“Experts Views on the Value of Business Plans" Follow Up Post

In my previous post, I discussed two entrepreneurs’ views on business plans and whether there are is any value in having a business plan for your company. Chuck Blakeman is an entrepreneur and mentor whose views are that a company should not have a business plan. Steven Gedeon on the other hand believes every company should have a business plan.

For my company, I believe that having a business plan is very important, not only for me, but for every business. Just like Steven Gedeon, my business plan will focus on what kind of company we are, whom we are selling to, what is our price point for our services, who our competitors are and how we are different. These key points will give our potential investors an idea of whether or not they should invest in our company.

One of the changes I will make in my plan is to utilize the help of investors instead of using my own cash to start up my company. At first I thought it would be a good idea to use my own money because if I lost it all I wouldn’t have to owe money back to someone. However, whether I profit or lose money an investor has given me, knowing that someone was willing to invest in my company in the first place, would be one of the greatest pay-off for my company.

The most important sections of a business plan are the financial section, the overview of the business and the mission statement. The financial section shows an investor how much the company is worth and how much the investor can make if they choose to partner with your company.  The overview of the business shows the investor what your business is about and why it is a demand for your company in your market. The mission statement outlines your purpose of what you’re doing and why you are doing it.

Having a business plan is an important tool with every company. Whether you are trying to get a loan from a bank or ask a friend to loan you money for an idea, the most common question that will be asked by them is, “Can I see your business plan?” Stay ahead of the game and prepared at all times with your business plan ready.

“Experts Views on the Value of Business Plans"

As I was browsing through a website that focuses on experts in the industry and their opinions on business plans, I came across two experts whose views caught my attention. The first expert I read about name was Chuck Blakeman. Chuck Blakeman is an entrepreneur and mentor whose views are that a company should not have a business plan.

According to BP Expert Views, Blakeman says a business plan wastes time that could be spent actually doing the business. Since the future is untold, Blakeman feels that you should spend time doing the actual business instead of planning for it in advance. I agree with Blakeman statement. One doesn’t know if he or she will even be alive the next day, so how are you going to plan for a future that is unsure if it is going to actually happen. With the way that technology and the entertainment business is changing, why should someone plan for a future is they are unsure if the way things are happening now will happen in the future? You spend all this time preparing for a project that could either be out of trend, no longer marketable, or your competition may beat you to it first since you did not start acting upon it right away.

The second expert I read about was Steven Gedeon. According to Bp Expert Views, Steve Gedeon is a founder of dozens of 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.

Steven Gedeon views on business plans is quite different than Chuck Blakeman’s. Steven focuses on key points when drafting up a business plan. Some of the key components he focuses on are the following:

• What is the business?
• Whom are you selling to?
• What is the price point for the services and products you are offering?
• Who are the competitors and how are you different?

These key components help you determine whether your business has credibility and if your company is worth investing in. These components help measure the effectiveness of your business and prevent a company from making mistakes. Working on a business plan takes time, dedication and patience. The more effective you are with your business plan the more successful your business will be.

References:

Blakeman, C. (2011). Chuck Blakeman. How: the worst, most asked planning question, retrieved from http://chuckblakeman.com/2012/8/texts/how-the-worst-most-asked-planning-question

Hartwell, L. (2012). Chuck Blakeman. Expert Views on Business Plans, retrieved from http://bpexpertviews.blogspot.com/

Richardson, A. (2012). Steven Gedeon. Expert Views on Business Plans, retrieved from http://bpexpertviews.blogspot.com/

Got Bars Program

Born and raised in Chicago, Illinois, Kanye West is a rapper, producer, director, fashion designer and now the founder of a foundation in honor of his mother, Donda West. In 2013, Kanye West started a non-profit organization called “Donda’s House Inc”. The organization is located in Chicago, Illinois and has partnered with Chicago’s Ark of St. Sabina for “Got Bars” Music Writing & Fitness Program.

Alderman and fellow rapper Rhymefest is the Assistant Director over the Got Bars program and feels the program will change the youth musically, help keep them healthy and also give them a peaceful environment to be around. The children will be able to create songs to a beat that they will perform at a showcase when the program is over.

The Got Bars program is a program open to youth ages 15-24 who has background experience in writing, performing and recording. Only 30 students will be accepted into the program for each session. The program runs for a total of 12 weeks and the students meet three times a week. The first session was offered this past August and the organization has completed the first 12 weeks and will be having a showcase on November 21, 2013 at the Lacuna lofts located at 2150 S. Canalport in Chicago, Illinois.

Being the Director of Breezy's Performing Arts Academy, this Got Bars program caught my interest and I wanted to be apart of this great organization. I reached out to the organization and offered my services in any way possible to help our youth gain knowledge in the music industry. I was offered a chance to help with the showcase this upcoming Thursday and work the section where the press will be stationed.

I believe that the entertainment industry is based on hard work, dedication, and most of all your network. To be able to achieve the highest level of success one cannot do it alone. This showcase and program will not only help the youth but also help put me around an organization whose mission is to implement the arts, health/wellness, and literature experiences that transform our youth.

Checkout the music from the Fall 2013 class at Got Bars program.

Registration for the spring of 2014 will open January 2014. The application can be found at Got Bars program.

References:

Danitha, J. (2013). The Source. Kanye West Launching “Got Bars” Program For Chicago’s Youth, retrieved from http://thesource.com/2013/07/28/kanye-west-launching-got-bars-program-for-chicagos-youth/

http://dondashouse.com/

Digital Marketing in the Performing Arts

Breezy's Performing Arts Academy Students

Breezy's Performing Arts Academy is an arts training program for youth ages 5-14. BPAA trains the youth in theater, music and dance. The youth participate in workshops, such as, poetry, dj'ing, beat production, modeling and fashion design. The youth also create a music video, movie, commercial and participate in studio sessions. Breezy's Performing Arts Academy is located in Chicago, Illinois and was founded in 2012 by Stacey "Ms. Breezy" Gill. 

• The biggest problem for success in digital marketing for performing arts organizations is the lack of budget.

• 94% of the organizations use Google Analytics but 92% of the organizations admitted to not using Google Analytics to its full potential.

• Instead of using digital marketing ads, 45% of the companies are using mobile enabled websites and 35% are planning on getting one. 

• 60% of the arts organizations simply don't have the budget to cover their website needs.

Digital marketing is supposed to be used to track, measure and improve a companies business. Breezy's Performing Arts Academy is one of the companies that are going to invest their money into more digital ad campaigns in 2014. Instead of selling tickets by hand, BPAA will now start selling tickets online and also start reviewing their analytics reporting. If you are a company not using digital marketing to it's highest potential than success for your company will be hard to achieve. To be successful in digital marketing a company has to be willing to invest financially.

Being apart of Breezy’s Performing Arts Academy is the fun part, however, it takes a lot to make this business successful. Stacey has to not only find a location for her academy, she has to also promote her company, find reliable employees to work for her and use social media and digital marketing to help brand and grow her business.

To be a successful arts organization, a business has to spend money on digital marketing and ads. How much does a business spend on advertising for their company? Capacity Interactive did a survey with 50 different organizations in 2012. Some of the organizations included ballet and modern dance companies, theaters, orchestras and opera companies. The budget size for these companies ranged from $1 million to over $31 million. The data they collected showed the results of where the performing arts industry stands with digital marketing.

Source:

Capacity Interactive. (2013). Capacity Interactive. Performing Arts Digital Marketing Benchmarks retrieved from, http://www.capacityinteractive.com/ideas/performing-arts-digital-marketing-benchmark-survey-study/

Gill, S. (2013). BPAA. Breezy's Performing Arts Academy retrieved from http://bpaa.weebly.com/

Semester in LA

Calling all undergrads, graduates and potential students wanting to learn more about the entertainment industry. Columbia College offers students a chance to spend a semester in Los Angeles for five weeks and work on the Hollywood Studio lot with professionals in the industry. Experience what it is like to write a one-hour script or produce a feature screenplay. Have you ever wanted to produce your own music in the studio or know what it takes to sell a project after it is complete? If you answered yes to these questions then Columbia College Chicago is the place for you to be.

Columbia College offers classes in the following subjects:

• Journalism

• Screenwriting

• Producing

• Drama Writing for Television

• Acting

• Entertainment Marketing

• Adaptation

• Graduate Producing

• Comedy Writing for Television

• Directing

• Costume Design

• Music Composition Graduate

• Transmedia & Cross-Platform Development

• Graduate Journalism

This program does not offer financial aid, however, they do offer a chance to be chosen to receive a scholarship. The student will receive 12-16 credits for attending the five-week intense program. ON average students spend roughly between $1500-$2500 for the entire trip. Student is responsible for covering their food, travel and accommodations.  

Some of the places that students have received jobs or internships are:

• Lionsgate

• Phoenix Pictures

• The CW

• Ridley Scott & Scott Free

• CSI: NY

• The Gersh Agency

• Variety

• American Idol

• Fox Network

• Underground Films

• Warner Brothers

Having an opportunity to showcase your skills and talents you have learned in front of industry professionals is a chance of a lifetime. So many people wish they could sit in front of a producer or animator and gain the opportunity to impress them with their creativity. If you are an undergrad, graduate or potential student and looking to get your brand out there to the entertainment industry, please take the time to visit http://www.colum.edu/Academics/semester-in-la/about/.  

Breezy's Performing Arts Academy

Do you have a talented child? Can your child sing, act, dance or rap? Ever wanted to try out for American Idol or America's Next Top Model? Well if your child is between the ages of 5 and 14, bring them to Breezy's Performing Arts Academy.

Breezy's Performing Arts Academy or BPAA is a performing arts training program for children ages 5-14. BPAA is committed to training the next generations of dancers, singers, rappers and actors to serve the world. BPAA is a summer program offered to youth who want to succeed in the entertainment industry and also gain more knowledge in numerous fields of the arts.

Breezy's Performing Arts Academy’s mission is to educate youth how to become more polished in dance, theater and music. They train the youth to better themselves with their talents and skills and overcome any fear they may have within the arts program.

BPAA believes in building leadership skills and bringing the community together as one. They believe in providing positive role models to the youth and offering the children an opportunity to overcome any fears they may have and release them thru art instead of violence.

Stacey “Ms. Breezy” Gill is the Director and Founder of Breezy’s Performing Arts Academy. Ms. Breezy has worked with several major artists such as R. Kelly, Ginuwine, Idris Elba, Twista, Jagged Edge, Trina, Juelz Santana, Mindless Behavior, Young Dro and countless others. It doesn’t stop there! She has taken all of her experience and talent and solidified it by earning a degree in Arts, Entertainment, and Media Management specializing in Music Business from Columbia College in December 2012. She currently is enrolled at Full Sail University getting her Masters degree in Entertainment Business. 

If you or anyone you know is interested in learning more about this phenomenal academy, please contact BPAA at www.bpaa.weebly.com.