Essay about creating a media business outline-Business

The Local:

Business Plan Outline

The Company

1. The Local

1. A live music venue
2. Provides memorable evenings for music lovers
3. Provides earplugs upon entry, which sets us apart from every other venue in the city.  They are not required, simply offered
4. The venue welcomes local artists as well as established artists
5. A 2,500 capacity room allows for diverse floor plans (i.e. intimate, party, etc.)

1. Location: Denver, CO

1. Provides draft drinks from local breweries
2. Local artists are able to feature and sell art here

1. Business Details

1. Sole ownership

The Company’s Mission

The Local is 2,500 capacity live music venue located in Denver, CO that offers memorable evenings for live music and entertainment lovers.  Our mission is to provide guests with a unique live music experience that allows them to connect with the community as well as the music scene.  We aim to provide a beautiful setting, excellent audio and helpful service that will leave a lasting impression.

Products and Services

1. Venue for performing artists provides live entertainment equipment

1. Stage

–  In my plan, I will be explaining the dimensions of the stage, which makes it easier for touring artists to create stage plots

1. Microphone stands
2. Cables (extension cords, aux cords, cables for connecting instruments to speakers, etc.)
3. Drum kit
4. Speakers

–  I will be going more in-depth about the equipment that is available for touring artists

1. Lighting rigs
2. Sound board

1. Bar

1. Local breweries provide draft beers at the bar
2. Small selection of liquor available for mixed drinks

• I will have an in-depth description of the breweries that will be featured in the bar.
• I will have a rotating list of beers
• Possibly include the liquors and sodas that will be available for purchase

1. Ticketing Services

1. Partnering with Ticketmaster to provide the best possible ticket service

1. Guest Services

1. Allows best possible service for concert attendees
2. In my detailed plan, I will give a more detailed description of the job requirements for guest services.  This is key for high quality customer service

1. Ear plugs

Marketing Plan and Sales Strategy

The Local will have a strong social media presence, using all platforms to increase its presence as well as interaction with future attendees.  Before it’s opening, the venue will be advertised in local magazines, newsletters and newspapers – including the digital platform of these.  In addition, we will market ourselves on billboards on nearby highways.    Furthermore, social media branding will be a huge aspect of our marketing plan.

After the venue opens, we will rely solely on social media advertising, word of mouth advertising, and promotion from upcoming artist’s websites.

A huge incentive for prospective attendees to become actual visitors will be the new construction and earplug distribution.

1. Website

1. Provide a list of all upcoming events
2. Contact link
3. Booking inquiries
4. Description of the venue
5. History of the venue
6. Provide pictures of the venue and floor plan
7. Provide ticket links for easy access purchasing

1. Marketing Materials
2. Social Media

1. Twitter

• Allows fan interaction
• Can post about events

1. Facebook

• Allows fan interaction
• Can post about events

1. Instagram

–  Shares pictures of events at night, upcoming events, and the venue

1. Snapchat

• Allows fan interaction
• Shares events from the night
• Will show people how great of a venue it is

1. Squarespace

–  Allows a person to check in, which provides promotion from other people

1. Personal Networking

• Interacting with local artists
• Interacting with local breweries
• Interacting with locals to see what would interest them at a new venue

1. Advertising

• Create flyers
• Billboards

3 things I will explain in greater detail:

• Marketing plan (i.e. when content will be released, etc.)
• Social Media Campaigns
• Marketing the ear plug aspect of the venue

Competition

Paramount Theatre is a 1,700 capacity venue located in Denver, Colorado.  Opening in the 1930’s, the venue offers a touch of culture.  The neon marquee and red satin curtains give the venue a classic feel.  However, comedians, artists, touring acts and other productions keep the venue relevant.

http://www.paramountdenver.com/

Gothic Theatre, located in Englewood, Colorado, offers an open floor and tiered balcony that offers great views from every location.  It was recently taken over by AEG Live, securing some of the most popular shows to come into town.

http://www.gothictheatre.com/

Red Rocks Amphitheatre is located in Morrison, CO and is one of the most well-known destination concert venues.  Is it a destination that people make for hiking, eating, recreational activities such as yoga, and live music entertainment.

http://redrocksonline.com/

The Black Sheep is a small, standing room only live music venue located in Colorado Springs, CO.  The 450 capacity room provides extremely intimate settings for shows.

http://www.blacksheeprocks.com/about/

The Fillmore Auditorium is located in Denver, CO and opened up in 1907.  Because the venue has been here so long, it has hosted a variety of historic acts and has essentially become a destination venue.  It is owned by Live Nation, which means it may lack personal values and a strong connection with the community.

http://www.fillmoreauditorium.org/

Target Market

We welcome people of all ages, genders, and backgrounds.  However, with the edgy vibe and alternative pop rock bands that will often make an appearance, the venue targets adults between the ages of 21 – 33 who are heavily interested in live music.  More specifically, we target to the young community within and surrounding the city of Denver; the local art and beer options will be a main selling point for attracting locals.  Although a variety of artists will be performing here, the venue caters to the alternative/pop rock scene.  Nevertheless, the venue welcomes all music lovers and musicians of all genres.

Management

There will be several different aspects of management throughout the venue.  As the owner, I will serve as the general manager of the venue and oversee all areas of the business.  I have a background in booking and running shows, as well as event management so I will be able to help my team grow and develop their skills along the way.  There will be five (8) different areas within the office that work closely together:

1. Event Management

• Responsible for overseeing shows
• Building reports for the event
• Handle all day-of show needs
• Organize and set up venue for events
• Responsible for contacting artist and their team for any needs or requests
• Settles the deal with the venue, the artist, and the promoter at the end of the show

1. Booking Agent

• Handles finding and booking the talent
• Responsible for building contracts between the artist and the venue

1.  Marketing Team

• Handles all social media platforms
• Generates content for website, social media, and public events
• Responsible for all creative content within the building

1. Guest Services

• Handles all day-of guest needs
• Ensures best possible guest service
• Educates guests on location, directions, and other requests

1. Box Office Management

• Responsible for releasing tickets, keeping track of sales, and maintaining the box office
• Handles staffing for shows

1. Operations Management

• Oversees all venue operations
• Responsible for staffing all utilities – electrician, carpenter, security, etc.

1. Bar Management

• Oversees all liquor and alcohol sales
• Responsible for staffing the bar
• Handles all alcohol orders and shipments
• Responsible for restocking when necessary and keeping inventory

1. General Management

• Oversees all contract settlements
• Handles finances

Operations

The Local is a 20,000 square foot venue that provides a large amount of room for general admission.  The box office and guest services will be located at the entrance of the venue for easy accessibility.  The hours of the guest services office will be Monday – Friday, 9:00am – 6:00pm.  The box office will have the same hours except on event days – the box office will be open until 9:00pm on event days.  The venue is not open to the public on non-event days or before a show.  The time of open-doors for events varies with each performance.  The time will be decided between the venue and the artist.

The venue contains a small bar that offers beer and a small selection of mixed drink options.  There will be no food available within the venue in order to try and maintain cleanliness within the building.  The stage is located at the back of the house and is fixed – no outside stages will be welcome.  The venue has hardwood floors and satin red curtains hanging around the stage.  There will be at least 20 bathroom stalls available for the public.

In house supplies and services:

• Fixed house stage (12ft x 20ft)
• Two (2) stage amps
• Four (4) sets of rigged speakers
• Back of house monitor
• Sound board
• Lighting board
• Green room for the artist
• Three (3) open rooms for artist support
• One (1) load in dock
• Three (3) hallways for storage

Stage of Development

The Local is a start up business, which plans to be in business by Jun 2018.  As of right now, I am in the planning process for this company.  I have outlined my business plan and will continue to develop it.  The business plan will be presented to community locals and contractors.  If the community approves, I hope to have the venue in construction by Fall 2017 and finished by June 2018.  This will be an excellent time to open up the business because artists touring schedules are usually in full effect from June – December.

Financials

1. Top 5 Projected Expense Categories

1. Building
2. Liquor Licenses
3. Other licenses
4. Sound Equipment
5. Lighting equipment

1. Billing

1. People will be billed by each event
2. It will cost money to rent out the venue for the day
3. Deals will be made with the band (guarantee vs. ticket sales)
4. Front of house employees will be paid by the hour
5. Office employees (box office management, production crew) will have a salary

Funds Sought and Utilization

Assuming I already have $20,000 saved for business decisions, I am seeking a $50,000 start up term loan at 9% interest with a 7-year term

• $805.00 person month for 84 payments
• Funding will go towards:

1. Licensing
2. Product Purchasing
3. Stage development

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