contribution to the world. To learn more about producers, their duties, and other things dealing with music, check out The Stereo Bus.

Branding

For the past few months, I have been researching and planning to build my recording company.  I have also looked up information on branding and marketing.  As a producer, I have improved on my music but I am behind on branding myself.  For the entrepreneurism inside all of us, we should create and build onto a brand that speaks to the masses.  I read an article from the Under30CEO website, where they interviewed the award winning creative director, Ray Hirschman.  He has worked with television and radio advertisements for Mounds Almond Joys, ITT, Macy’s, and more. Hirschman talks about how brands can progress or destroy your business.  Here are a few outlines about branding:

Creating The Brand

A brand can consist of a logo, slogan, or tagline.  When making a brand, it must communicate to the consumer without it being too simple.  It should also separate itself from the competition. 

Brand Equity

Once you have a brand, you should be consistent with it to build equity.  Once people start spreading your brand through social media or word of mouth, your business will begin a growth of a fan base.

Brand Relevance

As your brand grows, you must be relevant with the current culture.  For instance, according to a Music Business Journal article, Pepsi and Twitter combined forces since Pepsi consumers use Twitter.  With brands, you cannot afford to be outdated with the times.

Clever Brands

When coming up with a slogan or logo, be sure it gives meaning and depth beyond words.  Make sure it isn’t modest or too wordy.  You might have to research other brands to get an idea of what you want your brand to represent.

In conclusion, having a good brand makes all the difference between your business having success or a disaster. Below is a video that shows why branding is important.  Take some time and do some research on your industry to come up with a brilliant logo or slogan.

 http://www.youtube.com/watch?v=JKIAOZZritk

Cerebro Coming Soon...

Hip-hop artist, Loser X and I will be releasing a hip hop/nerdcore EP called, “Cerebro EP.”  This album is like listening to a comic book.  “Cerebro EP” is dedicated to the Marvel X-Men character Professor X.  This album has everything a nostalgic nerd wants.  We used content from comic based cartoons, anime shows, and even video games.  We plan to release this EP as a free download to see how the public responds.  We plan to promote the EP at comic, video game, and anime conventions around Tampa and Orlando in Florida.  Our target market is heavy at these types of conventions.  We also plan to promote the EP on social websites like Facebook and Twitter.  I believe that it is great to stay in touch with fans online and in person.  I read an article from makeitinmusic.com about lessons on how to connect with fans as an artist.  One way to be proactive with fans is to be approachable.  Using Twitter helps you interact with fans and other professionals in the industry.  Depending on how you use Twitter, people can see you as a professional and a casual person.  Getting to know your fans good because you can get feedback about your music or you can have the fans participate in the decision of the next single to be released.  Another way to connect with the fans is to give away free music or gifts.  Now, people, especially fans, want more “bang” for their money, so you have to give a little extra. For instance, after the release of our EP, we will give codes to receive a digital comic book that follows the EP.  Staying positive about your online presence is a plus towards your fans.  Everyone likes to criticize or give his or her own opinions when it comes to music.  Although it comes with the territory, you have to be positive about other people’s opinions.  Although this EP is a different approach towards hip-hop, it is something new and it will get the respect it deserves.