The entertainment world is no longer a plain black and white industry, for years the entertainment industry has experienced a tremendous shift and now offers endless opportunities to both young and old. The entertainment industry is also one of the fastest-growing industries, despite the many opportunities not everyone makes it in the business.
The industry can be tough and require determination and resilience. But fret not; this piece gives insights and tips on how to start a successful entertainment business. But first, some of the challenges you may encounter in the entertainment industry may include.
High start-up cost, like most businesses you will need to invest your time and money on your idea. This idea might however not reap as soon as you expect and this does not mean your idea is bad or non-marketable. It is therefore essential to save and plan financially before launching that entertainment career.
Being a fast-growing industry, the entertainment world is flooded, the good news, there is a piece for everyone. To get your share in this flooded industry you need to be unique, creative and consistent.
Choosing a niche is another challenge you may encounter, as already established. The entertainment field is large and has several facets. Owing to the different niches you may find it hard to settle on one and this may affect the growth of a career in the entertainment field.
Tip, before entering the entertainment world, find out what field you feel confident and good at, try out different roles and locate a strength that sets you apart from the crowd.
Amid the challenges in the industry, there is a way out and as earlier on mentioned a piece for everyone. To ensure your set up and running is smooth, here is a guide on how to start an entertainment business.
Have a Business Plan
This is one of the most important steps before starting a business, writing down a business plan helps you determine. Essential factors to include in your business plan include:
Cost, find out how much it will cost you to start an entertainment business, for instance, if you are a musician then you need to consider training sessions, wardrobe, travel expenses to mention a few. A great way to plan this is to have a first off cost, and set realists costs along the way.
A SWOT analysis, in most cases entertainment entrepreneurs love and enjoy what they do and is driven by passion. This, however, does not mean you will not need to access your strengths, weaknesses, opportunities, and threats.
Firstly, find out what you do best, for instance, you might be a great singer and on occasion play an instrument, this does not mean you are good at both. Find out what works best to your advantage.
Secondly find out your opportunities, from your entertainment business when and how you will gain more. This analysis helps you determine what you will need to include and exclude from your business as well as helps in building your brand.
Your target market, include your target audience in your plan. This also helps increase your chances of success in the business as it helps you create relevant entertainment pieces to suit your audience.
Financial goals and expenses, what are your financial goals? You can do this on your own, but having guidance from a financial expert and a mentor in the industry will help you set realistic goals. Some goals could be, your financial goal in the next six months, some of the strategies you will use to increase your income.
Additionally, calculate how much you will charge your clients, how much will expenses such as equipment or salaries cost you?
Long and short term goals, another important part of a business plan is long and short term goals, these are your plans on expansion. If you are a musician how many music albums do you want to produce in the next five years. What is your plan for increasing brand awareness?
Having a business plan helps you take note of milestones, and for your business to succeed you need to constantly evaluate what works for your business or what does not and eliminate it. The great thing about business plans is you can make changes that suit your current business situation.
Create and Define a Brand
When writing your business plan, you include your target audience, for your target audience to relate and identify your voice you will need to create a brand. Branding is especially useful to entertainers as it helps to communicate your voice, what you stand for and your image. Branding also helps you to stand out from competitors.
Important branding tips could include a logo, a unique stage name or company name and a tagline
Get Social and Web Presence
In the current tech era, web and social presence have become a common and favorite marketing tool in various businesses. Social presence helps you appeal to a wider audience, attracting new clients. Open social media pages, or even have a website.
Open a Bank Account Dedicated to Your Business Expenses
To run a successful entertainment business your finances need to be in order, opening a business bank account not only helps you monitor your spending, returns and losses. But may also help in protecting your personal asset.
In the instance your business is sued, having your personal and business accounts joined you are at risk of losing personal assets such as a car or your home. Having a separate bank account also eases tax filing.
In addition to protecting your personal assets, it is also essential to have a business credit card, separate credit cards, helps to increase your credit history and in identifying your business expenses. Having a business credit card is also a great move for entrepreneurs starting their entertainment business from nothing.
Have a Legal Entity
A legal entity shields you from being personally liable if the company issued. There are several business structures, before settling on one it is essential to consider how the structure benefits your business, the flexibility is the legal structure open in case of business growth. The control and capital investments of the business, to mention a few.
To better understand the different legal structures below is a list:
LLC, this is the most common legal business structures, LLC helps the owner and shareholders to enjoy tax benefits in a partnership.
The sole proprietorship is the simplest structure with low costs and easy exit. Being the sole proprietorship means you are the sole owner and can dismiss your business any time you wish.
Other legal structures include
Corporation, cooperative and partnership
Get Permits and Licenses
This might not be necessary if you do not have a physical address, nonetheless, it is essential to find out what your states claims in terms of permits and licenses for entertainment entrepreneurs. Getting permits also helps to avoid heavy fines that may take a toll on your start-up business.
Get Insurance
This mostly applies if your business will have employees. Having insurance is also a legal requirement in the entertainment business. An insurance cover also increases your credibility and reputation as a company attracting more investors.
Important Pointers
Marketing, invest in marketing. Online entertainment forms have taken over, mostly due to availability and access across the globe. Invest in bringing your content to people all over the world and using both traditional and modern marketing methods.
Quality and value, pay attention to the quality of the content. To make it in the entertainment world you need to stay on top of the game. The entertainment business is changing every day. For instance, cameras keep on changing each time and keep on improving, invest in quality material such as cameras as well as in crafting your art. For example, if you are an actress then consider joining an acting class, if you are a musician or dancer sharpen those skills by practicing every day.
This however is different from those behind the scenes. Behind a big field, the entertainment field has shareholders and being the best in your fields will help you establish a successful and long-lasting career.
Relevance, stay relevant. The main purpose of entertainment is to make people happy, find out market trends, and incorporate them into your entertainment. Also, include personal touch people want to feel part of a community and this is also a great way to increase your brand awareness, increasing your sales while making people happy.
Another important factor to consider when starting an entertainment business is registering for intellectual properties. Intellectual property protection helps to protect your brand, logo, documents, in your company’s name.
Final Verdict
Starting and running an entertainment business requires more than passion. Though an integral part of your success. You need to be persistent, seek opportunities, stay determined and remain relevant. Do not let the challenges deter you from achieving your goal and establishing your business, company or career in entertainment.
