Business Plan Advice

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Starting your own company and deciding to go into business for yourself can be a lucrative but yet painstaking ordeal. To limit the hassle and stressfulness that will automatically come when starting your business, consider taking advice from a seasoned entrepreneur. Two individuals with a wealth of knowledge on starting and operating a business that I personally can relate to are Donald Trump and Mark Cuban.

Donald Trump gives out amazing advice to up and coming business owners like myself. A particular key point that Donald notes and I am incorporating into my integrated recording studio and label business is to focus on the present.

What is the current state of the market?  Trump says that he tries to learn from the past, but plans for the future by remaining exclusively focused on the present.

As the Internet continues to shape how the music industry operates, it is easy for new indie labels to make a decision to only operate digitally. Yes, the market is transitioning to a more digital platform, but physical CD’s are not completely obsolete.

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There is still potential revenue to be made with physical CD’s and I will continue to keep it a part of my business plan until the market has completely moved on to a new platform.   

Mark Cuban is another seasoned entrepreneur with great advice concerning start up companies and business plans. A tip that he shares with readers of his “How to Win at the Sport of Business: If I Can Do It, You Can Do It” book is to start a business that you are obsessed with. “If you have an exit strategy, its not an obsession,” says Mark Cuban.

It is about doing something that you love and are passionate about; and obtaining a team that feels the same way about the business.   Motivated employees are hard working employees who will go above and beyond for your business. Find them and keep them happily working for you.

For entrepreneurs seeking funding from investors when presenting their business plan, remember the most important documents you want to have are the financial statements. They are the bread and butter of your business plan. I

t is nice to have a great idea, but your financial documents will tell investors if your company will be profitable and make a return of income in their pocket. Nobody wants to fund a ailing company, and your financial statements will either prove that you are profitable or show you areas where your business needs to improve upon.