Business Plans

[Tom]

I'm currently in the process of starting my business plan now. Was going to start a new thread about this but thought I might comment here instead.

Currently plan to be 100% self funded with no intention to take a loan of use any form of credit card. I have time on my hands to get the money together so I'm not in a rush, but I would like to be up and running within 12 months, hopefully by the end of the year, giving me time to get everything put in place.

Equipment wise, I do plan to buy the best I can afford, within reason of course. We all want the best equipment out there but it might not be best suited to our needs so thats were sitting down and working out, do I need this, will I earn more ect, which has been mentioned already.

I do plan to go at this full time instead of being part time years a go. Build a solid core business plan from the start, equipment, music, advertisement and then engaging with other more estabaliahsed DJ's within my area. Not to pinch their work, but in fact to help them, who would in turn help me get back on my feet, bring in the much needed funds and then get my own work.

I used to spend a lot of equipment and that was my downfall! New equipment coming out all the time and I just had to have it. Lesson learned and now buy the kit I need, not what I want. Keep the costs of running the business down to a minimum which in the long run will be better on my pocket.

To me there are pro's and cons of being self employed and running a business.

I guess the pros for me would be

• staying at home and only going out when needed
• look after the kids (when the missus and I have them, which keeps child care down to a minimum)
• maintain the house, keeping it clean and tidy (which don't happen due to both my missus and I working shifts and long hours)
• be able to go to the gym and train when it's not busy (pet hate of mine is a busy gym!)
• be able to speak to clients without having to make time at my current work during lunch (could loose a potential client)
• research music and other potential markets enter
• work on other business ideas to bring in income

Cons would include

• lack of social life due to keeping spending to a minimum
• being stuck at home

I'm sure there are other cons, but the pros seem to outweigh the cons quite a bit.

[Shakermaker Promotions]

Looks like you have a decent plan for your....er, plan!

With reference to the Pro's and Con's...

You mentioned that one of the Con's could be lack of social life. I don't look at it like that at all.
I look at it as the weekend is where I do all of my work. I've had lots of weekday bookings and they are bonuses as far as I am concerned but it's predominantly the weekend where we do what we do and earn the money. That means that there is plenty of time to socialise if you want to during the week. I joined a darts team about 4 years ago and so that means Tuesday night is my night for socialising. That may not appeal to many....I mean, a Tuesday night? Not very glamorous is it but I look forward to it after working all weekend.

Add to that, sometimes you may not have work on a Saturday night for example. They are quite a rarity in this business as you know so when a free one does pop up it's worth making the most of it.

The Pro's definitely outweigh the Con's in my book.

[Tom]

Looks like you have a decent plan for your....er, plan!

With reference to the Pro's and Con's...

You mentioned that one of the Con's could be lack of social life. I don't look at it like that at all.
I look at it as the weekend is where I do all of my work. I've had lots of weekday bookings and they are bonuses as far as I am concerned but it's predominantly the weekend where we do what we do and earn the money. That means that there is plenty of time to socialise if you want to during the week. I joined a darts team about 4 years ago and so that means Tuesday night is my night for socialising. That may not appeal to many....I mean, a Tuesday night? Not very glamorous is it but I look forward to it after working all weekend.

Add to that, sometimes you may not have work on a Saturday night for example. They are quite a rarity in this business as you know so when a free one does pop up it's worth making the most of it.

The Pro's definitely outweigh the Con's in my book.

Thanks. Trying to do things better and by learning by my mistakes.

I can see where you're coming from regarding lack of social life. I guess with possibly more time off during the week that will give me time to make time to either do something with others who are not at work during the day or plan something for the evening.

Agreed most of the work would be on Fridays and Saturdays.

The pros so outweigh the the cons thinking about it more. Would really like to meet up with others and talk more about the business side of things in person, but got a feeling many might not be so forthcoming to help someone who is in competition.

[DJColsie]

I joined a darts team about 4 years ago and so that means Tuesday night is my night for socialising. That may not appeal to many....I mean, a Tuesday night?

I understand where you're coming from. I have played for the same team in a Wednesday night pool league for the last 8 years and really look forward to it. Not too serious, a couple of beers with friends (possibly the only alcohol I have all week) and the football is always on.

[Jim - Scotland's Party DJ]

Never had a specific business plan but did have an idea where I wanted to go and currently happy with where things are.

if I did have a business plan I'd still be in a similar situation so as far as vision goes it's a moot point.

Cash wise my 9 to 5 pays well and I have a good bit of dough still stashed away from a stint I did working in the tax free haven of Saudi Arabia so have never had to rely on credit or loans.

[Shakermaker Promotions]

I understand where you're coming from. I have played for the same team in a Wednesday night pool league for the last 8 years and really look forward to it. Not too serious, a couple of beers with friends (possibly the only alcohol I have all week) and the football is always on.

Thank you. That's exactly what it is....a good night out with mates and a few beers and not worrying about having to get up the next morning.
I could of course go out and get a job during the day but I really don't want to. I am happy doing what I do and it's good enough money that it means I don't have to.
Yes, sometimes there is a bit of boredom but I take my dogs out and keep myself busy with band stuff and podcasts as well as the usual day to day stuff of answering the phone and replying to emails.