Business Plan Part 2

After reviewing the two professional and their advice towards why a business plans is so important for start up companies I took both into consideration. I definitely will have an expert critique my business plan after I complete it. I understand that revisions must be made to my business plan frequently due to the advancement of technology in the entertainment industry. Staying current with trends and fine tuning my plan will produce more accurate effective results verses outdated information. It will decrease the headroom of mistakes for my business. I want investors to know I have done my research on my industry and to take my vision seriously. With other people reputation and money invested I can’t afford to begin my entity blindly. The professional aspect does increase your chances of someone financially supporting your vision because no one wants to gamble on someone that has not took self initiative. Also I truly believe that doing a business plan will help the survival and the operation procedures of my business drastically. I agree that my business plan will show investors what I’m capable of but only a small fraction. My intentions will match up with my personal values and morals to better society for a greater cause. For instances I have a very close friend that own a salon business venture with someone else and they are already experiencing major problems in the early stages of the business because they didn’t do a business plan. They really are blind and just going day-to-day trying to figure out knowledge about their business that they should have been figure out. Surely, if they don’t conduct a research assessment and put together a business plan they business life expectancy will not be long. To be honest I feel I have a better chance of managing their salon business with no prior experience because I know how to put together a business plan.

Source:

http://www.youtube.com/watch?v=p71isDrdp6Q

http://www.artistshousemusic.org/videos/loyola+university+new+orleans+business+plan+seminar

The Importance of a Business Plan

The first professional I reviewed is a professor at Loyola University in New Orleans named Brenda Joyner. She addresses the topic on why a business plan is necessary. Although it’s the beginning of a process to raise capitol for a business it’s a blue print. It shows investors that you’re serious about the business you’re attempting to start up. It give you respectability with the investors because its evidence that you actually took the time out to do your homework before presenting your proposal. A business plan demonstrates knowledge and awareness of what your doing. The benefit of having a fine tuned business plan is it increases the likelihood of getting the funding your seeking. Having one shows preparation and wherever you may go to raise capitol it gives off a sense of professionalism. That means the quality of a business plan should reflect. Being realistic and as accurate as possible in every section will lower the room for mistakes. Also including the potential risk in your business plan can assist the valid information. The second professional I reviewed is a professor by the name of William H. Crookston. He expresses the importance of having a business plan and why this step should not be over looked. Like your first child, if you can’t develop or write a solid business plan just imagine how your second child the actual business is going to turn out. A business plan is like a resume for your business. It shows a pervious track history and what you as the founder is capable of. It also gives potential investors a little insight on your intentions for a company from start to end at a certain point in time. A business plan helps them to figure out where your going and people are more willing to support you if you have one. It takes on the role as being a sale, financial and startup guide document all in one. With out one your blind folded just stumbling around in the dark.

Source:

http://www.youtube.com/watch?v=p71isDrdp6Q

http://www.artistshousemusic.org/videos/loyola+university+new+orleans+business+plan+seminar

Management Interpersonal Skills

The Artist Managers that have a great set of Interpersonal Skills are more appealing to an artist work with. It makes sense nobody wants to work with someone that’s grumpy and complains everyday. Negative energy can rub off on people in a good mood and create problems in a productive work environment. This can have a major impact on creative levels and affect the outcome of important projects. Mutual trust is first and foremost. If an artist and a manager can’t trust one another they don’t need to work with each other. The artists that a manager represents trust that their career is in better hands by accepting this relationship. The manager is responsible for all aspects of an artist career. The manager on behalf of the artist will make many important decisions and that takes a great wealth of trust. Communication is vital key element that can’t be taking lightly. After all, the manager primary job is to articulate their artist vision and make it reality. Without proper communication that job can’t be done effectively and leaves room for even greater error. The ability to compromise is another essential factor. Artist managers can only control so much and every offer presented may not always be exactly what you expected for your artist and you. This is where Opportunity cost comes into play acknowledging benefits over others. Taking a step back looking at the situation from different perspectives will allow a manager to find value in suggestions and opinions over a firm commitment taking them into consideration. Dealing with change is another one and it kind of go hand and hand with the skill previously mentioned. A manager must be able to adapt and overcome in every situation. Solving problems during at a moments notice is normal in the field of artist management. It’s like a weapon at the gun range. If your not hitting the target accurately you probably want to adjust the site post, aim and control your breathing. That same analogy can be applied for problem solving in the realm of artist management.

Source:

http://sydney.edu.au/science/uniserve_science/projects/skills/jantrial/interpersonal/interpersonal.htm

http://www.musiccareer.com.au/index.php?title=Artist_Manager

Making it happen behind the scenes

I like to refer to artist managers as the engine under the hood. They are the power horse of the operation. Artist managers stand in the shadows of their artist most of their entire career being the artist alter ego. That’s because it’s all about the artist and advancing them to the next level not the manager. Making the necessary moves behind the scene so that the artist appears to be perfect. If you are a jealous person then artist management is probably not the job for you.  It’s the type of job where as you only get attention and acknowledgement when you make an error. Most artist managers in the music industry that are successful have a team effort mindset with a humble attitude. The quiet storm it’s a secret race trying to get to the top and doing it quietly. Giving credit when credit is due is just a phrase in the profession of artist management. Many times fans of superstars listen to their favorite artist from childhood and never know who manages their career. When it’s because of the jack-of-all-trades these artist are able to maintain and have an outstanding career. In the past a lot of artist felt an artist manager was getting paid to do nothing. Also in the past many artist managers was vindictive and conniving. They would actually use the artist to get money. Once the artist discovered that out got token advantage of enough artists to become untrustworthy. Today more contracts are being utilized and enforced so the betrayal has decrease a bit. Although the work that the artist manager does is still a mystery for some people it is clear that they play a major role. The relationship between an artist and a manager must have trust and great communication in order to succeed its like a marriage so its always a working progress. 

Source:

http://www.artistshousemusic.org/videos/getting+started+with+artist+management

http://www.artistshousemusic.org/videos/artist+management

   

History and Trends

Do history really repeats itself in the entertainment industry or how new is our current trends?  I feel no matter how much progress or growth is accomplished returning back to the roots and basic fundamental is inevitable. For example when was the last time you saw a great movie with a new story line. When I say new, I mean a brand new story line not a sequel or prequel. To bring it to your attention here are a few X Men, Spider Man, Planet of The Apes and Captain America. No wait I have better examples like vampires, zombies, love story or somebody gets kidnap and one-person try to find them.  My point is that what’s new to us is ancient. Is it that Hollywood writers and directors are running out of fresh ideas or just to lazy to create new material? What ever the case may be the people that make these films always return back to the product origins. It’s the same pattern with fashion these days. Hairstyles, clothes and shoes are all brought back from the dead. Like Mohawks, Snapback hats, Throwback jerseys and all of Michael Jordan shoes. Although, I must say that the first time when these trends came on the scene was the good ole days. I guess by bringing them back it replicates a sense of good feeling we experience at that point in time. With music it also takes place when producers use sampling in their productions.  Sampling is when apiece of music is taken and use in another creation. Some producers use current songs when sampling. Although, one of the hottest trends in beat production is sampling an oldie song pattern or vocals incorporating it with another beat. What this does is revives the out dated song and give the creation a groovy feel like the old days. So to answer the question history does repeat it self and our current trends are ancient like our ancestors.   

Source:  Passman, D., (2009). All you need to know about the music business. New York: Free Press. Frascogna, X., Hetherington, H., (2004). The business of artist management. New York: Random House Inc. 

Music Distribution

Getting music distributed without a record deal use to be nearly impossible. Now due to technology advancements online music distribution channels has made it possible for independent labels and artist to generate revenue from their music. Today there are many different types of business models packages and platforms that cater to the needs of an artist. Industry professionals did not always look upon it as a positive thing. Illegal file sharing sites like Napster caused problems in the music industry and some say is the reason for a 31 percent revenue drop in physical album sales back in 2000. Music consumers did not complain because they downloaded plenty songs of their favorite artist free of charge. Then record labels started fighting back attacking those types of websites that condoned digital piracy until they were banned and filed lawsuits against music fans that were caught on the websites. Music consumers complained that the quality of the songs on the albums being produced was not worth the retail price. So they downloaded only songs that appealed to their interest. A business model was desperately needed in the music industry. Apple answered with itunes and it was a great success. They are many positives about online music distribution. Artist and songwriters get a higher royalty percentage, its very cost effective, convenient and allows music consumers to purchase songs at the click of a button. Some online distributors offer licensing services.  Although, online distributions has been a primary music outlet for independent artist and labels because of financial reasons this particular business model has become quite attractive to the major labels. Reaching the masses or a target market is more achievable due to the number of Internet users. Technology has evolved and now mobile devices are Internet capable keeping us connected anywhere we dwell. Viral marketing has become essential for the success of both independent artist and major labels. 

Source:  Passman, D., (2009). All you need to know about the music business. New York: Free Press Frascogna, X., Hetherington, H., (2004). The business of artist management. New York: Random House Inc. 

       

Entertainment Attorney Expert Blog

This blog is an interview between a professional Entertainment Attorney and me. The purpose of the interview is to get advice from an expert that has the necessary skills and experience in my sector of the entertainment industry. As an artist manager there are times where I will need to seek legal advice from a industry professional not only for my clients but also for myself.

The Entertainment Attorney I chose to interview name is Gregory P. Eveline. The founder and head attorney at NOLA Entertainment Law has provided his services to many known famous acts. So his creditability is not an issue for the most part. To make this interview go smooth as possible I prepared some question relevant to my field to ask Mr. Eveline.

J: Tell me a little about yourself and how you got started in the Entertainment Industry?

Mr. E:  Okay where do I start? I was a record retailer, distributor and producer before I became a successful manager and concert promoter for 10 years. I’ve worked with artist such as R.E.M., Billy Idol, Marianne Faithful and the Dead Kennedys, to name a few. As time went on I felt my wealth of knowledge would make me a great Entertainment Attorney so I became one.

J: So what type of services you provide that’s relevant to Artist Management?

Mr. E: Entertainment Law, Copyright and Trademark Protection, Contracts, Licensing, Advertising, Merchandising and Branding.

J: What are some common mistakes or trends of Artist Managers that you have notice recently?

Mr. E: The most common mistakes I’ve noticed from Artist Managers are errors on copyright paperwork.

J: Are there ways I can protect myself in a written agreement between my artist and me?

Mr. E: Yes there are a number of clauses you can put in an agreement to protect yourself like option periods, having all monies coming from the label instead of the artist and earnings after the term.

J: What are some things to look out for when licensing Intellectual Property?

Mr. E: Yes the assignment of the copyrighted material. Never give full rights or ownership. Licensing the material for use would be the appropriate action to do.

J: What is a conflict of interest and how does it apply to Artist Managers?

Mr. E: Conflict of Interest is when two parties have the same person representing them. In most case this is not a problem until a legal issue arises. It depends on the professional field and preference. This applies to an Artist Manager because that role requires you to be just that. For example you can’t be the Artist Manger and the Booking Agent. 

J: Are there any other legal liabilities that may be of my concern being in the field of Artist Management?

Mr. E: Yes be prepared to be sued if your artist misses a show or uses copyrighted material without permission as long as you represent artist.

J: Well, thanks for taking time out of your busy schedule to conduct this interview. The information that you have shared with me was very informative. I really appreciated and look forward to doing business with you in the future.

Mr. E: You’re very welcome Jamar anytime. I love helping ambitious individuals that have the desire to learn more about their field or the Entertainment Industry.