Business Plan – Skills and Resources needed for running a Business

To be able to run a business is not easy and many skills and resources are required to set up, manage and expand a successful business. The most important thing about wanting to run a business is full commitment. Being able to believe that your product or service will succeed and to have consistency with your business idea. My business Idea is to be an events promoter/DJ and to have great success in my business I will need to know all the skills and resources needed for putting up and running a successful event.

Obstacles must not stand in your way and it is useful to be tenacious and be able to cleverly get around any obstacles without damaging any progress made within the business. For example a supply truck delivering materials needed for the product breaks down or is involved in an accident, a good business manager will think on his/her feet and suggest an idea of making a new delivery while recovering any lost time. This is being able to improvise under stressful circumstances. I definitely would have to have immense amount of determination and drive to not let any failures keep me down and just keep my head high and learn from mistakes so I know what to do better the next time i attempt to host an event.

Being a business manager means communicating with many different groups of people, so good communication skills is vital for maintaining the success of a business, that means having a friendly and confident attitude towards people and being able to negotiate without putting any stress on your working relations. This also includes being able to manage any staff correctly without harming their working conditions such as a clean and healthy work environment compared to a broken down workspace where nobody feels comfortable working in. So having good leadership skills is useful in leading a constructive workforce towards success, that means no workers are slacking in their jobs, punctuality and a general positive attitude around the workplace.  All this leads to the final product or service being at the best quality possible. Event promotion is surrounded by networking and communicating with people, so most of my time i would need to be out there promoting my events, pushing for exposure and attention towards my service. I would need to develop good working relations with suppliers such as sound technicians or Venue owners to make sure i have the best opportunities to have quality event nights.

Good marketing and promotional skills is probably the second most important thing contributing to a successful business, because without the public or selected target marking having knowledge of your business, no growth will ever come to the business due to no consumers buying in to the product or service. This means a good leader will have a successful marketing team running top quality promotions to create the greatest awareness in the product or service. A good promotion will create awareness, interest, desire and action. Such as with NIKE’s marketing campaign “JUST DO IT” it was short and sweet, yet encapsulated everything people felt when they were exercising. It creating Attention for the product, Interest in the product, a desire to be like the product was saying and the want to take Action. This is a key feature in being a promoter and having a good marketing campaign is vital in creating a unique selling point in event nights. My idea is headed towards being ambiguous as to create curiosity within my target market. Knowing my target market is important so i know exactly how to market my events

Good Admin skills is a very much overlooked necessity for a good business manager. This is because they feel they could get others to do this job. Yes that is possible, however when starting out one should be solely focused on getting the business up and running before thinking of expanding. Therefore being able to administer the business in a sense of correct filing as well as being correct with accounts is a great aspect in making sure the business is running smoothly and wont encounter any overlooked problems caused by incorrect maths or filing. I would need to keep organised with my contacts and budgeting strategies so I do not go over my budget spending more than I should ion acts or bigger venues. I would need to learn what is best for my budget.

One of the best qualities a business manager should have is creativity and to be intuitive. These skills are vital for always staying ahead of the competition, to be able to be developing and thinking of new ways and ideas of always bringing something new to the field. Such as the new iPhone ability to detect if it is falling so it braces for impact without the phone taking any damage, it uses vibration in the phone to keep it from falling on its front and cracking the screen. that is the mos intuitive design for modern phone technology, especially with all phones being touch screen nowadays.  Being creative and intuitive with promoting events is extremely important especially if I would like to keep my target market interested in what I’m doing, I would need to always have something unique or different about my events and not just have them as a normal club night.

Time management is effective and extremely powerful in order of running a tight business. keeping things organised and up to date is extremely efficient in the sense of pushing forward and growing as a business. Making sure the managers and employees are always on top of schedule or even ahead of it. Training employees in time management will never be a waste of time or money, especially if it increases the strength of the business. I would need to keep in mind that there is a time and place for everything and being able to manage my time correctly will benefit the smooth running of the event. Making sure the sound and décor get to the club on time so set up can run smoothly without any setbacks, and if there are any setbacks I would have enough time to think of a way of getting around it.

A final great quality of a good business manager is being able to negotiate. If you cant negotiate with your business partners then the business has a slim chance of succeeding or having the business run and expand in the way you want it to. Being able to negotiate deals and other sorts of business transactions will greatly benefit the company, such as being able to negotiate longer hours without an increase in pay for employees, or negotiating a cheaper price for materials. All these things have a small but immense impact on the business. Being able to negotiate great deals with club owners and also artist will help towards maintaining a sensible budget for the event, and knowing how to communicate and negotiate with people will ensure benefits for myself and my events.

The most crucial resource needed to run a business is Capital. without capital nothing can really be done and the business idea, will remain an idea. Capital is money needed to get the business off the ground and actually running, such as paying for facilities or suppliers. Capital is gained mainly from investors who see your business as an opportunity to make back the money and more, investors will only invest if they see your business idea will actually work so to get investors to invest in the business takes time. My main investors would definitely have to be sponsors, this will help weigh out the budgets for expenses and also help gain my events great exposure to the public.

If you don’t have a location, how do you expect any work to to start happening. That is why an ideal location is second of importance of resources needed to run a business. the location should be ideal in a sense that it is an affordable space that does not take up too much of the budget making it easy to budget the money to other important areas such as the maintaining of quality staff. I’ve been to many festivals and i have an understanding that space is a necessity for events, so I would need to be wise about my location and make sure its easily accessible to my target market, that is, it would need to be close and easy to find.

Having good and reliable contacts is a great resource and a resource that will be greatly beneficial towards business expansion and success. The contacts might just be a reliable supplier that will get the supplies there on time and make sure they are up to standard supplies enabling the business to continue quality production. Or a good contact might be able to help with finding an ideal location or help with making sure the target market and marketing is more than successful with AIDA.

Staff is a real handy resource in creating a quicker production, making sure you have competent and trained staff is also a good resource of having and its a quality skill knowing when or if the staff need any training. Training of staff is never a waste of money because in the end you would want more output for less or equal input. This is something all businesses strive for.

Suppliers could range from a supply aspect as in farms or miners. Very primary resource type of suppliers, to an actual location supplier, allowing you to use the venue as a medium for the business, with things such as events and live performances.

Friends are family are one of the best resources to have especially with them giving you the support needed to continue with the business venture. They could also act as great contacts by knowing people that could be beneficial in helping the business. But mainly having their support is very important and they are always handy having around if they are able to help out in any area they seem fit to handle. My friends and family give me great support in going for my dreams and achieving success. Without them i would not have the amount of drive and motivation to keep on pushing towards my goals.

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