Making a Good Impression: Speaker business plan
There is always a market for good speakers, but the targeted market depends on the type of speeches or presentations delivered. There are four types of public speaking, and the speaker business plan will first identify the speech types in the Executive Summary that the entrepreneur plans on delivering.
• Informative – sharing knowledge and expertise in a particular area
• Entertaining – designed to amuse, divert, or please listeners
• Persuasive – convince listeners to adopt a particular belief, act in a certain manner, or agree with a particular opinion
• Inspirational – motivational speech that inspires the audience
Due to technology, speakers are not limited to live presentations. There are speaker businesses that record and sell presentations that are downloadable or sold on CDs. Another approach to the speaker business is to write and sell speeches that others deliver.
More Than One Way
The design of the business will determine how much funding is needed. A business comprised of one speaker – the business owner – who only delivers material in person at workshops, conventions, or other venues, needs a strong marketing plan that builds a network of referrals. Businesses that offer speaking engagements and sell recorded speeches will need high quality recording equipments and a solid marketing plan. Successful speaking businesses can also eventually branch out into franchising.
The speaking industry is highly competitive because it has low barriers to entry. Typically, entrepreneurs that apply for funding need financing to purchase high-quality recording equipment and money for marketing. The speaker business plan will:
• Describe the type of speech material
• Describe the entrepreneur’s expertise that is marketable through speeches and presentations
• Identify the target market, which includes businesses, public conventions and trade shows, government agencies, nonprofits including religious organizations, schools, libraries, and other venues
• Include a marketing plan that packages, prices, promotes, and sells the speaker’s expertise through a website, networking, personal selling, advertising, and joining a speaker’s bureau
• Identify the cities, regions, and/or countries the speaker will target for sales
• If applicable, address plans for growth by adding new speakers
• Identify competitors and what differentiates the speaker from others
• Develop a five-year projected financial plan that includes projected fees, and travel expenses and other expenses
Every Business Needs a Speaker Business Plan
Whatever business structure is chosen, investors will assess the new enterprise based on its ability to achieve profitability within a reasonable period of times. If no investors are needed at startup, it is still important to develop a solid business plan. The speaker business plan is a guide for decision-making to keep the business on-mission.
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