Just like any new business, your mobile DJ company will need a business plan.
There are many facets to running a successful business no matter what product or services you offer. Building a mobile DJ business is no different; it’s a highly-competitive space and if you’re going to succeed you need to properly define your products and services, know your market thoroughly and know how to implement a stratify to get to your end-goal – getting hired, regularly.
If you need startup capital to jump-start your mobile DJ business the issuing bank will need your business plan. In this second part of a three part video chat below Dr Drax digs into three of the most critical elements of building a successful business plan, explaining exactly what data the bank will expect you to provide. You can watch the first part of the series HERE
Next 3 Steps For Your Mobile DJ Business Plan (Covered in video below)
- Products & Services: What it is you do, in detail. What services and packages does (or will) your Mobile DJ company offer? You will need detailed descriptions of all your services and various packages.When writing your plan take into account who will read it and their experience in your field. You’ll need the details: For example, explain exactly WHAT ‘uplighting’ means, so anyone reading your plan can comprehend. Include a “Competitive Comparison” — How do your services stack up against the competition? Drax also discusses including details about the technology you and your company use to help you better compete (products you use, and services you subscribe to).
- Market Analysis Summary: Know your market. What’s the “need” in your service area, who needs it, who will buy that “product” and how will you provide it?Service area details such as: how many marriage licenses were purchased in your area last year? How many high schools are in your service area? What’s the population of the schools? What’s the average population of your service area? How many companies (for potential events)? If you do a broad range of events, you would want to include the data for each of these questions. If you only plan to DJ weddings, tailor your data specifically to wedding related details only. Take into account market trends, compiling the data for the last 3-5 years. By doing so you’ll know if your service area is growing or declining. Know your competition: How many competitors in your service area? What are their businesses like? How are they performing?
- Strategy & Implementation Summary: This is the “action plan“. This is where you talk about your “strategy pyramid“.Define the base of your pyramid; the core foundation of your business. If the top of your pyramid is the client purchasing your services, how do you get there? What is your value proposition? This is what defines you’re worth the investment. Are you the least expensive DJ in your area? Do you offer products and packages the competition doesn’t? The competive edge: What do you do different or better than the competitive? What do you bring to the table that is uniquely yours? Why should your potential client hire YOU?
WATCH: Business Plan for DJs Part 2 with Dr. Drax on #DJNTV with John Young
Check out part 1 of Building A Mobile DJ Business Plan HERE