Applying Expert Advice to My Personal Business Plan

In my last post I discussed a couple of entertainment industry professionals and their impacts within their specific niches. One being Jon Taffer, a nightlife concept developer and host of Spike TV's Bar Rescue, and the other being award winning film producer and consultant, Kathryn Arnold. Through this research I have now recognized how important it is to review expert advice and some of their work before finalizing your own business plan. I would like to incorporate what I have learned from these two experts, as well as others, to ensure that my plan is strong, impeccable, and that it embodies a uniqueness that makes me stand apart from the rest. 

Before recently watching Bar Rescue for the first time, I honestly had never considered the idea of hiring a nightlife expert and his or her team of consultants to assist in the building of my future venue. To be entirely upfront, I really wasn't even aware that such a career position as Taffer's even existed. After seeing how positively a business and their employees can be impacted by the advice of such professionals, I will indeed factor this into my upstart budget. Firstly, I would like to sit down with a bar/venue consultant to review my overall proposal so that I may receive critiques and suggestions before moving forward with anything solid. Secondly, I hope to receive recommendations from this individual for other consultants that could benefit my business as well. Examples of this would include an interior designer, a mixologist, and a nightlife staff trainer. I want to do absolutely everything in my power to ensure that my venue is hip and trendy, and also that it offers my clientele a wonderful, one-of-a-kind experience. 

From what I read of Arnold's work, I truly came to the realization of how important it will be for me to have a strong legal and financial team standing behind my endeavor. Although I have become much better over the years in managing money, I am still awful and number crunching, so it was always my plan to hire a trusted accountant and financial advisor to handle my money. I recognized, however, that it will be necessary for me to have a legal team to review all of my contracts with my employees, purchasing the space, as well as assisting me in finalizing my general talent buying contracts. I also took away from her work that if I ever decide to do some sort of expansion or to create a spin-off space that I will need to consult a project developer. I believe all of these things will ensure that I have the best possible financial outcome and successes related to my venue profits. 

For what I am doing specifically, which is opening a live entertainment venue, I believe that it is most important for my investor to see how strategically I chose the location, with regards to both the city and space itself. Without having individuals around who could attend my venue or would even have interest in going to see live entertainment, my entire plan is futile. I also believe that my financial plan will be the number one priority for enticing a silent investor to come on board with my project. Lastly, I believe my promotions and marketing strategies will be a top priority so that potential investors actually believe I know what I'm doing. I hope with my team of aforementioned consultants and professionals that I am truly able to deliver an outstanding business plan in the future so that I can obtain some great investment backing. 

Experts Views on the Value of Business Plans

My ultimate goal is to one day open my own live entertainment venue and one of the first things I am interested in doing when I meet a professional in my chosen field or in a related field is picking their brain apart so that I can attempt to have as few mistakes when my business comes to fruition. Expert interviews can be some of the most exciting moments for a young entrepreneur such as myself and it is incredibly important, in my opinion, to learn and take advice from others so that I can be the best that I can be. I know that when my goal is more in sight that I will absolutely set up meetings with experts in my field who can help me write, review and finalize my business plan so that I can be prepared for anything that may arise.

This may sound slightly silly but about two weeks ago my roommate introduced me to the show Bar Rescue on Spike TV. I live in Austin and had heard of the show as they had revamped two bars in the downtown area. However I’d never actually sat down to watch an episode until it was brought to my attention and now I’m hooked! My business will be within the nightlife umbrella so there is actually a lot for me personally to take away from this show, not to mention they have had a few bar venues as clients.

The host of the show is Jon Taffer, who according to Examiner is “an internationally recognized, award winning, concept developer, the voice and guru in the bar and nightlife industry.” His credentials also include Chairman of Taffer Dynamics where he is a consultant and development adviser to nightclubs and bars, as well as being the President of Nightclubs and Bar Media Group. A Long Island native, Taffer’s passion developed during his first job as a bartender while in college in Denver. He began managing his first restaurant in 1978, LA’s Troubadour, then opened his first bar in 1989 in St. Louis.

Taffer strives to create a total package in a restaurant/bar/venue, focusing on everything from drink and food menu to the music to the overall flow of the room. The customer’s overall experience is what he works to ingrain in bar managers heads time and time again.

Another expiring expert in the entertainment field is award winning film producer and executive, Kathryn Arnold. She consults with “lawyers, financiers and other producers on both film development and production, as well as serve[s] as an expert witness on cases involving entertainment industry related issues.” Having spent time working at The Guber-Peters Entertainment Co.  and Cineville Films, Arnold has worked on box-office hits including Rain Man, Batman, and Bird on a Wire.

She offers her clients advisory and consulting services as well as project development, and specializes in particular in entertainment based economics and finances. She can truly assist her clients in creating and distributing the best possible film product that stays true to the original idea while maximizing profits.

From reviewing these two experts work, it seems to me that business investors are looking for a solid idea with the expertise and confidence to make that idea succeed. I find it difficult to pick out certain components as being more important than others because in all reality, investors are not looking for a half-finished business plan; they seek out a total package. However having the right team of individuals to make your idea work I believe is the most important asset to start with and one that can jeopardize the success if not all of the components are there. I would also say that investors are looking for those who pay attention to detail and who think on their feet and who can be a logistically thinking problem solver.

Overall, the importance of enlisting the services of an expert in your field when comprising your business plan is absolutely invaluable. These are the individuals who are trained to catch things that you may have overlooked and who can help you plan for problems that could arise. I am 100% certain that I will invest a lot of time with a business plan development expert before I ever move too far forward with creating my venue to ensure my best possible outcome.