Th?nk Media Music Musical consultancy
With a host of professionals at it's disposal thinkmedia can offer a wealth of insight and just plain good advice concerning the musical and televisual production industries, including music, TV, radio and advertising, as well as considerable live experience.
Recently TMM's CEO Terry Eckersley lectured at the famous academy of contemporary music in Guildford, and has kindly submitted his notes on all things musical...Television music, film music, music, production music, library music, advertising music, theme music, television editing, editors, production, producers
Introduction-lightbulb jokes
Myself- CEO www.thinkmediamusic.com & www.wokingymca.org.uk
Entrepreneur-Writer/composer/producer/publisher
Lecture content-Inspire-motivate-enjoy the journey
As we have looked at previously, planning and structure can really benefit what we want to achieve. In this lecture, we will examine putting together a business plan to include relevant areas that will increase our chances of success, as well as being taking an objective look at your proposals.
Learner requirements
To gain the most from this lecture, you will need writing resources to enable you to take notes during delivery. You will need to start thinking how the areas discussed could potentially be integrated into your career plans, and what they may entail.
6.1 I love it when a plan/dream comes together
As discussed previously, it is more effective to have some kind of plan in place before undertaking a project, just as you’d plan your route before driving somewhere. When you are looking at ventures that involve money, and especially borrowing finance, you need to provide evidence of where it all goes and where it is all coming from.
Vision
- Where are you going?
- What do you want to achieve?-Get a strong conviction
- Who are you going with?-the power of association-a rising tide lifts all ships!
- Dream BIG dreams- take small steps! You can make it!
- A mindset-positive and focused
How did I start? Success leaves clues
- Vision
- Shared vision
- Action, action, action…………
- Music Interest Contacts-
- H Armstrong- V Morrison-helped me learn to write
- M Hill-Craig David- Helped me break intimidation
- B Upton-told me a couldn’t do it and how I could????
Networking story
- NHS story
- First Press Conference Story
- Monkey Business story - Got music on ITVs largest selling show without being registered!
- Gadget Pens story
- Free mantle media story
- Owners Air Story
- BBC Story
- DREAMACTIONING
DREAM
- Split into small groups- Imagineering- If you can’t see it/dream it you can’t have it! Dream BIG-no constraints- financial-resource-anything
- Dream completely outrageously outside the box!
- Walt Disney Story
Financial forecasts
By providing financial forecasts, you will also see whether your plan will be sustainable and whether you will be able to survive. Just putting your plans in writing can sometimes help you get a clearer idea of what will happen, and allow you to take other aspects that you may not have thought of into account.
Absolutely- or get someone else- who believes in you and our dream!
Keep your overheads down!
Maximise your income! Its not rocket science
This can be done!!
6.2 Start-up costs
Having the money to start doing what you need to make money can often be a big hurdle. You have to consider if you need to make any purchases to start your proposed business.
For example, if you want to go into teaching, you will need something to teach with, possible spare instruments, appropriate space and suitable curriculum. In addition, you will need to consider advertising costs and stationery. Anything you need, you will have to budget for. Some of the items you may already have, such a guitar if you are teaching guitar, but you may not have a spare if you are offering that service to a prospective client. You will need to make a realistic estimate on how much everything will cost before you even undertake your first lesson.
Again, Dream BIG start SMALL-Actions
Split into small groups
DREAMACTIONING
ACTION TIME-what small actions do I now need to take to make the dream a reality?
6.3 Taxing issues
Many of you will become ‘sole traders’. This means that you are running your own business, which may be made up of various different income sources. It is imperative that you keep a detailed record of all the money you earn and all the money you spend. Keep receipts of everything so you can provide evidence for all your purchases. Whatever myths people might tell you about tax evasion, it really isn’t worth it. The last thing you want is a full tax investigation, as tax investigators think all musicians are millionaire tax exiles and they will look very hard to find ‘missing money’! Get a good accountant and let them do all the complicated bits for you, but make things easier by giving them eligible records and receipts.
6.4 Mapping
Once you get into writing everything down and seeing how much things are going to cost and, more importantly, how much you’re going to have to earn to break even, you will start to see how realistic your ideas are. For example, if your start-up costs for a teaching practice are £5000 and you’re planning to charge £20 an hour for lessons, you’re looking at teaching for 250 hours just to break even! Once you see the figures you can consider whether you could reduce your start-up costs or increase your income stream to enable you to get into profit quicker.
Summary
Gain an understanding of the kind of financial planning that is necessary to start a business or small tradership. Discipline yourself to keep effective cash flows and receipts.
Recommended practice
Find out prices for the kind of services you are aiming to provide and see if you can work for competitive rates. Plan your finances around the competition and see whether your ideas will be workable.
You should be practising this for at least an hour a day. Your practice routine could be broken down as follows:
- 30 minutes reviewing the lecture content and additional notes you’ve made in class.
- 30 minutes constructing financial forecasts for your business propositions.
Additional study
Request to see business plans for successful businesses. Try the library or the Internet to see how businesses have successfully managed to get into profit in a manageable timeframe.
- Pete Waterman- I wish I was me
- Richard Branson-Losing my virginity
Other entrepreneurs in the music business and writers, artists, composers, be inspired to success!
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