SPEED PLUS PROJECT PRESENTATION . BY ANDREW VEREMU. BUSINESS PROPOSAL.
SPEED PLUS PROJECT PRESENTATION
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My business idea is to establish a Media Production Company which plans to make media accessible to the public by offering professional media service in the production of: corporate videos, adverts, photography, documentaries and short films.
My business will focus on small to medium sized corporation companies within the West Midlands targeting individual and family functions including weddings, birthday parties and also producing African documentaries and short films and special occasions.
The value to the customer will be a low cost production provided by a professional.
My business Unique Selling Point (USP) is that I will be covering local events which are of interest to the old and young and sharing them on a platform that is accessible to both generations.
I have done a desk study of media companies in the West Midlands and have looked at my competition in a 50mile radius to assess my online competition and services being offered.
Early findings are that there are several media companies offering the same services I intend to offer
I need to visit Company House to get figures of their annual turnover. I will look at 10 – 15 companies that should give me an average turn over of the businesses
I expect competition to come from, media start-ups, students and established media businesses
I intend to target companies and individuals who need their products to be visible such as ethnic product sellers and small traders.
Based on the following capital equipment: ( 1x SonyZ5 video camera, 2x Canon 5D mk 3, 2x tripods, 1x Dedo video lights, 1x iMac desk top, Final Cut X editing software, 2x microphones, 2x radio mics), £14214 will be required for capital equipment which will get the business off the ground. More equipment will be required as the business grows.
In the early stages of the business I will work part time and get help from family to finance myself.
Charges for the product will depend on the time spent on location, equipment required for pre and post production, and the crew required for the production. I am still researching on what other players in the industry are charging so as to come up with a competitive charging structure.
Projected sales will be determined by per minutes sales in the case of corporate clients and this will also depend on the number of clients, while some of the revenues will be seasonal in the case of graduations and weddings as the majority of my target group tend to celebrate these occasions in summer time.
In the short term I expect the business to break even, establish the business brand and increase online presence. In the medium term I expect to break even then aim to make a profit and continue to establish the business through brand growth maybe gain 2-5% market share of wedding business within the Midlands – also employ people and begin to form a company structure. In the long term I expect the business to sustain itself and continue to grow.
My business idea will contribute to the West Midlands economy in terms of job creation and contribution to taxes. The business will also take up students for professional experience, help train and employ prospective media students as the business will not be able to employ full time staff early on due to season work forecasted for the 1st 2-3 years until a steady client base has built within the West Midlands area.
The main reason for for setting up my own media production business is personal as I need to fulfill my dreams and share my expertise with others.
Personally I will bring a wealth of pre and post production skills gained over a long period in the media industry which were further enhanced during the past three years as I studied Media Production at Coventry University.
As soon as the business gets off the ground it will give me 100% fulltime employment and I will devote all my time as I have the desire to see the business idea succeed and the business will sustain my life and I will devote my time 24/7 to the business.
SPEED Plus Project
Joining the project will help me with the initial start up costs to get my business off the ground and also the Speed Plus project will help with mentoring in regards to business strategy.
I expect the project’s help in starting my business, I also expect mentoring and in return I expect to mentor and assist when possible future speed plus project members.