Work-In Your Business and Work-On Your Business.

 

 Operating a sole proprietor business is great. This means that you get to keep all the profits, Goodwill and Joy that the business would bring. And in the same realm of the business, you also have to endure all the losses, Recession, dormancy and bad debts. Sometimes the good outweigh the bad, but nevertheless, it gets hard at time to make two ends, balance out the revenue and expenditures and even to break even. It is hard. Why I look at it from this point of view is because many entrepreneurs started out their business or businesses having no one to help them carry out the daily duties and operation in the business. Sometime for some owners, they are over work because they have to work in the business and on the business at the same time.   Now, Working-In the business requires the manager/owner to do administrative work, which includes preparing documentations, requisition forms, setup systems, performing the daily operations, co ordinate activities and so on. So while Working- In the business requires persons to work from a fix location; Working-on the business take the opposite. It requires person to be Networking, Creating Linkages, Building New products/services, Writing Projects, expanding service or product line.  Creating a balance between the two areas for entrepreneurs can determine success or failure to a dimension.

 
Sometime the way your business is structure, it need more attention in the area of Working-In the business,  rather than Working-On the business. These method runs opposite to each other. You as a the business owner need to recognize which of the two your company or business need more and then work at it to get the growth within your business.  This website can assist you One Million By One Million.  Make the most from these sites. Also, try to get more training and have it constantly so that you are on top of things.

Don’t Let Statistic Kill your Business

Sometimes statistics are point against you, but you can prove statistic wrong. Statistics are referring to the things that happened in the past and therefore, you may just have the answer to solve the problem. Doing business these days don’t mean that you have to re-invent the wheel totally, however tweaking it is a perfect way to capture what were missing from the previous work. Sometime you just need to incorporate another business model in your business model and to get the best out of it. Better news, find out about all the different business models that are used through regions within your industry and try find one that can use in your country.

Know the Basic About Business

Knowing the basic about business can help a lot. This help you to have command of your business and in the Business Industry that your business falls under. Tip : Don’t be afraid to follow the changes as your business, the markets and the ways business is done evolves. This move may have both legs shaking, but keep you nerves. 

What Not To Do As A Business Owner.

Business Plan for Finance

As a business owner, I had the wrong concept of approach to business. I started my business at the age of twenty five years old. The nature of my business covers online marketing and management of artistes. But truly, I started with experience; however the practical knowledge of owning a business was absent. I say absent, because in some else’s business I know that I would get pay at the end of the month. Now that I have my own business, I couldn't polish off information for any manager or executive director, because I am the head and I would be sinking my own business. I remember when my business plan was analyzed by a business consultant from the Jamaica Business Development Corporation. I am sharing this information with you, because I don’t want young entrepreneurs to make the same mistake like me. She wrote this report:

Business plan review for Prime Management Co.

In general, most business plans follow a particular guide and as such are there headings in a business plan which are expected to be in it. It seems as if a more comprehensive template could have been used. I have attached a simple business plan template which can be used as a guide.

General Findings:

Aesthetics

The plan looks good in terms of layout, font etc. the headings and sub headings need to be uniformed.

Content

1.  Table of contents has no page numbers, and some elements in the plan are not been shown in the tables, eg. SWOT analysis. (I assume this is a simple mistake)

2.  The first section of the business plan should be the Executive Summary, this is a summary of the plan no more than about two pages. Someone should be able to read this summary and know everything about the business, its products, customers, owner, goal,  financial projections,  start up or existing business, and also what’s the purpose of the plan, is it a guide for management or for seeking investment. Etc.

3. Business Description.

Is this the business’ Background/ History?

Is it a start-up or existing business, what have you done so far, why this business?

What business are you in? is it that you will manage the sales of music, or you will be managing an artistes presence online via. the various social media platforms. How will it attend to all the needs of the customers? Or is it artist management overall, including bookings, capacity building and other forms of promotion?

Who is the Owner / General Manager? What are the skills, experience of the manager?

How will you choose to register your business? i.e. sole trader, partnership or  Limited Liability Company.

Vision statement

Your vision statement is not stating what you want to become, what your future looks like. For example you want to be the leading online marketing company when it comes to online management of musicians and writers.

Mission Statement

Your mission statement is a statement to your customers stating why you are in business. For example Prime Managements aim is to provide the best online marketing  management service to musicians and writers through  our membership programme.

Both mission and vision statements were vague as it did not speak to your service offerings nor your customers.

Goals & Objectives

Most goals seem good, they are SMART  with the exception of a few i.e. “secure funding” how much, by when?

What do you mean to become a top seller? Be more specific, also “to access both online and local”

You may also want to be a bit more realistic with the numbers i.e. having 500 registered, market share and profit expectations?

3. Overview of Entertainment Industry

This is the Industry Analysis.

In this section of the plan, you give a good account of the industry in general, i.e. namely describing the current trends. However it is too long and lacking in other aspects. You may want to do a PEST analysis, (Political, Economical, Social and Technological Analysis) or Porters five forces analysis

You have provided information re: the trends but no information regarding the actual business that you want to get into which is primarily the management / monitoring of sales of your members music and books. Your business is artist management therefore the industry is the artist management sector which I would consider a sub-sector to the overall entertainment industry.

After identifying the industry, give an overview including brief history, Factors affecting growth or decline, Government regulations affecting industry i.e. copy rite law, JCAP etc. and Leading businesses in the industry (locally) and their operating practices. You can also try to estimate the size of the industry in dollar value, current trends in terms of management, technology, marketing etc.

Also customer data, so what is the size of your target market and their buying behavior. I assume your target market to be recording artists, composers, and authors etc.

4. Description of Service

This section is too long with unnecessary information, just give a brief description of your services in point form