WB10 Journeys
Business Plan (Personal Development Plan)
Business overview: You and your business
The business plan for my final major project is as follows.
I am someone who is currently and already involved in a family owned, property development business called Tiles Property Development (TPD). With that in mind this project outlines a side business that I would like to continue after university, remotely from anywhere in the world. The income I currently get from TPD enables me to fund this side business and also allows me to become an artist who is not dependant on the income I get from music royalties or live performances.
The business is all about me as a musical songwriter/artist/producer promoting my music alongside my digital album artwork content. Both my music and my graphic design content should support each other and showcase my skills in the creative industries. By promoting my music and artwork on social media and other marketing platforms, I will be able to feed traffic into my official artist website. This website is the core of my business plan whereby it provides a singular place for all of my services. These are (but not limited to) my music, my digital album artwork/illustrations/animations and eventually my merch and percussive guitar tutorials.
To begin this side business I am starting from scratch whereby I am purchasing a website domain, designing the website and setting up my brand for when I come to write, record and release my debut single in March 2023. I aim to create a looped illustration/ animation to go along with this debut single and continue to use both elements as a template for further projects/singles/EPs and albums.
Customer Research/ information
To begin with, the majority of my target audience for my LOFI HIPHOP Debut single will be 25-34 year olds. Whether that is students, educators or people in an administrative profession as lofi hiphop is tailors to people in education or who need replacing sounds.
For my graphic design services my competitors are other artists or musicians like myself who need assistance with their album artwork or marketing designs.
Competitor Research Findings
Why have I picked these competitors?
Simeon baker is not a lofi artist however his website and his other services such as Photography and Percussive Guitar Tutorials are very relevant to my own project goals.
Lofi Girl is one of the largest Lofi competitors and it gives me an indirect comparison compared to Wunche and Raimu who are more direct smaller lofi artists.
Pricing/ fees Research findings
Financial Forecast
Growth/ back up plan
To make sure the businesses income is higher than it costs throughout the year, I will loan in £400 from my personal finances each month. This in turn provides a growth plan from which it creates a caddy of cash that can go towards extra professional help and any contingencies needed as the business is just starting out.
Closing statements
What my financial forecast tells me right now is that the costs of the business are similar to the income I will make from the business. This means I am breaking even and not a lot of profit is being made. By continuing to personally invest in the business, I aim to improve the quality and quantity of the products overtime which should hopefully offset the profits enough for me to stop personally investing in the business. Rather, in the future, the profits I make will go back into the company and cover its costs.