I need Money and I NEED it NOW!

Many young entrepreneurs have put their business plan together for a company that will generate a lucrative profit. The issue arises when financing this idea comes into play. Thank goodness, for companies like Opportunity Finance Network also known as OFN who help, “low-wealth people in the U.S with financing their products or services.”  OFN site is full of resources that can help first time business owners structure their business.

For instance, a business owner can learn a few techniques on branding their business or product through a daily newsletter that OFN send out to its members. As a member with OFN you have instant access to industry experts, exclusive financial opportunities. To become a member of OFN you must be an effort to positively develop the community also since OFN operates as a non-profit company whose primary goal is to help in the development of the community. For more information on how to become a member please check out www.opportunityfinance.net. 

Another influential site for my fellow young entrepreneurs is EDA.gov. U.S Economic Development Administration is a federal organization that promotes small business development. EDA is a resourceful tool because they assist you with getting grants for the development of your business.  The great thing about EDA is that it does not require a membership to use the resources. There are a number of funding opportunities on the site that your business has to qualify for but the opportunity is presented to the interested.

Both of these sites provide great resources by offering alternative financing. The advantage is it may be a little easier to get the financing but the disadvantage may be tailoring you business in the matter the investor may want it to be. For example, Economic Development Administration is all about the economy and the community so in order to get financial assistance from them your product and/or service must be a benefit to the community. So, whichever route you choose to take is yours but the opportunities are endless.

Using "the experts," advice to help your Business Plan.

Ok, so now that I have got some advice from "the experts," I plan to use that information in my business plan. How am I going to do this? Well, I'm about to explain it so relax. As you may recall Dave Lavinsky explained in my pervious blog that the executive summary should be the first because it is the first thing the investors will look at. I implemented this step into my business plan by prepping my executive summary in a manner that makes it easy for the investor to follow.

The key factors in doing as stated by Mr. Lavinsky stated is to highlight your business plan so it appeals to the reader to read the entire plan. First I included the basics such as my business names, the location, the product or service I’m selling and the purpose of me doing so. The key element I have used from the advice giving is tailoring the executive summary to the particular investor, meaning if the investor I’m targeting is known for giving money to companies affiliated with children, I will make sure I play on that information in an indirect way. For example, I may have mention in my executive summary how the product I’m selling is preventing the youth from participating in gang violence or etc. 

Furthermore since the financial plan is one of the most important analyses I spent a lot of time with the numbers to make sure everything factored out probably. Using excel I explained the breakdown, from employees salaries to the companies marketing budget. After factoring in all the elements I realized that my company would not break-even within the first three years. The drew a huge red flag, one because the investor wants to know when they will get there money back and secondly because this should that my company was not bring in a lot of revenue.

Eventually, retracting some of the financials that were inputted I was able to overcome the lack of revenue by using the advice giving by David E. Gumpert by increasing my sales and increasing my profit. The expert’s advice is a tool that I will continue to use throughout my business plan. Their advice has helped with the structure and professionalism of my companies business plan.

Helping you help your BUSINESS PLAN!!!!

Today we take a lesson on business plans. For all you young and inspiring entrepreneurs this blog post may give you some insight. Taking advice from expert business plan advisors Jay Turo and Dave Lavinsky, who are founders of the largest banking and strategic advisory firm will help to clarify the key components of a business plan.

 According to Lavinsky, the executive summary is often the first thing an investor will read. Lavinsky goes on to say, “ resources/skills/strategic positioning of the Company's management team make it uniquely qualified to execute the plan,” (Lavinsky 2010) marketing opportunity and profitability must be included in this executive summary to get investors to look at your plan. Mr. Lavinsky also expresses the importance of a financial model in your business plan. 

The financial plan seemingly important for it breaks down the expenses, cost and how the investor will be repaid. This is a critical component because if investor do not see a way to make their money back they are less likely to invest. Another expert who is a staff reporter for the Wall Street Journal and a business writer, David E. Gumpert takes a different approach to the business plan. Gumpert feels that it is important not only to describe your company but how you will make profit. 

According to Gumpert, “it must do more than simply describe your business—it must also sell you and your business and convince the backer you have what it takes to make the business succeed over the long term (Businessweek.com, Jan. 2008).” Mr. Gumpert was quoted saying this in the Buniess week column about selling yourself to reach the investor. 

Also in that article Gumpert states the five key components to developing a successful business plan are an executive summary, the company analysis, the industry analysis, the analysis of customers and the competition. Also, another key component that could be used is a key tool that can be used to sway an investor according to Gumpert, which is the “ passion,” tool. He describes it as a “soft skill,” but says you must be passionate about your project and it must be displayed in your business plan.

2011 NBA FINALS

The 2011 NBA finals was one for the record books. It ended in six games when the Dallas Mavericks defeated the Miami Heat respectively on the Heats home floor.
The ratings for Finals skyrocketed, as it was one of the most anticipated finals in decades. The NBA finals brought out entertainers of all kind, Bird Man a.k.a Lil Wayne's "father," of the young money cash money music group was in attendance for almost every game.
A few unexpected fans such as Lorraine Nicholson.com and Leonardo Dicaprio were seen present at the games on several occasions. The 2011 NBA finals brought together all different genres of entertainment from actors to musicians.

It was quite an excitement to be apart of for marketers, advertisement companies and other social media sources, I’m sure. As I sat down and watch game six in disappointment (yes, I’m a Heat fan) I could not help but think about how much money marketing companies were making.
Of course, everybody made money and it took a lot of work but what a reward it must be to had been one of the three hosting companies in ESPN, ABC and TNT.

All and all I must say I’ am a big sports fan but the more I learn about digital marketing the more business minded I become. It’s just like anything once you learn about it you see it everywhere. For example, remember when you learned a new word you started to notice that everyone was using that word or what about when you buy a new car you see your car everywhere on the streets (shrugs shoulders).

Sometimes I do wonder now that I know more than what I’m suppose to, if these sports finales are rigged to go full length so these “ big wigs,” can make their money. Imagine if the Miami Heat for instance swept the Dallas Mavericks in four consecutive how exciting what that be? I mean personally speaking I would love to see it but lets just be real the longer it last the money is made. It’s all just part of the marketing strategy I guess, what do you think?

Digital Marketing

Digital marketing is one of the key elements needed to successfully sell and/or distribute your product. You could have the best product in the world but if no one knows about it, it does you no justice to have it. As an artist manager it is my job to bring awareness to my product (the artist). The Internet is a great tool to gain that attention, whether through social media sites like Face book or Twitter each of the sites can bring attention to your product. Many people think social media outlets are the one way to market your product digitally but this is not the case. You want to optimize your results by using search engine optimization (SEO). This is a way to bring traffic to your website through keywords used in search engines. 

In order for you to bring awareness to your product you must make it popular where others are interested in finding out more about the product and/or service. SEO makes your site visible for others to find. Honestly, I did not know there were so many ways to market using digital means. There are so many ways to market using technology it is amazing. For instance, you can pay a website to feature an ad or your website on there site when someone visits there site. This is called Banner Ad, according to Wikipedia.com it is “ designed to have the user click on it for more information.” 

If you use these and other digital marketing tools simultaneously than you have created a very effective marketing scheme for your product and/or service.

After learning about the various ways of digital marketing I instantly applied to my clients website and my business social accounts. I began to see more traffic come in, in just hours of making the changes. When your website is in the top five search results for that product or service that means you are doing something right. Even if your product or service is horrible it is still visible and the more people see something the more the want to know about it.  There are many sites to help you get started http://www.seo.com is a great site to help you began this process into digital marketing.

References:

http://www.seo.com

http://en.wikipedia.org/wiki/Digital_marketing 

The Cory Gunz show

Recently, I started watching the Cory Gunz show which is a show exposing the journey he takes to get in the music business. Cory Gunz a rapper from New York recently signed with Young Money has cameras follow him as he does his day-to-day routines from the studio to the office. Many times, when I tune in I often see a dispute between Cory Gunz lawyer, his manager and his father.

The issue normally is over management since all three parties feel they have some sort of a manager role to the rapper. I use the show as a learning tool because it gives real life experiences. For one, it seems to be a conflict of interest with his lawyer who also takes on the role of the “manager,” when he is in charge of Cory Gunz legal matters and his issues an artist. Nick Cannon an actor and entertainment executive takes Cory Gunz under his wing and plays the role of his manager. Cory Gunz father, a former rapper by the name of Peter Gunz also takes on the role of manager for Cory. So you can see where the situation gets sticky. For a young manager like myself the show gives me good advice about how to handle certain situations.

Ultimately the goal for the manager is to handle all business aspects allowing the artist to focus on their craft. The Cory Gunz show gives a behind the scene access and displays the complexity of being in the entertainment industry whether an artist or manager. The fun does not began because you are signed to a label but it begins when every on your team knows their role. MTV.com says,“ The show is an exclusive look at the process needed to be success in the entertainment industry.”

References: Mtv.com

Do it yourself!

Self-distribution is a tool that is used more often today than ever. Today there are many options for music artist, book writers and composers to self publish and distribute their work. Sites like createspace.com are great from up and coming book writers who do not have the money or investors to publish their work. A writer can purchase an ISBN-13 and a UPC code through print on demand services. Through this same service writers are able to order copies of their works upon request. These resources have been around for some time but have improved over the years. Since it is hard to get a record deal to have your music distributed as it is finding a publisher to do a deal for your book self-distribution is a great and inexpensive route to take.

 If you promote yourself through the social media outlets and distribute your works through sites like Amazon and ITunes you can make a great amount of money without spending a lot of money. Nowadays, with the new technology available we are able to get more things fasters and easier than before. If you take out time daily to promote your work and gain a little recognition through your promotion (not just Face book and Twitter) you can come in contact with the right people who may mention your work (music, books, composition) in an article or website, that could put you were you need to be and help your work become mainstream.

Many of the print on demand sites, like Lulu and Infinity are very popular and get heavy internet traffic so you will be in the right hands it’s just about what you do once you get there. As a songwriter it is hard to get a major publisher to pick up my songs but this could be a positive for an unknown writer like myself, being that once picked up by a publisher you instantly lose 50 percent of your profits. But if you become your own publisher you will keep more than half of the profits it will take more work and resources to get that but it is worth it with all the resources the internet provides today. 

Reference: 

filmspecic.com
Youtube.com