Business Plan Tips: Part 2

Hello again. In my last post I looked at some expert opinions in the world of business planning. I looked at Donald Trump and the professionals at GrowThink.com  for sources of business plan information. Now it is important to look at the advice of these individuals and how to apply it to my plan or to your plan.

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Donald Trump had a few key pieces of advice that I examined in the last post. The first was to find your passion. This idea is arguing that successful businesses and business plans come from an individual that is extremely passionate about the project. This has already been implemented in the book I am writing, The Official Fantasy Football Bible. I am extremely passionate about sports, particularly the NFL, and the game of fantasy football.

Trump also stresses the importance of finding the right target market. He talks about the intense study and research period that must take place before selecting a target. I have already undertaken a main portion of this process. Looking at websites that host fantasy football leagues was a major source of target market generation in this plan. I was able to look at specific demographic and social traits of individuals who were playing the game.

The fine people at Growthink.com stressed a high level of protection concerning intellectual property when forming a business plan. I intend to keep the content of this book in the book and in my mind. The only things that will be showed to possible investors, literary agents, or publishers will be a general outline of the work and one sample chapter. This way people can see what the project is about without me giving away all of the content within the book.

Once again, in anything you do it is important to look at the people who have done it before and see if they offer any advice. There is no supplement for experience so it always helps to do your research. AS it pertains to business plans, looking at the advice of the professionals and learning how to apply that to your plan can be the difference between success and failure.

Business Plan Tips from Experts

In my recent studies I have been looking at the business plan and it's importance to entrepreneurs and their start-ups. The are many ways in which people can create massive success for their new companies and many ways in which they can get killed even before they get started. While researching business plan strategies, I felt it was important to look at experts in the field. If you want to do anything successfully, it is always a great start to look at people who have already done so. That is the exact method I used when studying business plans.

One of the greatest business minds in the past few decades is Donald Trump. Trump has had his hands in many different types of businesses including hotels, sports, writing, and speaking (plus many more). With every plan that Donald has, there are certain strategies he keeps consistent.

Here are a few different things that Donald Trump does to ensure success in his ventures:

• Find your passion- this seems like a pretty basic concept but there are thousands of people making the mistake of starting companies in fields of little to no interest to them. It's important to love what you do because it will inspire enthusiasm every step of the way. It will add an extra element to your venture that makes the business less likely to fizzle out and fall by the wayside. 
• Find Mentors- Donald feels it is extremely important to surround yourself with smart people, and lots of them. Past experiences is such a huge indicator to future successes and at some point, there is only so much research you can do on your own before you start reading in circles. The best way to really find out how to do things is from first hand info from people who have done those things. 
• Find your target- Trump stresses extensive research into the target market area of the business plan and how to get the attention of that target. It is extremely important for new businesses to narrow down their target as much as they can and figure out the best ways to reach that market. 

One of the best resources for business plan writing comes from a group of authors on GrowThink.com. They offer an abundance of resources from experts in the field of business plan writing. Here are a few of the tips they had on their website on proper ways to approach business plan writing. 

• Use clean and clear writing- The main reason they feel this way is because they say a business plan should be able to be read an understood by just about any literate person. You never know who will have your plan in their hands, therefor the concepts should be easily accessible to everyone. 
• Protect IP- your intellectual property plays a major role in your business plan proposals and it is important to protect that property. Just because you are handing someone your business plan for review doesn't mean they cannot take your entire idea, patent ideas, or trade secrets you may have. Be careful! And protect your stuff. 

Whether who is giving the recommendations for a business plan, it is important to know that they have done it before. Looking at the past successes and failures of other startups helps the entrepreneur shape their business plan in the best ways they can. 

Younger Artist Managers Have a Great Advantage

Welcome back, friends. This week I will be discussing a theory of mine that shows how a younger generation of Artist Managers and a younger generation of business people can find themselves in a position of advantage. As in many business fields, artist management heavily relies on communication, particularly deal making and negotiations. I am very interested in this aspect of the industry which led to this discussion.
Let us be clear. When I talk about a younger generation of managers and business people in general, I am specifically looking at an age range around 23-30. Why do I believe that these people are in an advantageous position in communication? The answer is simple. This is generally the group of people that grew up in between the old school, traditional way of business communications and the new age, digital communication, social networking style of business communications.

This theory goes both ways. If you are able to understand and implement the strategies of both traditional and newer communication styles, you will be in a great position and will be able to transcend other's age and style. Likewise, if people are not able to operate in both of these worlds of communication they will only limit their potential.

Knowing your counterpart in any business communication process is essential. While the wave of digital communication and smart phone technology has sped up and depersonalized much of business communications, there is still plenty people who use and highly regard traditional communication styles. The people who still adopt these practices often respond quite unfavorably to the newer way of doing things.

What does all this mean? Essentially, the goal for any business person and artist managers in particular is to have strong communication skills. In today's world, however, there is a wide variation of practices that people adopt. First and foremost, it is extremely important to know whom you are communicating with and what style best suits the situation.

The important thing for people that are outside of the age range I have outlined is to understand the other side. The older generations have frantically tried to keep up with new technologies while recent college graduates and people younger have shown to seriously lack basic communication skills.

This brings us to the people inside the 23-30 range. It is important for these people to hold on to their skills in formal communications while adopting and honing new skills in the new world of communications. Being able to handle both of these styles is extremely important for artist managers and it is a skill set that cannot be underestimated.

Thanks again for stopping by, I'll see you all soon.

DK

Cheap Marketing for Artist Managers

Welcome back, friends. In some of my recent studies, I have gained an even greater regard to the distribution of content and how to market that content. When starting a company, the major hurdle that impairs most new companies is their lack of attention to detail in financial decisions and lack of initiative for innovation in marketing and promotion.

Luckily, if you are an artist manager or an artist doing self-promotion, there is a major part of your efforts that can be extraordinarily cheap. The most important one of these is your marketing strategy. The amount of resources at our fingertips is greater now than at any other point in history, and tomorrow will be greater than today's. That is the nature of technology, and this artist management industry.

We all know about the "old-school" fail-safes of social marketing through Facebook, Twitter, etc. Today, however, there are literally hundreds of sites than can have an incredible impact on your artist's career. From sites where you build profiles and message boards, to those where you can post your music, or even sites where you can fund projects, the opportunities are almost endless. This has led to a surge in quick and fleeting trends. New ideas for musicians and their managers are constantly developing and evolving. With the amount of outlets to get an artist's message out there, managers need to be innovative and try out a multitude of small projects and ideas they may have.

Videos have also become an integral part of the artist's portfolio. With the overload of promotional efforts through social media sites, videos are becoming ever more important (sometimes just as important than the song). The video allows a whole new way for an artist to express themselves beyond their music. Building a persona with an artist through series of videos allows fans to feel more connected with the artist, thus making them more likely to purchase music, concert tickets, or other offerings. 

The best part about these solutions is that they are either cheap or free. Social media marketing is a very strong and powerful tool, but only accessing the top sites is just putting your concentrated efforts towards a bigger pool of thousands of competitors vying for the exact same attention. Putting the efforts on newer and more creative sites and using video content is just a few ways to make your efforts more meaningful and more cost effective.

Thanks again for reading,

DK.

Some Legal Pitfalls of Doing Business Online

Welcome back, friends. This month I want to take a look at some legal cases and legal circumstances that could affect a business such as the one I am building. Online marketing for musicians, much like any other form of entertainment business, is susceptible to legal battles. I’m going to discuss a few different situations with you here.

The first legal case I researched was between the Grand Resort Hotel and Convention Center and Tripadvisor. As you may or may not know, Tripadvisor is a trip planning and recommendation website tat covers all aspects of taking a trip from hotels, flights, and even restaurants. This case discusses a post that was found on Tripadvisor’s website that discussed the “Dirtiest Hotels”. Unfortunately for the Grand Resort, they made the list and had pictures of their business displaying horribly dirty and unsanitary conditions. The two parties then ensued in a time consuming and costly legal battle. The Grand Resort claimed slander, but the lawsuit never stuck due to the plaintiff’s failure to state a claim, a costly mistake. Although Tripadvisor escaped this legal battle due to somewhat of a default, they never posted this yearly story again. This is just one instance where online marketing and a web-based business must be aware of their circumstances and must be very careful what the post on the internet. 

Another aspect of my music marketing company involves allowing for customer and fan feedback. An interesting case I found, Hadley vs.GateHouse Media Freeport Holdings, Inc., discusses what happens when outsiders have the ability to publish comments on a website. In this case, Hadley and been linked with crimes on the GateHouse website via a third party post. In the end, the media company was not held liable for the outsider’s post. This is a very important element to consider when operating any kind of online business with a customer response section. 

Another interesting case of online publishing is Phaedra C.Parks vs. Vibe Holdings, LLC. This case involves a former reality TV star suing for defamatory accusations posted online by Vibe Holdings. In this case, the plaintiff was awarded damages. It makes the point that when hosting a business online, especially any kind of media or marketing business, the content generated on the site must be watched excessively and constantly. There are a number of things that can happen to end up in a courtroom when publishing information online. 

Thanks again for stopping buy. Once again, in any kind of entertainment business hosted online, it is imperative to be ever careful of legal issues that may be involved with your company. In today's world, people are ready to jump at the chance to sue just about anybody, especially entertainment companies. So, beware of the legal pitfalls involved. 

Thanks again for stopping by, 

DK

Social Media Can Make History, and Your Artist

Welcome back friends. Some of my recent interests have led me on a search for great speakers that discuss social media and how it can impact certain businesses in the online world today. One of the most impressive and interesting speeches I have come across comes from TED.com and a great speaker by the name of Clay Shirky. The speech is titled "How Social Media Can Change History" and discusses the new and developing role of social media and I believe it offers an innovative insight into world of marketing for companies, and for self-promotion of artists.


The first portion of Clay's speech discusses major changes in the way the internet and online groups have changed media as a whole. The major changes, as highlighted by Shirky, can be summed up in 3 key points:

1. Native support for groups and conversation at the same time. The telephone developed a connection of one person to another. Print media and television developed a pattern of one-to-many. The new social media age has opened a new channel of many-to-many.  
2. The internet has become "media carriages" for all other form of media. As the internet becomes more and more powerful, the more that news, television, film, and all media outlets are shifting to online platforms. The internet has become more than a source of info, it has developed into a form of coordination for all of that info. 
3. The consumers have an incredibly easy transformation into producers. Shirky compares the ability of a consumer to become a producer so easily in this internet media world to getting a free printing press when you buy a book or a newspaper. It is increasingly easy for the consumers to become the producers through social media, voicing to the people what they feel most passionate about. 

After Clay pointed out these 3 key attributes, he went on to discuss a couple key historical points to back his claim. The main event discussed was the major earthquake in the Suchuan Province in China. The initial resorts on this event was communicated through cell phones, internet uploaded pictures, and social media sites like Twitter. In fact, Shirky notes that the BBC channel first heard of the terrible events through Twitter. The government heard about the events through it's citizens. 

China has long been recognized as one of the major government controllers of what their citizens may view via the internet. The Great Wall of Fire, as its commonly called, really had it's hands full during the tragic events of this quake. The amount of traffic on Twitter and other social media sites was so overwhelming that even the government could not continue it's usual dominance on blocking "bad" content. 

Shifting back to the artist management realm, I believe our industry can take key notes to how powerful this media is. It's not only a way to share photos or what you are doing on a Saturday night, it is a key marketing tool that MUST be used to ensure an artist's success. There is no shortage of stories these days of artists who get known through a viral video, youtube clip, or Facebook and Twitter presence. 

Along with history, social media has the ability to change the way we look at artist marketing, a term that seems to be replacing artist management for unsigned artists. It is increasingly more and more important to  focus on branding and marketing your artist as if they were a business you were marketing, and their music, image, and style is the product. Use ALL of the tools available, and use the power of social media for good, not for fun. 

 Thanks again for stopping by, I'll see you again soon. 

DK

The Art of Negotiation: Interview with LG of Industreet

What's going on everyone? My recent endeavors have led me to dissecting the art of negotiation and deal making strategies. I am pleased to say I am extremely excited about this post and this topic because this week I got to interview a true entertainment professional who has opened up a few of his notes on negotiations.

Gregory E McLendon, better known as 'LG' in the entertainment industry, was kind enough to do a phone interview with me while I probed his deal making and negotiations past. LG is a true entrepreneur and a great entertainment business mind. His company, Industreet Management, and it's subsidiary Industreet TV Films have been extremely successful in areas such as musical arrangements, artist/producer management, music videos, and many other endeavors. Below you can see a few of the questions I got to ask LG
concerning the art of negotiating and what he had to say about it.

How do you separate people from the problem when you are negotiating?


In this question LG talks about the need to figure out "what their problem is" and where they stand, especially financially. He also discusses the importance of doing hard research (of the person and their problem) before entering the meeting. LG says knowing these things before entering the meeting "creates leverage" for a negotiator.

How do you handle positional bargaining tactics?


Right away after asking this question LG notes how there are many different ways to handle positional bargaining tactics and he highlighted a few. He notes that with any deal people are usually looking to accomplish "one BIG thing." He says that knowing the big thing they are looking to accomplish is imperative. He also talks about "getting to know the person even before negotiations start" and also the "psychology behind it." He talks about the amount of finesse and sometimes "ego-stroking" that must be present to handle positional bargaining.

Can you give me an example of how you have worked towards mutual benefit when you were conducting a deal?


After this question LG spoke of a past deal he had with an artist. He noted that the original deal that was laid out was not ideal and how he had a previous personal relationship with the artist. Of coarse with the personal relationship involved, he was "faced with a tough decision." In the end, LG decided to go ahead and sign the contract with the artist, but he noted an extremely important factor which was a clause that allowed them to renegotiate if the artist began to become more successful. In this case, the artist got what they wanted, and LG had assurance that he could alter the deal down the road if need be which was mutually beneficial for both parties.

How have you used BATNA (The Best Alternative To a Negotiated Agreement) if the current negotiations fail?

LG really stressed the importance of having a back-up plan or multiple plans when entering negotiations. He talked about "always needing some type of other deals on the table so you are not forced into your decisions." This is important because it allows one to "reevaluate" the situation and take alternate paths to achieving the overall intended outcome. 

I again want to thank LG of Industreet for helping out with this interview. You can check out his work at the link above. Thanks again to all of my readers and I will talk you soon! Peace.

DK