PromoTix University Class

William Royall (00:00)
A key part of any successful business is a business plan, and there's no exception for events. It's not just something you write to get funding, it's also a roadmap for where you're going and how you're going to get there. And in this video, we're going to talk about structuring one that's clear, practical, and easy for others to read. A business plan does three main things. The first is it sets clear goals. It helps you clarify your vision for your event business. The second is it guides your growth. It gives you a roadmap on how to adapt.

And the third is it attracts funding if needed. So lenders and investors are going to want to see it. Even if you're bootstrapping, a good business plan will help you stay on track and see areas for improvement. Now let's break down the sections of a business plan, starting with your executive summary.

William Royall (00:45)
The executive summary is a snapshot of your entire business plan. Keep it concise, highlight your business's purpose, goals, and why it will succeed. This section is especially important if you're seeking investment as many readers will decide whether to keep reading based on the summary alone. So in a few paragraphs, explain what your event business does, who you serve, what sets you apart from the competition. Think of it as your elevator pitch on paper. The company description provides background on your business.

Describe your business structure, your team, your location, and the types of events you plan to organize. You might also include your mission statement here. For example, if you specialize in corporate events or festivals, mention that. This helps the readers understand your niche and your unique value that you're going to bring to the market.

William Royall (01:30)
Next is market analysis. This section shows that you've done your research on your industry and your market and your audience. Your market analysis should answer three main questions. Who is your target audience? Describe your ideal customer and the types of events that they're interested in. What is the industry landscape? Discuss the current trends in the industry regarding the same style of events that you plan to host. Who are your competitors?

Identify similar businesses that are throwing events similar to yours in your area, what their strengths are, what their weaknesses are, and how you plan to differentiate your business.

Gathering this information is valuable, not just for potential investors, but for you to have a clear view on your position in the market.

William Royall (02:20)
After defining your market, you'll want to describe how your business is organized. In the organization and management section, outline the structure of your business, including any team members and their roles. If you're solo, that's fine too. Just explain how you plan to manage operations by yourself. If you have key team members, list their roles and experience. And if you're looking to expand, mention the roles that you plan to add as the business grows. Next is the services and products section.

Here, you're going to describe exactly what you offer. Outline the types of events you plan to organize, whether it's conferences, music festivals, sporting events, or something else. Explain any additional services like consulting or equipment rental and how each adds value for your different clients. Think of this section as a catalog for potential clients or investors. Be clear and make your services unique.

William Royall (03:11)
Now let's move on to marketing and sales strategy. Here, explain how you plan to reach and sell your attendees or if you're organizing events for others, your clients. Cover your key marketing channels like paid media, social media, and content marketing. How will you attract attendees? How are you going to convert them into ticket buyers? And once they are, how do you keep them coming back to your future events? Having a clear marketing and sales plan will show your readers that you know how you're going to grow your business and reach your audience.

This tends to be one of the most important sections of your plan and your business revenue depends on it. So in our next video class, we're gonna need to dive deeper into the marketing strategy in the 102 class. So when you watch those videos, be sure to come back and update this section of your business plan. Finally, we'll teach you even more advanced tactics in the 201 class when you're ready to start scaling. And if you haven't figured it out yet, marketing and sales is critical to your business's success so that you can sell more tickets.

Next, if you're looking for funding, add a funding request section. In this section, explain how much funding you'll need, what you're going to use it for, and how it's going to help grow your business. Be specific about how you'll allocate the funds. Whether it's for equipment, marketing, or hiring staff, don't forget that you're gonna want to clearly describe with projections and a solid plan for how your investors are going to get paid back, either through loan repayments or if they invest directly through distributions and an exit strategy.

Investors want to know that you have a clear plan for using their money wisely and that they are confident They are going to get it back with a return Your financial projections section provides a look into your business's future profitability And again is a very important section for investors if you're raising funds

William Royall (04:54)
This is where you'll outline your revenue forecasts, expenses, and expected profit for the next three to five years. If you're just starting out, base projections on industry data and realistic growth assumptions. Use other existing businesses as an example. And if you've already had a few events, include past financial data to show a track record. These projections demonstrate that your business is financially viable and capable of growing over time. Finally, we have the appendix.

This is an optional section where you can include supporting documentation. So use the appendix for any additional documents that help support the business plan. This might include client testimonials, contracts, or detailed market research that you've done. This section isn't required, but it's a nice place to store extra info that backs up your claims. Your business plan does not need to be overly complicated.

By following this structure, you'll create a document that's clear, useful, and shows investors or stakeholders that you're serious about growing a successful business. It also does not need to be long so that no one reads it. Try to keep it concise so that people will actually read the plan and that you'll come back to it time and time again to update it as your business grows.