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.