Sunday, May 29, 2016

Business Plan Development Mastery Journal Assignment


   My original goal for this course was to take in all I could about creating a business plan for the recording studio I plan to build and operate, Da Chop Shop Studios. It has been a dream of mine since 2003, and I’ve had some sort of recording setup since 2009 when I moved from Connecticut to Atlanta. The course was chocked with information, and if I may admit, a bit overwhelming. The course met the goal of providing the road map of developing an effective business plan, but I may have fallen short of my personal mark by not fully understanding all the concepts of the course. My insight, skill and outcome has changed because of this course. What comes easy to me is what I’m passionate about, and believe in. It makes it easier for others to believe in your product, service, etc.
   What didn’t come easy to me was the accounting portion of the course, which is clearly the most important. If your business does not look like it will make money, or you business plan in sloppy and inaccurate, investors will not want to part with their cash. I learned that my lack of skills in this area is where I can use the most improvement. As to how I would apply the material learned in this course personally or professionally, it’s a must that I utilize the concepts learned from the course content to run a successful business.

   To realize your dream can be a difficult thing to accomplish sometimes, if not for financial reasons, it’s because others may “kill the dream” before it’s born. You must plan and research to make your dream a viable business, not just one that looks good on paper, but reflects your passion.

Sunday, May 8, 2016

“Experts Views on the Value of Business Plans”




   The first recognized expert I have chosen in the field of writing and/or reviewing business plans I would like to mention is Tim Berry. Berry is founder and Chairman of Palo Alto Software, and is author of LivePlan and Business Plan Pro software. He is perhaps the leading authority in business plan development software and books. As a consultant to Apple Computers for 14 years, he developed various business plans for Apple Latin America, Apple Pacific, and Apple Japan. Apple Latin America grew from $2 million to $37 million annual sales, and Apple Japan grew from $187 million to $1.5 billion in annual sales during Berry’s tenure at Apple.

   Andrea Cockerton is another expert I chose in the field of writing and/or reviewing business plans. She founded the company Mudhut in 2005. The company specializes in Speechwriting, investor pitches, commercial pitches, and communication training. Microsoft was a client of Cockerton’s company, utilizing their business planning services for a number of years.

What are the critical & key components that investors are looking for in a plan?

- How unique/marketable/profitable your product/service is

- The target market for your product/service

- Your ability to execute your business plan

Why are these considered key?

   These critical & key components are important to investors because they want to see

that their potential to get a return on their investment is high.

Which of their suggestions are you considering for your plan.

   For Da Chop Shop Studios, the choice would be to focus on the target market of independent artists, labels, music producers, as well as corporate/advertising accounts, and increasing sales of mixing and mastering projects via Internet/Cloud Service. This would be to cater to clients who would need a studio to mix and master their projects.

Resources:

Various Length Bios for Tim Berry - Tim Berry. (n.d.). Retrieved May 08, 2016, from http://timberry.com/media1/biographies/

Tim Berry. (n.d.). Retrieved May 08, 2016, from http://www.paloalto.com/about-us/leadership/tim_berry

News, C. (2014). How formal choral scholar Andrea Cockerton turned the Dowsing Sound Collective from a hobby to a business. Retrieved May 08, 2016, from http://www.cambridge-news.co.uk/formal-choral-scholar-Andrea-Cockerton-turned-Dowsing-Sound-Collective-hobby-business/story-22510094-detail/story.html

Andrea Cockerton. (n.d.). Retrieved May 08, 2016, from http://www.thebusinesshub.info/guests/andrea-cockerton/

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