Business Plans

[Andy P]

How many of you out there A started off with a business plan in place, B keep it up to date and C used it to acquire finance?

Thus far i've built the business up on my savings and profits from operating but have always been keen to move to the next level which would require a cash injection.

Just wondering how you lot got going etc

[yourdj]

I have been the same as you. i think unless your buying loads of kit for stage events, then credit cards and savings are more than enough for the average mobile business. i guess that most members like yourself have bought reasonable kit and in time upgraded like myself. I would say 10 or even 5k is enough to startup with equipment and marketing, although music would probably cost a bit initially.

Would be interesting to see if anyone has gone in from scratch with a 30k + budget though

[Benny Smyth]

Would be interesting to see if anyone has gone in from scratch with a 30k + budget though

That would be me then.

[Andy P]

Benny how fast did you pay back and do you operate on a full time basis

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Benny how fast did you pay back and do you operate on a full time basis

[Benny Smyth]

Benny how fast did you pay back and do you operate on a full time basis

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Benny how fast did you pay back and do you operate on a full time basis

This is actually a conversation Toby & I had quite recently. I spent about three years saving up from all the gigs I was working because I actually got to the point where I thought it, I need to be somewhere considerably better. I did it in two stages, with the first bulk being in the 13/14 financial year and the remainder being invested in this financial year.

So it depends on your perspective - there was nothing to pay back as it was already saved.

[Andy P]

I am envious on two counts, 1 the fact that you’re resilient enough to save money as its just one of the many things in life I can’t manager to do. 2 that you have had the balls to go big or go home and its working for you.

It’s a funny story how I started and it was on a very thin budget of around £1500 which as you all know doesn’t get you “industry standard” gear. So I had to rough it for a while until I got the money to upgrade.

It was my councilor who suggested I try something to occupy my mind and get me moving slowly away from a job I dislike and as a way to fix the years of poor money management I’d displayed. She knew about my passion for music and my various skills and seemed to think this was a good fit.

So I went for it and haven’t looked back however now Im considering the step up and what it will mean and what I need to have in place.

[Benny Smyth]

Before I took the plunge, I made of list of what I wanted for kit. I then put next to each item why I wanted it, is it going to make me more money and how is it going to make me more money. You'll find your list gets a lot shorter rather quickly when you do that. If it doesn't earn me more money, doesn't protect what makes me money (flightcases) or doesn't make my life considerably easier (CD to laptop), then what's the point in investing?.

I then did the same for other aspects of the business, like advertising etc.

[DazzyD]

How many of you out there A started off with a business plan in place, B keep it up to date and C used it to acquire finance?

Thus far i've built the business up on my savings and profits from operating but have always been keen to move to the next level which would require a cash injection.

Just wondering how you lot got going etc

A - Yes. Everything I've ever done has started out being planned on paper.
B - Yes. An out of date business plan is no good to anyone. Also, I am constantly reviewing our mission statement which has changed over time but still retains our core values. I set up the business for a reason and that reason is still as valid today as it ever was.
C - No. The business is 100% self-funded. That takes away the extra pressure generated by running a business on other people's money especially in the current economic climate. I haven't overspent on equipment and business costs so if, everything went pear-shaped, it wouldn't be the huge catastrophe that it would be to some business owners.

This is actually a conversation Toby & I had quite recently. I spent about three years saving up from all the gigs I was working because I actually got to the point where I thought it, I need to be somewhere considerably better. I did it in two stages, with the first bulk being in the 13/14 financial year and the remainder being invested in this financial year.

So it depends on your perspective - there was nothing to pay back as it was already saved.

I think for the average mobile DJ, initial investment is quite small in comparison to other business sectors. New start-ups can usually fund these costs themselves without having to take out much, if any, finance. As was said, the biggest cost is usually music library and the majority of DJs will probably have the basis of a good music collection before they even think about DJing as a career.

[scott23]

My initial business plan changed then changed then changed again lol

I had always been a club DJ- but I made my cash (and i must say alot of it) from building the biggest stages known to man in the summer. Sitting on my ass in the beach all winter in asia getting drunk and djing on in the beach bars for free accommodation and the likes.

I also freelanced as AV technician/ Local Crew and that's when I decided I shall buy my own AV and start a hire company instead of spunkin it all in the sun each year. (seeing the hippys in Goa gradually deteriorating was my wake up call... time to grow up or gonna be like them before I know it)

I was going to buy a stage, but AV equipment takes up less space and you don't need 4 trucks ;-) So initially AV company but everyone wanted a DJ or me to DJ for that matter with the AV. I still want to expand into corporate AV hire, but for the moment its just discos of some sort or another. Basically what im saying is I didnt mean to have mobile disco business- it just kinda happened. Now I have to change my business plan again LOL

[Shakermaker Promotions]

When I decided to take the plunge and go self employed I didn't have a business plan as such. I knew exactly what I wanted to do and that was just to get out there as quickly as possible doing something (I was told) I was good at and enjoyed.
I was working in an office 20 miles from home doing a 10 hour day and on decent money but I just didn't enjoy what I was doing at all. I'd been DJing for a number of years for someone else and I'd actually bought my own set of Pioneer CDJ's and mixer anyway.
When I left the job I had 2 months pay plus all the holiday I didn't use and a small bonus so I was covered and had a bit to spend.
What I should of done is sat down and really thought about how I wanted to go about it all but I didn't. I spent a lot of the money and max'd out one of my credit cards on lots of mediocre kit in reality.
What I should have done is get a business loan and if I could go back to that time then that's what I would do.

My thoughts (rather stupidly in hindsight) were that if I had 3 rigs out I would be able to pay others to DJ for me but I soon learnt that firstly, finding reliable, experienced DJ's was a lot more difficult than it seemed and also that for the majority of the time most of the equipment was sitting in the lock up and not getting used.

I originally set out just to supply Disco Entertainment. I sold all of the other stuff I had bought and upgraded my own kit so that I had quality equipment with quality back up too. Eventually it got to the point a couple of years ago where I had paid off everything and didn't owe anyone anything (different now seeing as I have had to fork out for a new van).

I'd say to be honest that I STILL don't have a business plan as such. I have no aspirations to be absolutely 'minted' if truth be told. I just want to do a job that I enjoy and earn a relatively decent income. That's enough for me. I'm not that interested in purchasing (for example) Dance Floors or Photo Booths when I have enough contacts who supply those and I can earn a commission on them.
The only real change for me since I started is that I am able to supply the likes of Uplighting, Lighting for bands, Small PA's, Race Nights and Projection. The reason being is that if I am going to do this job then I want to make it as varied and as enjoyable as I can. If I was just doing Discos week after week then I could possibly get bored and that worries me slightly because I don't want to do anything else as a job.

So, I guess I am not that business minded really. I've got a very small operation going where I am the main focus (no ego intended). As long as I am working constantly then I am happy. I do get double and sometimes treble bookings and I can cover those via networking with DJ's I can use regularly. I'm happy with that. I don't have any intentions to have a team of DJ's out working for me. It's just the way I am.