According to statistics by price water house coopers WPC, the entertainment industry is worth an estimated 42 billion dollars in the US alone. Globally, the entertainment industry commands an estimated 15% of the total output making this industry highly lucrative for any entrepreneur. For instance, the most successful movie in the US, the avatar, earned an estimated 150 million dollars in net profit in the first month of being released. Thus, if you love the entertainment industry, there is an opportunity to make some money. Here is a simple guideline to get you started.
Choose a unique idea
The entertainment industry is big, with many different sectors to invest. To succeed, you must start by choosing a specific area to invest in, whether it is movie production, music, photography, TV shows, or reality. Choose a sector about which you are passionate. Remember, if you do what you love, you will never work a day in your life. Keep the idea unique, innovative, and original to make your startup unique. Remember, thousands of movies are produced annually, but only a few make it to the Oscars; hence, you must aim to produce a movie worthy of an Oscar nomination.
Develop the basic of the business
It takes more than an idea to succeed as an entrepreneur. After choosing an idea, you must set the structures and policies to help you actualise the idea. A good place to start is working with a partner like Redwerk, a leading media and entertainment software development in Europe. Working with an expert improves chances of succeeding at your start-ups.
After developing the system, undertake all the legal requirements needed to start operating in your desired geographical area. Depending on where your start-up is based, you might be required to apply for licenses, permits, tax compliance, and other legal requirements. Consider working with an agent to save time and ensure full compliance.
Build your network
Remember, in business, and your network is your net worth. Thus, as a preliminary step in setting up your startup, network with others in the industry. Networking has several benefits to a start-up, including:
- Networking can create business leads that can be transformed into sales.
- Networking increase growth opportunities like joint ventures, partnerships, potential sales, and referrals.
- Networking enables a startup to identify and comply with industry best practices. By networking with the industry pace-setters, you can learn the best strategies to launch and scale your startup. Also, you can learn the existing codes of conduct and how to abide.
- Networking enables you to learn the current trending business practices. Remember, the entertainment industry is fast-paced, and things change rapidly. Thus, networking can help you stay updated.
- Networking enables you to build your profile as a serious investor. By mingling with the successful entrepreneurs in the entertainment industry, you boost your credibility.
Build your network is easy. Start with your existing networks like former colleagues, friends, family, business partners, and employers. Also, attend business forums and events organised by and participate by entertainment entrepreneurs.
Conduct aggressive marketing
Marketing is a major contributor to the success of any business. As a startup in the entertainment industry, marketing strategy is the make-it, or break-It component determines the success or failure of your startup. Combine different marketing strategies, including traditional and modern methods in your marketing mix. For instance, if your startup is a movie production company, star your marketing events in cinemas and theatres.
As an entertainment company, digital marketing has a huge potential in increasing the brand awareness of your company. Combine several digital marketing strategies like Facebook, YouTube marketing, twitter, search engine optimisation, and Instagram. You can create small videos about your brand and share it across social media channels.
Traditional marketing methods like the press should be combined with digital media to get the best marketing mix. For instance, television adverts can reach a wider audience. Billboard is another effective marketing strategy that you should incorporate in your marketing.
Develop quality products
Remember, quality products make the difference between a successful company and a failure. You can do everything right, but if your product is not of quality, you will still fail. As an entrepreneur, you must walk a thousand miles in your customer’s feet. This implies that your product should not only meet customers’ expectations but exceed them. Ensure your product is original, unique, and highly customized.
To succeed as a startup, establish dominance with your product. Ensure it is high-quality and hard to copy. Invest in high-quality input, whether it is your cameras, equipment, artists, or any input required. The initial set-up costs might be high, but it will pay off eventuality.
Thus, investing in the entertainment industry is lucrative and interesting. With the right mindset, you can build a successful brand. Further, since it is your passion, it will be easier to navigate the challenges that come with setting up a business. Stay focussed and resilient. Challenges will be there, but with the right attitude, you can overcome the challenges.