Thinking of starting a studio, need advice!

Posted: Tue Oct 09, 2007 9:40 am

Hey!
Well here's the deal, Im a student right now but in a few years Ill have an animation degree and a recording arts degree. The direction I would like to take is this; Find about three other like-minded individuals and start a multi-media production studio. I was thinking it would start simple. We would have a multi media room for web, animation, graphic design, etc... and then the control room connected to a large studio with a vocal booth. Of course we would also have the lounge and restrooms. Does anyone have any experience with a multi-media and audio production (all-in-one) studio? Where is the best place to start? Does everyone working there need a degree? Do these things usually just take a while to get going or do they just flop after a few months or years? What kind of promotional things do studios like this need? Would you want to work at a place like this?

Obviously I have alot to consider, but I dont want to be soley in charge of the entire operation. This is a great place to get feedback about these things, thanks alot guys!

Posted: Tue Oct 09, 2007 9:45 am

Also, what about location? Is colorado ok? Will we get a solid clientelle here in northern Denver? Is it unprofessional or unwise to have this type of business attached to my own home?

Posted: Tue Oct 09, 2007 12:14 pm

Actually this has been covered here before.

Do some homework with the Search Function

Best of Luck!

Posted: Wed Oct 10, 2007 11:05 am

yeah i tried to search but found nothing like what Im looking for, sorry guys...

Posted: Wed Oct 10, 2007 1:17 pm

This is business 101.

How much capitol would you need to establish such a business?
Do you have that much $$$? If yes, can you afford to lose it?

How much net profit (income) will satisify your personal financial goals?

How much gross billing will need to be generated to satisfy the previous question?

Call businesses already established in the same market to see if they are already getting that kind of income.

If they are not, then do not start the business.

Posted: Wed Oct 10, 2007 2:18 pm

MediaMurder wrote:

yeah i tried to search but found nothing like what I'm looking for, sorry guys...

I did a search in Music Business and found 40+ topics on "starting your own business" Here is the web page. http://recording.org/fsearch-results.html

Start with a business plan if you don't know how to do one seek out the local community college business professor(s) or find someone that can show you how or take a class in starting your own business.

It is NOT rocket science to do a business plan but you do have to answer the questions truthfully

Here are some sample questions you should ask yourself.

How much money do I have?

How much money do I need?

Will the bank lend me the extra money and at what rate and for how long?

How much am I expecting to make per day or per week or per year? Is this realistic or a "pie in the sky"?

Where are my clients going to come from?

How am I going to advertise my services?

Will I need additional help?

How are other businesses doing the same thing I am coping? Do they have too much work or are they idle most of the time.

What unique things do I have to offer to my clients? Is it going to be worth their time and money to switch their business from the person who is now doing what they want? What can I offer them in terms of service that no one else can offer them?

Do I need to rent a space?

Where is that space going to be?

Do I need a storefront or do I need a big room with lots of space to work in. Do I need lots of parking or do I need access to other businesses on a daily basis or can I be somewhere cheaper and use the internet to send my proofs and information to/from my clients. Does where I want to set up shop have a good access to the internet?

How am I going to support myself for the first two or three months.

What permits do I need and how do I register my business in the city, county and state I live in. What is my tax burden (city, state and federal) Do I need a vendors license?

The problems are endless but it is better to get them all taken care of now instead of when they hit you in the face after you have been in business for a couple of months

Find yourself a good lawyer and a good accountant BEFORE you do anything else and ask (and pay for) their advice.

Best of luck

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