Tuesday, May 13, 2014

What Makes You So Special: How to Separate Your Brand from the Masses

Whether you are a music artist, a music manager, a studio owner, or any other type of business in the music industry, your uniqueness is critical to developing your brand. The process of setting yourself and your business apart from all the others is key to being successful. So how do you go about defining that separation and using it to your advantage? The following are some ideas that may prove useful on this journey:

  1. Find a need and fill it. If you see a need in your community or industry that is currently not being served by others, or if you have an idea for a certain type of music artistry that hasn't been explored by other artists, then you've found a need and can begin to take the steps to fill it. Being able to find your niche and then become the leader in that particular area will set you apart from the rest of the business or artists that are trying to do what you do. For example, as an artist manager, I don’t just address the business needs of the artists with whom I work. I also incorporate life coaching in my work with them so that their decisions about their life, their career, and how they will form their brand will put them on the right path for success. As Eric Thomas once said, “Your talent will take you places that your character can’t keep you.” Integrity and character go a long way towards being successful in any endeavor.
  2. Define your specialization. You want to make sure that you define what you do in a way that others can find you. When searching for business on the internet, keywords are a very important part of search engine optimization. If you have a niche market, how is that niche market defined? If you are a niche artist, how do you define your sound? The keywords you use to describe what you do will be the difference between being on the first page of search results and being on the other pages that get no views. One way to start brainstorming the best keywords to use is to ask the people closest to you what words they would use. The more people you ask, the better idea you will get of words that are common between several people. Using keywords that the majority of people would use allows you to optimize the ability for search engines to find you. You can read more about defining niche marketing here.
  3. Learn that less is more. When you are first starting out, you are best off if you focus on doing one thing exceptionally well. Don’t try to be everything for every market, because it just won’t work. You will get lost in the white noise of every other company or brand that is trying to do the same thing. Instead, consider being known for one or two phenomenal aspects. The marketing plan contained in your business plan should be as detailed as possible so you have a clear vision of how you are going to separate yourself from the competition. This will serve as your road map on the journey to becoming a successful brand. The clearer the vision, the easier the decisions will be that you must make in developing your brand. Keep it simple by focusing on doing one thing great instead of doing five things that are average.
This is just a start to get you thinking about the idea of separation and market differentiation. In this day and age, it is more important than ever before since we have become a global economy. Your competition is not just in your own back yard anymore. The competition is now anyone in the world who does what you do. It’s crowded on the bottom, because it’s easy to be average. It takes effort and focus to be phenomenal. In the end, however, it is definitely worth the effort. If your goal in life was to be average, you probably shouldn't have become an entrepreneur to being with. 



Thursday, March 6, 2014

The Benjamin Franklin Principle

As Benjamin Franklin said, "By failing to prepare, you are preparing to fail." A well-written business plan can mean the difference between a successful, thriving business, and one that fails miserably. Many entrepreneurs underestimate the value of this important aspect of starting a business. For most, it will be impossible to get capital for start-up costs without a clear, concise plan for their business. As with any field of study, there are experts in the art of business plan writing. These experts can be a good resource for a new business owner as he or she embarks on the path of business ownership. Here are two of these recognized experts and their views on business plans.

David Giampaolo

Giampaolo is a recognized expert in the area of business and entrepreneurialism. He is originally from Florida but now resides in the United Kingdom, and is the CEO of Pi Capital. (Jacobs, 2010) Pi Capital is a London-based investor club with a few hundred members. (Duff, 2008) Giampaolo has been investing in business since he was 15 years old and is characterized as a born entrepreneur. He made most of his money from establishing and then selling health club chains in both the US and the UK. (Jacobs)

When discussing how he decides when to invest in a business, Giampaolo and his Pi Capital investors look at what expectations the business owners have in their business plans. If the expectations are unrealistic, they don’t even entertain the idea of investing in them. (Moules, 2009) In another article, Giampaolo talks about the importance of a new business having a good management team in place. (Southon, 2008) Giampaolo and his investors are more likely to invest in businesses that have strong management. They want to be fairly hands-off approach, so it’s important that the management team be effective and know how to take leadership of the business and implement the business plan.

Garrett Sutton, Esq.

Sutton is the managing partner at Sutton Law Center in Nevada and is also an accomplished author in the area of business and entrepreneurialism. He is so accomplished, in fact, that he serves as one of Robert Kiyosaki’s Rich Dad Advisors at Rich Dad Coaching. Robert Kiyosaki authored the best-selling book, Rich Dad Poor Dad and is in his own right an accomplished author, businessman, and investor. Sutton has over 30 years of experience in the area of corporate law and has written several books on starting businesses and writing business plans. He studied law at the University of California at Berkeley and graduated with his J.D. in 1978 from Hastings Law, the University of California’s law school in San Francisco.

According to a review of his book Writing Winning Business Plans on Kirkus Reviews, Sutton makes clear that the true differentiator of a good idea versus a prosperous business is a well-written business plan. He also says that a business plan should be the “intersection” of everything inside the business and everything outside of the business. Most new entrepreneurs put too much focus on the “inside” aspect of their business plan, and not enough focus on the “outside” in the form of competition, market trends, political forces, etc. Again, as with Giampaolo, Sutton stresses management as a key for an effective business plan. Many a good business plan has failed to attract money not because of the deal itself, but because of the people in key management positions who are making the decisions in the business. Sutton emphasizes that it’s important to have a solid team in any business venture, as one person cannot be strong in every area that the business requires. (Sutton, 2012)

Regardless of the venture on which you are embarking, it is clear that the planning that comes prior to starting that venture is of key importance. You would be amiss to think that you can jot down a few nice-sounding words and call it a business plan. Any investor can spot a well-though-out business plan versus one that was quickly and haphazardly put together. Take the time to make your plan right, and the payoff will be a solid foundation from which to build your business.

Sources:
Duff, A. (May 2008). Profile: David Giampaolo, chief executive, Pi Capital. Director. Retrieved from: http://www.director.co.uk/magazine/2008/5%20May/giampaolo_61_10.html 

Jacobs, E. (December 9, 2010). 20 Questions: David Giampaolo. Financial Times. Retrieved from: http://www.ft.com/cms/s/0/87aba42a-03d2-11e0-8c3f-00144feabdc0.html#axzz2vD1Jt0vM


Moules,  J. (April 4, 2009). When an angel could turn out to be a devil in disguise. Financial Times, London Edition 1. Retrieved from : http://www.lexisnexis.com.oclc.fullsail.edu:81/lnacui2api/api/version1/getDocCui?lni=7VCG-HSJ1-2PB1-823C&csi=293847&hl=t&hv=t&hnsd=f&hns=t&hgn=t&oc=00240&perma=true


Sutton, G. (2012). Writing Winning Business Plans. BZK Press, LLC.