Sample Business Plan for Entertainment Industry
Starting up a media and entertainment industry business doesn’t only mean to start the production house for producing a variety of different items to simply earn the capital, but it requires a concentrated plan that can lead to the fulfillment of your vision. You must know that you are not just starting an entertainment industry business plan but a center that would provide professional services and a showbiz business. Here your business skills and performance decides your success.
You can take help from consulting services or agencies as they will guide you how to start and promote your entertainment industry business plan in media and entertainment industry. Consult magazines and internet to learn about the recent trends in the production and business. Information related to laws and taxes is another significant aspect that you should know before starting the production business. A sound knowledge and effective planning would help you to start a new business and grow it efficiently.
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In the entertainment industry, media production is not the production of a single product. Entertainment and media is a very vast field and the productions options available are variable. You should select one or more productions like promotional products, educational television, news, dramas, films documentaries, music, etc. that you would like to work on before starting any entertainment or media entertainment business plan. You would then write a separate entertainment industry business plan for each intended production. Generally, your media entertainment industry business plan should include the answers of following questions:
- What is the purpose or the goal of the production and objective of your entertainment industry business?
- Which is your intended audience or your production will be watched or listened to by whom?
- Is the production related to electronic or print media?
- Does the production include correspondence with other production or entertainment industry business plan?
- Is the content is new, or the production will reproduce already existing content?
- Is the production being produced for the Internet, Cable, Satellite TV or TV?
- Do you have the script for production? If yes, describe the script for the production briefly.
- What is the total estimated time for opening and closing of production and its anticipated location?
- How will be the selection of talent done for the production?
- What are the specifications for the technical equipment and the requirements for the professional knowledge of technical crew for the new production?
Sample Entertainment and Media Entertainment Industry Business Plan
Entertainment and media production and entertainment industry business is not an easy task, but you should think the industry you would like to work like news industry, music industry, the entertainment industry or any other. Think about your budget and time and select according to that. You may start with low cost consuming business and earn more budget and then spend it on any other business. You must build contacts in the media industry and other media related business. A good relationship with other media houses would help you to grow positively. Also, set your ethical standards for your business.
Below are some sample entertainment industry business plans for Video and Film Production, TV production and Music Production. Review the following sample entertainment business plans and tailor your own entertainment industry business plan as per the sample plans described.
Sample Music Entertainment Industry Business Plan
The music recording and entertainment industry business is the cornerstone of the entertainment and media industry. Setting up a recording and production business is equally demanding as well as require money and time. Having ample knowledge about the business is important. Music Recording and production is the very tricky part of the entertainment industry because it requires heavy equipment. In the recent decade music production and recording witness a steady growth.
By setting up a music recording and production studio, you cannot only attract solo singers, bands but also large scale entertainment industry like drama industry, etc. It is important to write a good business plan for the entertainment industry before setting up the recording or production studio.
Which services will your Music Production and Recoding company provide?
Firstly, you need to finalize the services you are going to provide along with the vision of the music entertainment business.
- Vision and Mission of your Studio: Clearly, think about the vision of your music studio as it would direct you to understand the scope of your studio. Your vision must be defined in a way that you want to excel in this business and become the best choice for the media houses. Your mission must be to equip your studio with the best equipment in the world for recording and production of music to provide excellent services to the clients. Good vision and mission will enhance your morale and attitude towards success.
- What services you would provide?: Think and write clearly about the services you would like to provide in your studio e.g. song recording or production, production of either jingle, soundtracks and audio books, studio sessions, selling of musical equipment and music consultancy services. You should decide what would be the scope of your studio and then enlist the services. You may start with less but don’t compromise on the quality of your entertainment industry business.
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How to write the business plan for the music entertainment business?
After the vision and services have been finalized the following should be analyzed:
- Analysis of Market Trends: Analysis of current market trends is important for developing the entertainment industry business plan. It should include current trends in the music industry and potential target clients in the media. Analysis of current trends will help you to identify the important equipment for your studio. You may enhance your services to the music artists, authors, advertising agencies, etc.
You should keep in mind about the level and competence of you competitors to excel in the entertainment business plan. You should take care of your employees to avoid any resignation from the professionals.
- Market Strategy: You should identify and make proper salary packages for your employees to attract them and perform their best. It is very important to understand the nature of work of each employee and set salary according to that. You can also look at the salary packages of your competitors to get an idea. Further, incentives and bonus can also improve your credibility in business. Also, consider your estimated sales projection.
It is also important to develop the pricing strategy of you music studio. Some Music studio often charges by the hour and some of them charge a flat fee. You can develop different pricing packages for your clients.
- Advertisement Strategy: Publicity of your music recording and production studio is very important to attract the clients from the media and entertainment business. Adopting can cost effective advertisement strategy would help you to promote your studio effectively. You can place an advertisement on billboards, electronic and print media, by using social media and sponsoring a TV or radio show.
- Finance strategy for setting up a music recording and production studio: You should estimate the price of all the equipment’s needed for your studio. Look for the prices of different brands and select the ones that fulfill your requirements in the best way. List the items and prices. You should also look for the pricing of liability insurance, license, rents, gadgets, additional expenses like advertisements and promotions. Choose cost-effective ways to equip your studio without compromising on the quality of the products. You should conduct a market survey before finalizing the financial strategy. Headphones, mixing consoles, microphones, digital audio workstation, music workstation, preamps. Computers, CD duplicator, and printer, etc. are some important equipment for the studio. This business require excellent sound system for better results.
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Well defined Business Structure of the Music Entertainment Company
You should understand the business structure of the studio to achieve your entertainment industry business plan. Also clearly define the responsibilities of the personnel engage in your business structure. Your entertainment industry business structure may include the following:
- A chief executive officer who would be responsible for the recruitment, selection, training of the staff, developing strategies, planning, organizing and monitoring of the activities or projects.
- A lawyer or legal secretary who would be responsible for legal documentation of your studio and more responsibilities like drawing up contacts.
- A Studio Manager who would be responsible for tracking hours of the studio session and billing client, management of recording studio and handling of other main responsible.
- Music Producer would be responsible for recording and producing of music tracks, ordering of tracks in the album.
- The recording engineer would be responsible for sound effects in the recording, mixing and adding beats, etc. and selecting good songs to earn money.
- Admin and HR officer would be responsible for administrative tasks, hiring and training of professionals, appointments of the client and last but least arrangements of travel and meetings.
- Marketing and sales executive would be responsible for the promotion of music albums, creating new business opportunities, looking for new partners and last but not least responsible for the growth of the studio.
- An accountant must be the part of your music strategy as he would be responsible for looking after you financial reports, budget, financial analysis and business conditions. He can guide you to make necessary changings in the financial policy.
- Front desk officer handles the duties assigned by the manager, receive and greets the clients, receive important documents and handles phone calls and emails on behalf of the studio.
A good business structure in important for any business. Also, focus on the work environment. A good family and collaborative work environment would help you to avoid workplace conflicts and improve the quality of production and business. You can get this by proper application of rules and regulations.
Thus, setting up a music production and recording studio needs proper well-defined paperwork. This sample entertainment industry business plan will help you in writing an effective plan that will act as a roadmap for future. An effective business plan is a key to your success in your business in the media industry. You can develop your entertainment industry business plan yourself or hire consultancy services. The entertainment industry is incomplete without music houses and in recent decade advancement in sound technology has opened new directions for the artists. Following the above-given sample plan will help to achieve your better results in your entertainment industry business plan.
Sample TV, Film and Video Entertainment Business Plan
Film and video production is another pillar of the television entertainment industry and a good business opportunity for the new comers. These days different TV channels have launched their private drama channels as well as making their films thus increasing chances of business.
Sample Video and Film Entertainment Business Plan
If you are thinking of starting your video entertainment business, it’s a brilliant idea to earn, but have you done all paperwork for this? Do you understand the financial and legal issues related to film production? You also need to know that selection of film and video to be produced by you will be closely linked with the growth of production house and business. Here is a sample of what you should include in your business plan for video production.
Your entertainment industry business plan should cover all the key elements that are necessary for setting up a film production house. Following key points should be included in the business plan for the video Production:
- Non-Disclosure agreement: Confidentiality of the information is the most important thing in the media and entertainment business and should be well maintained. Confidentiality of the script of the production, film recordings, profiles of the actors working in the production, gadgets that are or will be used in the production, etc. should be well maintained. Any leakage of the important and crucial information may hamper your film success before release. Non-disclosure agreement should be done with all related parties that information related to video will be kept confidential and secret.
- Executive Summary: The executive summary should be well written in the entertainment industry business plan. It should include the brief overview of the project (Name, script, key roles) and most importantly the capital required for the video. Capital can be both in terms of money and other physical resources like camera, recording chips, etc. Shooting details should be mentioned. Tentative dates of the film/video shooting and locations where the film/video is likely to shoot should be mentioned. It will help you to have information of your business at a glance.
- Market analysis: The most important thing is to assess the market and industry before starting your business. You should understand the current trends of the market before signing for video production. Produce what actually is demanded by the market and the audience. Select the story or script that can help you to grow as a business and production house. Also evaluate the pay ranges and select pay scale according to that to attract good faces of the industry.
- Production Plan: The entertainment industry business plan is the trickiest thing to be done in business before investment. You should estimate the production each and everything properly and try to follow this. Estimated time frame, dates of production, the release of the film/video, legal requirements, screening issues, bookings of the shooting sites and location, contracts with the concerned people should be properly written in the production time. It would save your time and money.
- Hiring of professionals for production: Setting up a production house require hiring of certain professionals like executive members, HR officers, accountants, managers, recording engineers, sound engineers, video engineers, cameraman, photographers, composers, scriptwriters and editors specifically related to video production. Professional dress designers and makeup artists are needed to be hired. The hiring of good and competent employee is the key to the growth of your production house. You must pay market competitive salary to attract good professionals. You must also have list of other professionals or resumes of other possible candidates to call if any current employee suddenly resign.
- Publicity and Advertisement for promoting the production: You must think about the promotion of your video production house and the film/video in the entertainment industry. Think of the dates of the releases of trailer and promos to publicize the. You can also use other methods of promoting movies like billboarding of promos, given tickets, publicity through live programs and media campaigns. You should also estimate the required budget for this. Advertisement in colleges, schools, and universities is also the excellent opportunity. Cost-effective advertisement strategy would help to gain more in less. You can attract the audience through Unique and creative advertisement, discount options on tickets, by arranging concerts, etc.
- Information related to the release of the information and distribution methods of the production: You must decide the issue related to the release of video/movie to the audience. You must schedule date of release and trailers or promos release of the film or video. You should decide the patterns of release like local release worldwide release and modified wide release etc. Methods of potential distribution of the films/ video like airline, VOD, DVD or theatrical should be decided. Specifically, write down the names that are actually good for your production team and best fitted for you. The release of video and promos on the special occasion like festivals, local holidays, etc. would increase the chance of success and more earning.
- Production budget of the film: Evaluating the total cost required in the film production and business is important. It would include all tax credits, rebates, return on investments for business, loss prevention strategy, distribution of profit, salary and all legal issues related to film production and business. You may hire a specialist to help you in making film budget. Other expenses may include legal. Brochures, Stationary, Rent, furniture, etc. Create a comprehensive video budget detailing each and every expense.
- Understanding the requirements of travel: Film production often requires local and outside country traveling. You must know legal and other requirements of the traveling. Passports, visas, duration to apply for a specific visa for the actors and other crew members. You must know the cost-effective reservations to the airlines, hotel, etc. to save your budget.
- Selection of the Cast: Selection of the cast for the production of the video is another major task. Sometimes a good script but wrongly selected cast would end up in a loss. You must select the cast appropriate for the roles and those who are liked and demanded by the society. You must decide how you want to pay your actors. Some actors demand payment per scene and other want per episode. Sign a proper agreement with the actors and have it as a part of movie entertainment business plan.
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Thus, business related to film and video production is a difficult task. A proper business plan for video production indicating each detail can help you to avoid any many challenges. A good story to well execution demand a well paper work. You must remember that providing entertainment to the audience is your key responsibility, so your business plan for your production company is key to your success. This video production company business plan would help you to customize your plans for the future and get more customers from the media and entertainment industry.
Sample for TV entertainment business plan
TV production is a brilliant idea for the business. Small investors can easily manage to start this business. You can reach many people in a short time via TV and can also convey your thoughts to local people and also to the people living across the border. TV can communicate your message through sight, sound and motion to have an immediate impact on the audience. You can package good programs and earn millions of dollars from the show sponsors. Successful TV production is a creative work, and most of our entertainment programs are broadcasted through TV. TV production is not only the source of entertainment but also a source of information in the electronic and digital world.
These days many TV stations and channels are working in the TV business and trying to compete. They are launching many different channels on various types of content like news, sports, dramas, etc. and looking for content and production. Firstly you need to decide which TV shows you would like to produce. The production option for the TV shows are as follows:
- News related programs: You can produce exclusive content for the news TV channels. Be creative in what you are going to build and sell it and grow your business. You can start special documentary programs, interviews with the great leaders which will share positive aspects of their family. You can also give a chance to newcomers in the industry by introducing them through your production. You can share news and information of what happening across the broader and internationally. News related to fashion and sports can be produced.
- Health Related Programs: It is the most important and often neglected part of our TV industry. You can start with the production of informative programs related to different diseases such as AIDS, tuberculosis and other life-threatening and lifestyle diseases. Production of programs that help people to prevent diseases and give knowledge related to health, exercise, and fitness can also be started. It can attract a large number of audience. You can look for the advertisement of individual hospitals or pharmaceutical industries to grow your business. You can also take an initiative by taking short interviews of the health professionals. Further, the production of videos of other health related practices like herbalists, yoga, traditional health practices, etc. can also be done. You can also create a show on new health-related discoveries to attract people.
- Production of Tourism and enhancement of culture shows: Very few programs are on aired these days to promote your local culture. You may take the initiative by producing programs on historical places of your country, natural and beautiful sites of the country to attract the tourists. Further, you can promote the local culture of your country. Beautiful production may help to achieve success. The production of different culture related programs by showing different traditions, customs, and values can also prove beneficial. For this, you may to travel both locally and internationally and you may take assistance from the embassies, traveling agencies and guides.
- Production of Economics and Real Estates programs: You can attract the businessman and real estate agents through production of valuable programs on current economic conditions, forecasting of the economic situation of the country, stock exchange, etc. Production of the programs related to selling and purchasing of houses and property listings, etc. by collaborating with real estate agents, economists, etc. can also be done. This will give new directions to your business.
- Film and Drama Production: You can earn money and fame through video and drama production because it targets a large audience. A good story with good direction and production is the key to your success. Choose those film and dramas for production that their target audience wants to watch. You can also make the film, documentary and short telefilms on social issues and become a social change agent. Try to produce content out the common locations.
- Production of Fashion shows: The entertainment industry is nothing without fashion and fashion shows. Designers are focusing on both Eastern and Western fashion and also a blend of both. Fashion shows earned a lot of fame these days. Many fashion designer have started their own brands and becoming the part of big fashion industry. Many fashion shows are under production these days. You can also introduce new fashion designers and fashion magazines. Production of programs on personality developing or makeup tutorials can also attract audience.
- Advertisements: These days many brands are looking for the production of advertisements. You can also produce novel and unique advertisements. Look for the brands and offer a good package to them and earn money.
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Here is a step by step guide to write business plan for TV entertainment:
- The idea with concept and knowledge: Each program on aired on the TV has an idea and concept that reflects your knowledge. So start with programs of your interest, professional background, and orientation. A good idea that is consistent with your passion will help to tailor the program brilliantly.
- Think about what you want to produce: There are many types of content available for the TV production like dramas, short films, documentaries, advertisements, etc. you should have a clear idea about what your production will be based on before planning for the business.
- Review the script: Selection of good script is halfway to your success. Review each and every single detail of the script to have an idea about the format and structure of the program. This would probably include:
- What would be the number of people required for the production?
- The production will go live or would be recorded?
- What type of advertising would the production require?
- Will you collaborate with the TV station or go for independent sponsors for the production?
- Estimate the budget: It is important to estimate your budget before finalizing anything. Remember that you would probably have to pay to the crew members along with the show directors and the production studio. Your contacts may help you to select a good production house in a cost effective way. A good estimated budget is key to your business growth.
- Production stage: Production stage is the main phase of recording your play/drama/video etc. You need to be very careful at this stage especially if the program is going live. Careful preparations are also necessary and might require traveling locally or internationally. You can take help from other consulting or advertising agency. Try to be perfect at this stage. It would take more than one shooting or recording of a single scene to gain a perfect production in Put your time and effort for good results.
- Editing Stage: It is the most important and crucial stage of production. It is probably the what you want your audience to see and listen out of many other programs. If your recording is of more than an hour, you probably have to cut it short to thirty minutes. In this stage you have to lay the music to mention the names of crew members and other important things.
The above Sample business plan for TV production would help you to learn the following:
- How to earn money by becoming successful TV producer?
- How to get a partnership with the TV stations?
- How to start a successful TV career in the media and entertainment industry?
So, you can start a good business through TV production. A good production would increase your chances of getting hired by big TV stations and grow business. Think of creative and new ideas to produce TV programs related to the new idea.
Sample Promotional Products Business Plan
Business in media and entertainment industry is all about production and promotion. Both print and electronic media try to compete with each other regarding production and promotion.
How to start a Promotional Products Business?
If you have money and want to start a new business, spending in the media and entertainment industry is worth spending. This industry would broaden the chances of your success and fame. Entertainment and media industry operates through news, documentaries, films, advertisements and marketing items. You can make capital and enhance revenue of your business through starting investing in either production or selling of the advertisement items
Promotion of any business involves
- Production of the product
- Pricing of the production
- Placement of the production
- Promotion of the production
Promotion is what how you communicate about your business to others. Promotion of the production further includes advertisements, developing and building relations along with sale of the production. It is good to work on the promotion of the production to earn more. The best ways to promote business is through the marketing items. The trend of the promotional product is growing day by day.
Billions are invested on the production of promotional products these days in America on items like T-shirts, pens, hats, etc. These products are given away along with the other main products to increase the value and business. Spending a small amount on the production of promotional items for your entertainment industry business plan will actually help to earn more. In actual, manufacturing and production of promotional products is not a big game, but to market, these promotional products are the real one. This business requires good communication, sales and marketing skills. Attracting attention through effective communication, making people recognize your brand and sticking with your brand is what you can do with the effective promotion of products. You can promote a favorable image of your production and brand and grow business. After the successful promotion of any product, you can increase your target audience and expand your products.
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Ways to start promotional product business
To start your business of promotional products you should where you are exactly located and take advantage of your locality. You can enter the promotional product business for media and entertainment industry in two different ways. Here are these two options.
- Start production of inexpensive products for sale: To become the manufacturer, you need to establish a production station or shop. You can import items from other cheaper stores or establish your own manufacturing plant. You can also import items from other countries where the products are manufactured for much lesser prices. You must have a plan according to your budget to start your manufacturing factory. Do not forget to take care of your regional climate and laws. It is important to join promotional products associations to increase the chances of getting distributors. Hire sale force who will promote your products. They can be hired through online employment sites too.
- Become the product distributor and Imprinter: You can also start earning through contacting those manufacturers looking for distributors to sell their production. Look for those products you are interested and create a list of potential customers. Understand your client needs first and then select the promotional products.
Sample Business Plan for Promotional Products
The right entertainment industry business plan will be a guideline for you to follow through each step of your business. The right plan is essential for making the business success. Here is a sample entertainment industry business plan for promotional products:
- Firstly write down the executive summary of your promotional company. Introduce your company. Decide and write products to be promoted. To increase the value of their main business entertainment, many companies hold various products for promotion. Your business can supply logo imprinted items and products to distributors or work as a distributor itself. You should write a brief description of the nature of work of your production Company and products and services in detail.
- Understand the market trends. Many industries deal with the promotional products. These products can be of daily usage with imprinted logos or message or slogan.
- Write how you would expand your business. You must know that you have to compete with the larger products industry and for this, you must have to keep on adding your unique promotional products. Similar products can reduce your chance of profit.
- Decide duration of the promotion. You must decide when and how long the promotional product will be offered. You should estimate the target profits, client’s needs, and your location. You promotional production business will be dependent on the quality and on time delivery of your products. Bring originality to your business, not imitation.
- Decide how you would market your products. Successful marketing strategy is the key to your success in promotional products business. Look for those distributors with the good record. Secondly, focus on the marketing where the item is necessary to attract the client. You can also hire dealers or outsource your distribution of the products. Distributors spend a good time for your business so a proper compensation would attract more dealers. Develop a strategic alliance with your distribution.
- Define appropriate milestones. Media industry heavily depends on entertainment sector. Your business can earn more in the media but select real appropriate milestones to help you to achieve target quickly. Always keep track of your sales, starting and closing dates, etc., would help you to achieve growth on your success.
- Your entertainment industry business plan must have a management summary. The proper management of your business is key to your success. Often one business is divided into three to four areas which assist each other in product sourcing, marketing, production, and finance.
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Tips for starting a Promotional Product Business
Here are a few tips for starting a promotional product business:
- Choose small size products that are easy to deliver at a low cost. You can also opt to send coupons.
- Decide whether you will offer promotional services round the year or once or twice. Make your budget plan prior.
- Choose and effective promotional strategy and reevaluate your promotional strategy.
Whether you are producing news, dramas, films, etc., you must keep in mind few general guidelines. Equipment takes the time to setup and similarly break down of equipment. You should estimate this time before going to any locations. Electronic devices need a power supply like lighting and cameras. You should keep this in your mind when going for outdoor shooting. You need to take prior permission from the government of local governing body for outdoor shooting and agreements needed to be done. You should select places without ambient noises. Site surveying is a good option as you can resolve any sight issues before production.
Check out the credentials of our business plan consultants and read through our library of sample entertainment industry business plans. One of the main attributes that set OGSCapital apart from the crowd is that we are a team of professionals who are not only focused on making money but helping our clients succeed in establishing their businesses.
When you contact us, we will carefully listen to your needs and expectations and come up with an ideal strategy on how to craft the business plan or improve your business operations. To meet diverse clients’ needs and maintain a high quality level, we do not use templates. Instead, we take our time and use our resources to create a customized entertainment industry business plan for each of our clients. We have excellent time management skills, so you can be sure that we will complete writing the business plan on time.
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