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.