Starting a dance (micro) business

[pygmalion]

So I've decided to start a dance-related business, with a target starting date no later than January, 2005. I figure I'd start a thread to document my process.

Sorry, I have to omit the actual idea, at least at this point. It's a pretty simple and easy business, and much needed in my area, so I can't share the ideas. I don't want a bunch of people running off and starting my business before I do. :lol:

But where to start? The plan, starting now:

1. research similar businesses out there via the internet
2. Write a business plan, including a detailed budget. This is a low budget start-up, so I won't have to worry about major sources of funding.
3. Write/execute a plan to create positive visibility for myself in the local dance community.
4. Get small business start-up advice from the web, books. Perhaps make an appointment with SCORE -- the retired executives' group that gives free small business advice.



Had anybody else out there been through this process before? Input, anyone?

[pygmalion]

Oh yeah, and I guess I should state this explicitly, rather than just implying it -- market research. Define a target market. Figure out how much revenue that market can reasonably be expected to provide. Understand their motivations and what they want to see in a product/service like the one I envision. Make sure the market is narrow enough. Figure out distribution channels and possible advertising resources. Understand pricing -- what will the market bear. Etc.

[KevinL]

Oh mistress of the all-powerful "google", a gentle reminder to seach for "shoestring budgets", "free marketing advice" and "sba business plan". The Small Business Administration has lots of useful information.

[MapleLeaf Salsero]

Hi pygamlion,

I think you´ve pretty much covered it. The only advice I can give you is to ask yourself why a customer would want to buy your products rather than those of the competition.

a) Pricing
Are you going to have an aggressive price? Are you targeting the low financial market segment?
b) Quality
Are your products going to be better than the ones currently on the market? Do they have a better quality/price ratio?
c) Location
Are you planning to sell only to your local area? If so, what is the competion like. Is there enough customers for a new business to survive. If not, how do you plan to "transfer" these customers to your business.
d) Value added Services
Can you provide any value added services not available from your competitors?

I have no experience in these things, however, I would take into consideration these things if I decided to start up a business.

[pygmalion]

Oh mistress of the all-powerful "google", a gentle reminder to seach for "shoestring budgets", "free marketing advice" and "sba business plan". The Small Business Administration has lots of useful information.

:lol: :lol: Nice to know you recognize google greatness! :lol:

Actually, I've spent the last couple days reading general small business books and articles. Focusing on dance references limits the available information too much. The business section at the public library and at Barnes and Noble have been great. I highly recommend. :wink: :D

[KevinL]

Actually, I've spent the last couple days reading general small business books and articles. Focusing on dance references limits the available information too much. The business section at the public library and at Barnes and Noble have been great. I highly recommend. :wink: :D

Thanks, I've been there and I am still doing that. 8^)

[pygmalion]

I guess I should mention this. One thing I've found in my research is that microbusinesses have a very high success rate, while small businesses have a very high failure rate.


This makes sense. Microbusinesses are strictly on-the-side, and the business owner is not dependent on the income from such a business. Think a mail order business run out of the garage on weekends.

A small business, on the other hand, is usually expected to supply income for the owner. And often, such businesses fail in the second year of operation due to limited operating capital. (Like when the small business loans run out.)

Hence my decision to go micro.