Crowdfunding: The new era of funding

 Crowdfunding is described as a concept with an objective “to collect money from investors through the Internet, particularly by using social networks or similar platforms” (Bowman, 2015). This fresh method of raising money has allowed a special relationship to develop between entrepreneurs and investors. In order to start a campaign using a crowdfunding service you must first have a legal promotion and a detailed explanation on what it is for, what you plan to use the money for and how it can benefit your project. Depending on the focus of your campaign, there are various types of crowdfunding websites that can be utilized. Sites like Gofundme can be used for many reasons both personal and professional whereas sites such as kickstarter and Indiegogo are solely for creative and professional purposes. It is also very meaningful to know that each of these sites require a different percentage for their processing fee. Most range anywhere between 5 and 15% and this should be taken into account when deciding how much you would need from supporters.

With using crowdfunding as a source for financial investment you have to know if your campaign falls underneath the reward, donation, debt or equity category. A Reward campaign means that contributors are receiving a benefit from you based on their level of contribution, a donation campaign equates to when contributors are willing to donate with nothing in return, A Debt campaign is when people lend their money with the expectation to be paid back, sometimes with interest and lastly, an equity campaign is when investors become shareholders from their contributions.

The great thing about crowdfunding is that you have a way for your personal supporters including friends, family and fans to support your goal. With the expansion of social media, promoting for crowdfunding is fairly easy because it allows for free and paid promotion through one’s social media supporters and social media platforms. You can view some of the top crowdfunding sources here and do research on what may fit your specific campaign

Creating a Business Plan: the importance and the purpose

Upon the birth of a new business idea every wise entrepreneur conducts a business plan that he or she wishes to pitch to potential investors of their product or service. Experts Andrea Cockerton and Angelo Meneguzzi suggest critical business plan components like “targeting a growing market with a need for your product or service, and having team that is talented and able to execute the business plan”. Ms. Andrea Cockerton is a practiced and knowledgeable pitch specialist from the UK that has developed intricate-talks to help improve the business world from the large businesses to the small entrepreneurs. She explains that investors want to know how they are going to make their money back, so detailing a “groundbreaking product or service idea” is key to having backers believe in what you are trying to do. Another business plan development connoisseur, Mr.  Angelo Meneguzzi  has dedicated his life thus far to the business world by giving  consulting advice to businesses such as Infoseek, Disney and GO to name a few, in addition to working alongside many startups over the past decade. His variety of talents include “technology, extensive marketing, media and networking”. This proves his credentials beyond expectation. His message for key components conveys the importance of knowing your market. This is important because you need to know what lane your business falls in and understand your audience thoroughly so you can plan to market and connect directly to them.

For a personal business plan, I would take into account the advice from both experts as well as doing my own research to understand the purpose of a great business plan. Author Kathy Burns- Millyard of studio D  describes some of the purposes of a business plan to be: to define exactly what it is that you want to sell (product or service), to depict what you predict for the future of your business, to document the financial assets for your business and statistics for the field it falls in by showing that your business can be profitable and to convey the organizational structure of your business. I plan to structure everything for my business plan and really get to understand my audience so that I can separate myself from my competition. With suggestions from specialists like Meneguzzi and Cockerton creating a business plan becomes a clearer picture.  

Traditional vs. Independent publishing which one works for you?

In today’s world of heightened technology and advanced entertainment, one of the things that are a constant debate is whether it is better to publish traditionally or independently. For actors this is specifically important because it is wise to know what you are auditioning for and what the plans are for the project should you be casted. In addition, it is important to know how to make your own opportunities so understanding the different ways to do so may be very essential to  The Creative Penn  describes the traditional way of publishing as an established way of getting a deal for your book, film, TV show etc. The pros refer to an established form of credible sources, working with a professional and experienced team, easier distribution and no upfront financial costs to name a few. As a newbie of publishing it may be easier and smarter to go the traditional route because you have the opportunity to learn so much about the business, the steps it takes to actually publish and your specific work from a business standpoint. This also is wise for those who want to maybe published their work independently the next time around because they will have an established name by that point and a better reputation which would appeal better to an audience. On the other end traditional publishing can take a very long time, grant you low royalty rates and you may lose creative control which is a big turnoff for many creatives wanting to publish.

On the independent side of things, you have the ability to maintain complete creative and design control over your work, you are happier as you are not in a binding contract with a company that may drain your art, you will receive more royalties for your work as it relates to the numbers of your project, you can market faster and you can use it as a way to market yourself to publishers for potential partnerships. For many people that put their all into their creative pieces whether it be a film, TV show, book or music, the creative aspect is extremely important for them and having that freedom is a great pro to independently publishing. Also the hassle of not having to wait a long time as it relates to marketing is a stress reliever to start making revenue faster than a traditional way. The cons to independent publishing include doing it all by yourself which may not be the easiest for someone who is new to publishing. In addition, you will have to set your own budget which can be very expensive.

Overall in the entertainment world it is vital to understand in, the different types of media publishing and distribution whether you are publishing your own work or booked on a gig.