Thinking about opening a performing arts business? We tell you what you need to know to get started.
(article continues below)
Best Practices: Business Plans for Performing Arts Businesses
Struggling to get the attention of lenders and investors? Maybe it's because you're lacking a high quality business plan.
Business plans address a wide range of issues, including startup financials. Not surprisingly, lenders immediately turn to the financial section and use the accuracy of your forecasts to gauge the value of other parts of the plan.
Subsequently, a thorough understanding of business plan financial basics is a prerequisite to effective business plan writing for performing arts businesses.
Take a Look at Competitors
Before you open a performing arts business within your community, it's a good idea to find out how strong the competition is. Try our link below to get a list of local competitors in your area. Just enter your city, state and zip code to get a list of performing arts businesses in your community.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you are interested in starting a performing arts business, it's a smart move to learn as much as you can from somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. The last thing they want to do is help you to be a better competitor.
Thankfully, an owner of a a performing arts business on the other side of the country may be more than happy to give you a few tips, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. In my experience, you may have to call ten business owners in order to find one who is willing to share his wisdom with you.
How do you locate an owner of a performing arts business who is willing to advise you because you live in different cities?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Financial Benefits of Buying a Performing Arts Business
Startup performing arts businesses carry a host of financial risks and concerns. Without an operational history, it's hard to predict how your startup will actually perform in the marketplace.
Financial risk management requires you to at least consider the possibility of setting your startup plans aside to explore acquisition opportunities. At a minimum, it's worth exploring the financial benefits of buying a business to get an established customer base.
Based on the acquisition target's financial records, you should be able to piece together a realistic forecast of your new company's financial picture for the first year and beyond. If you need assistance, we suggest talking to an accountant or professional business planning consultant.
Don't Forget About Franchising As an Option
Recognize that your chances of doing well in business are much greater when you franchise in lieu of doing everything yourself.
If you planning on starting a performing arts business, a smart move is to determine whether there are good franchise opportunities available that might make sense for you.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding getting started as an entrepreneur may be of interest to you.
If you currently own a performing arts business, these resources will come in handy:
If you sell to performing arts businesses, this isn't the right place for you. These resources are more appropriate for you:
If you are still exploring all of your options, please browse our directory of guides below.