I am a student putting together a business plan as a project for small biz management class and I need some info. If anyone can help me out it would be greatly appreciated. I am looking to base this business in pensacola florida, so if you have info related that area or Florida at all that is even better, if not, just give me what you got. If you have a business plan for your own business as well that you are willing to share it would definately help me in putting mine together. This is a "fake" business and any info provided will be used for the sole purpose of assisting with this project.

1. What are the going rates for studio time per hour? (or what are your rates if you are not aware of competitors prices)

2. I had the idea to offer price packages as well, do alot of studios do this... or is it sort of an innovation right now?

3. What is the competition like?

4. How do you advertise and market your product?

5. How beneficial is your online presence (if you have a website)?

6. What additional services do you offer, such as design and reproduction, on-call musicians and vocalists, promoting, and publishing... do you think they give you a competitive advantage? Or are these additional services pretty much standard accross the board?

7. What kind of start up costs are involved in opening a recording studio?

Any other info that you recall might have helped you when you began start-up of your business that you can provide would also be appreciated.
Thanks in advance for your time and consideration!

Sincerely,
Leighann

Hi there, not so sure about the Florida area though I think most places in the western world would be fairly similar conceptually.
So here are some pointers to get you started, I think it may be of more value to you if we get the balls rolling and create a sounding board for you to jump into and reply.

1. What are the going rates for studio time per hour? (or what are your rates if you are not aware of competitors prices)
OK firstly here you have to decide your market very early on, at least have a rough idea of the type of clients you are aiming to attract. I mena not just rock or folk but the type of "level" they are at. Ask yourself are the beginners wanting their first ever demo tape, or have they been on the scene locally for a while and loking for something a little more "juicy". naturally if you are aiming for work through record companies and signed acts it's whole different bag again. To that end you can't set a price until you know your market.

2. I had the idea to offer price packages as well, do alot of studios do this... or is it sort of an innovation right now?
This is typical marketing and not just related to studios or the music industry in general. Of course offering price packages such as 5 songs for x amount of bucks and a free mastering day thrown in etc. will certainly help to sell your comodities.

3. What is the competition like?
Again without you focussing on your market it's impossible to talk of competition, studio for radio jungles, studio for mastering, studio for voice overs, stufio for backing tracks? etc etc.

4. How do you advertise and market your product?
For this there are many ways to get your market out there including all the main media channels including:
a) press releases locally, aim for higher also such as a local band doing excpetionally well and having been recorded in your studio.
b) local radio with stuff recorded in your place, and radio jingles, aiming at your niche market.
c) posters in music shops (always good locally)
d) word of mouth is excellent, record some bands for free for a promotional excerise, maybe make it a competition.
e) internet advertising with a tight focus on your geographics, so get your studio listed on the local mycity.com or whatevere pages.
There are many more ideas but enough there to get going on.

5. How beneficial is your online presence (if you have a website)?
Very beneficial, johnny will log-on and search for a studio in his home city these days.

6. What additional services do you offer, such as design and reproduction, on-call musicians and vocalists, promoting, and publishing... do you think they give you a competitive advantage? Or are these additional services pretty much standard accross the board?
Again it;s too vague without your niche market, i really do think it changes with different categories. Also much of the above would be "done" if the studio owner was looking for addition income streams.

7. What kind of start up costs are involved in opening a recording studio?
$1000 to 1,000,000 and up... take your pick.

Let's open it up and see if anyone else can shed some more light....
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Recording Studio Suntans

My idea was to target lower level consumers. Want to fill the niche that seemed to be missing as far as quality for an affordable price to beginners and local music programs such as in schools, universities and churches. I wasn't looking so much to focus on a genere.

BUT... this was start-up plan and once business grows the vision is to become a record label. Of course that would definately change the dynamics. I guess looking to assist local musicians in gettign started and kinda growing with them... maintaining relationships with clients along the way.

In researching I found several studios that do online promotion for thier clients and the musicians are able to get thier music out there indepedant from an record label or recording contract. That's a thought as well...

Quote:

My idea was to target lower level consumers. Want to fill the niche that seemed to be missing as far as quality for an affordable price to beginners and local music programs such as in schools, universities and churches. I wasn't looking so much to focus on a genere.

Ok we have a "niche" market now which we can define as the first rung of the ladder, probably it will be the first time in the studio for the majority of clients. Ok in term sof genere I felt it important to mention it becuase there is a whole lot of different in the actually git in a studio if you are saying focussing on say 4 piece rock outfits than say some drum n bass programmers who want to move up out of their bedroom. So we also should really try to at least pin down the general area. To give another exmample there is a great deal of work within the classical scene and also the folk and brass band circuits. Though again you would need different premises and gear to accomodate each. Do you get where I am coming form here?

Quote:

BUT... this was start-up plan and once business grows the vision is to become a record label. Of course that would definately change the dynamics. I guess looking to assist local musicians in gettign started and kinda growing with them... maintaining relationships with clients along the way.

Fair enough we all need a dream and it;s important to have this concept of what you are about or want to achieve. Bottom line is though you wil have to make a living somewhere along the line, so I feel it really is best to have a "product", something you do really well or can offer people that they may want. This may be rehearsal space or simply creating backing tracks for local soloist singers.. again, what is your niche...

Quote:

In researching I found several studios that do online promotion for thier clients and the musicians are able to get thier music out there indepedant from an record label or recording contract. That's a thought as well...

Yes this is very popular now and naturally a great idea if you could incorporate that aspect into your package. Muscians love to give out a web address with a link to their recent mps, it's good cheap and easy promotion for them.

Any more thoughts?
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Recording Studio Suntans