starting a entertainment business

While no formal education is required, you’ll need strong people skills and a good business sense. It takes money to make money and, in the film business, it can take a lot of money to make money through a film. The person who chooses this business must either love to be in the spotlight or have a knack for spotting people with talent. Smaller businesses can easily reach six-figures, while larger operations can achieve seven-figure profits annually. Music Business: Entertainment Business: By Theresa Barba. If you have employees have them fill out Form I-9 PDF (PDF) and Form W-4. For those with a passion for baseball or softball, this business can be extremely rewarding. If you are an entrepreneur who enjoys shisha, you may consider opening a hookah lounge. Most businesses can make between $20-50k in their first year and they have the potential to reach six-figures. Check out your local secretary of states website. They may also want to invest in ongoing education, depending on their specialty. These business owners will also need to have the mechanical skills to perform maintenance on the alley and pinsetters. Startup costs are around $40k and average profits are around $150k. Entertainers can typically get started without a lot of capital. A better business structure for a production company is a Limited Liability Company, or an LLC. However, anchoring is a … Each game has the potential to bring in $10k per year. It involves a wide array of skills and much more responsibility. Your startup costs will be high since you will need a large piece of land and a good deal of specialized equipment. The cost is usually around $100.00 per company. Startup costs are usually well over $150k but can be reduced by purchasing a fully functional bar. With the right business model, you can recover these costs quickly and earn $5-10k in profits per month. If the owner is the performer, they should be willing to work on their craft constantly and change it according to audience expectations as time goes by. Good wine tour business owners will need a thorough knowledge of the wine-making process and the history of the region and vineyards they are visiting. An LLC is a hybrid business structure in that is flexible regarding things like taxes and legal liability and allows for partnerships. This helps you separate personal and business expenses by putting your business' expenses all in one place. You can also use social media to attract new clients or customers. Get the Bplans newsletter: Expert business tips and advice delivered weekly. Roller skating rink owners should be good with people and able to create a safe atmosphere for skaters of all ages and abilities. The return on your investment, however, can be quite sizeable depending on your location and the costs to purchase and maintain your supplies and equipment. In addition, owners will need to maintain strict safety policies and be aware of their liability as a business owner. A (n) Entertainment business using a DBA Doing Business As Trade Name in Cook County, i.e., starting businesses using a company name other than the legal (given name) owner's name, need a (n) DBA Doing Business As Trade Name Registration. You need capital, contacts and credit to … Your brand is what your company stands for, as well as how your business is perceived by the public. You may choose an indoor or outdoor facility, or one that combines the two. Startup costs for skydiving businesses are typically over $150k unless you already own a plane, and business owners need to be able to sell their business plan to a local airport, investors, and the community. Because ongoing expenses are so little, most of the money made by an entertainment company will be pure profit. However, with creative marketing and quality services, your business has the potential to expand locally, regionally, or even nationally. In this article, we outline our top 40 business ideas with low startup costs to help you find a low-cost business idea that aligns with your interests and goals. Batting cages provide timeless family fun as well as affordable extra … A person with a two-hour act making $45 an hour for their services would need to work 20 shows a week to make around $93,000 a year. For example, you start a (n) Entertainment business and you call it "Ultra Entertainment Co". Some areas may already be saturated with many whitewater rafting companies, but there are always lesser-known areas to set up your business and attract customers. You’ll need to be adept at working and communicating with a wide variety of people, especially teenagers. Learn how to start a whitewater rafting business. Refine your idea. It also makes accounting and tax filing easier. Starting a Entertainment Business. Start an entertainment business by following these 9 steps: You have found the perfect business idea, and now you are ready to take the next step. It is important to set up your entertainment company as a LLC and your publishing company as C-corp. If your business sells goods, whether online or offline, and your state requires you … Recommended: Read our Best Banks for Small Business review to find the best national bank, credit union, business-loan friendly banks, one with many brick-and-mortar locations, and more. However, entertainers can easily be employed by schools, commercial operations, and even government organizations who may be on more limited budgets. You can increase your profits if you purchase additional units and hire staff to maximize the number of parties you can book in one weekend. With the right location and some good marketing, this business offers a relatively high earning potential. I have always LOVED to sing. Okay, let’s say you’ve been working in corporate … Owners and employees should have an inherent love of entertaining to thrive. Growth potential will depend largely on your business model and if you are a solo operation or part of a larger entertainment complex. Anchoring Service. Entertainment companies will need to account for travel, equipment maintenance, and employee salaries. Laser tag businesses are quite popular with entrepreneurs who love working with people, enjoy high-energy work, and want to start a business in a field they are passionate about. Startup costs are around $115-250k for this business since it requires a fairly large facility and specialized equipment. There is decent growth potential for this line of work as long as you have a solid business model and offer great service to your clients. Hookah lounges have increased in popularity over the last several years. For example, you can simply begin as DJ before starting to offer clients’ live music if your business would be centered on party music and gatherings. Learn how to start a roller skating rink. Consulting work allows you to leverage your existing professional experience, rather than starting a business from scratch. Initiating a DJ business is not just being a club DJ or individual DJ. Performers will usually charge a specific fee either per hour or per show. There is slow growth potential in this field, but in the right location, there may be an opportunity to add additional staff and/or tours to expand your business. business - Starting an Entertainment Business - Entrepreneur.com. However, depending on your business model, it is possible to make a good profit. These steps will ensure that your new business is well planned out, registered properly and legally compliant. Game truck business owners need to provide partygoers with multiple gaming systems and be knowledgeable about each system and game that they offered. The goal is always to make clients happy and be memorable enough to stand out in their minds. You will need to register for a variety of state and federal taxes before you can open for business. The cost can range anywhere from $250,000 to $1 million. Professional Blogging. One of the greatest resources an entrepreneur can have is quality mentorship. Marketing needs will vary based on the neighborhood an owner serves. General business acumen and snorkeling knowledge and experience are useful. Startup costs are steep since you’ll need a large space and a good variety of arcade games before you open. Depending on the location and popularity of your tour, there is the potential to earn over $100k as your business becomes more established. Startup costs and earning potential for your wine tour business will vary greatly depending on your business model and if you partner directly with any vineyards. There is a decent potential for growth if you expand your operation and offer additional activities and services to your guests. This type of business targets families who have active children and who have a bit of disposable income to take their children to these kinds of parks. The size should reflect the population of your area and projected demand. But, no matter how you run your business, there is plenty of room for growth, especially in vineyard-rich areas. Learn how to start a bowling alley business. It's fast and easy, with LivePlan. A good performer can turn a dull gathering into the place to be. BATTING CAGE BUSINESS. It is generally the landlord’s responsibility to obtain a CO. Before leasing, confirm that your landlord has or can obtain a valid CO that is applicable to a entertainment business. This line of work is quite flexible, though the busiest hours of operation are in the evenings and on the weekends. Learn more about licensing requirements in your state by visiting, SBA’s reference to state licenses and permits, Check with your town, city or county clerk’s office, Get assistance from one of the local associations listed in, US Small Business Associations directory of local business resources, An entertainment business is generally run out of an office. There is sizeable growth potential, depending on location and your desire to expand. Consider your talents and compare them against in-demand entertainment services. Depending on the type of bus you purchase and how you equip it, your initial startup costs can be high. The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation. If choosing to hire performers, an owner will need to catch people at the beginning of their careers before they turn into the competition. Startup costs for duckpin bowling alley businesses are quite high (around $45k per lane) when you consider the cost of your location and the work and equipment needed to design and build a fully functional bowling alley. Startup costs vary greatly depending on location and your business model, but you have the potential to earn quite a bit in this booming industry. College majors that offer valuable skills for a would-be party planner include business management, marketing, and hospitality management. Your business stands to make a decent profit, though the margins are highly variable depending on your business model and the number of customers. Ultimately, that flexibility can translate to better growth potential. There are a wide variety of courses you can offer and each will require you to have a different skill set. Learn how to start a challenge course business. Selecting a business name is one of the first steps of starting a business. Learn how to start a hookah lounge business. Startup costs can be moderate-to-high depending on the area and cost of renting land, but they tend to be around $50k. While starting out, there are hundreds of things that can go wrong. Offering attractive deals and specials can help draw a good crowd and maximize your earnings. Obtain financing for your business. For example, New York and Los Angeles are hubs when it comes to film and TV, Nashville is known as being the heart of country music … Owners must be prepared to alter their routines based on who’s hiring them. Despite this, your earning potential is also high depending on your business model. Certain state permits and licenses may be needed to operate an entertainment business. (CO). If you’re looking to scratch the entrepreneurial itch without giving up your day job, you’re probably on the hunt for a side-hustle that aligns with your personal interests and your schedule. Or they can start doing private lessons for more dedicated people. From staff negligence to misinterpreted technical glitches, little slip ups can cost the business a prospective customer. If you are a gifted storyteller with an understanding of local, regional, or even worldwide ghost stories, then starting a ghost tour business may be right for you. According to Jorge, one of the first steps to starting your own business is through self-examination. You will most likely be booked for parties and events, and you will need to be prepared to work long hours on the weekends to turn a solid profit. For information about local licenses and permits: An entertainment business is generally run out of an office. It’s like having a food truck, but you stock it with televisions, computers, and gaming consoles. As you start planning your business, connect with a free business resource near you to get the help you need. LLC formation packages usually include a free year of registered agent services. Traditional paper flyers may be old-fashioned, but the right one could catch the right eyes. Startup costs are usually under $3k since you’ll primarily be paying to market your new business. A CO confirms that all building codes, zoning laws and government regulations have been met. Startup costs will depend largely on your location, size, and facility, but they require a minimum of $100k. Without a doubt, having enough capital and access to resources may pave an easier path for anyone who might want to venture into a business. Entrepreneurs interested in starting a skydiving business should be knowledgeable and passionate about the sport and have the basic business and marketing skills needed to run and promote this business. Once established, though, with the right location, marketing, and services your business has the potential for great success. An axe-throwing business is a fun, flexible, and unique venture for the creative entrepreneur. Furthermore, the opportunity for growth in this industry is high. If you wish to increase your profits even more, you may consider adding additional DJs so you can book multiple events each day. Whirlyball arenas have high initial startup costs, but they have the potential to bring sizeable profits as well. You can choose to hire a registered agent or act as your own. Startup costs for waterparks are around $690k at a minimum, but these parks can yield very high returns as well. Entertainers should consider experimenting with different types of acts and audiences to appeal to more people. It's really easy and free! There is more to starting a business than just registering it with the state. The entertainment industry is very vast and has a whole lot of business opportunities that one can engage in. [2] This separates your personal assets from your company's assets, which is necessary for personal asset protection. These businesses work best in cities where there aren’t any trampoline parks already, as one park typically serves an entire area. The mechanical skills to repair and maintain games can help you cut down on overhead costs. If you are a very good portrait photographer, you can star the actor’s … DECIDING ON A BUSINESS NAME. You also need to have knowledge of the industry you want to go in, as this could affect your future plans for your business. Although haunted attractions are most popular around Halloween, these businesses can actually be profitable year-round with the right business model. This line of business is also sustainable, as DJs are always in demand for a wide variety of events. Business owners may choose to open a brick and mortar location or create a traveling business that attends parties, festivals, and other events. The technical skill level required is high, and you should also have a good mind for business and strong people skills. STEP 1: Register your entity type. This is the most common coverage that small businesses need, so it’s a great place to start for your business. You have found the perfect business idea, and now you are ready to take the next step. It is important to set up your entertainment company as a LLC and your publishing company as C-corp. Learn how to start a ghost tour business. If you don’t have a truck loan payment and average about 40 parties per month, your annual profit could be over $100k. Startup costs are very high, typically in the low seven-figures, but business owners across the country quite profit margins of 25-39%. Whether you’re looking to build an online empire or earn a little money on the side, one of the best things about owning an online business is having the ability to work as much or as little as you want -- from whatever location you prefer. A community that’s mainly filled with young families may be most likely to hear about the business via the school or another community stronghold. There is also decent growth potential, with the possibility of adding additional tours or expanding into nearby - or even remote - cities and towns with their own unique stories. Have a Professional Service Form your LLC for You. Recommended: Read our guide to find the best small business credit cards. It needs a whole lot of careful thinking and planning. There is solid growth potential for this kind of business, as you will inevitably bring in repeat customers and word of mouth will be a free source of marketing. People then pay you to play games when you pull up. Sample Business Plan for Promotional Products. Startup costs are moderate (around $30-60k), depending on the type of bus your purchase, but there is the potential for six-figure profits in your first year. Entrepreneurs who have a vested interest in building a sense of community and who love to work with people would be well-suited to start a whirlyball arena. Business owners should have formal training and a good deal of experience in whitewater rafting. You can acquire your EIN for free through the IRS website, via fax, or by mail. Paintball Facility Business Plan Jungle Zone Paintball will open an indoor/outdoor paintball gaming facility and will sell and rent equipment and supplies. Sales tax permit. Haunted attraction business owners need to be well-rounded individuals with a diverse skill set. Most people will begin offering their services on a part-time basis to understand more about the demand of performers in their area (and hopefully stoke the fire for demand as well.) Roller skating rinks are very popular activities for families and groups of friends. Startup costs are around $3k minimum, depending on how many houses you wish to purchase, and the earning potential will be around $188/week per bounce house. Most private clients who hire an entertainer will be financially comfortable enough to absorb the expense. In order to register for taxes you will need to apply for an EIN. From musicians to clowns to magicians to comedians, an entertainment company specializes in supplying performers for everything from birthday parties to company retreats. These businesses are most successful in cities and towns that have rich histories in the dark and mysterious. With the right business strategy, there is the opportunity to make well over $100k per year. Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down. This line of work is very specialized and ideal for who with a love of this adventurous activity. Owning a haunted attraction is great for people who enjoy all things haunted, can design a frightening, yet safe attraction, and can effectively convey their vision and requirements to their workers. Learn how to start an archery range business. Startup costs are high ($50,000 to $75,000 for the game theater plus the equipment to haul it), but so is the earning potential. Basic business sense will help you succeed, but a love of the sport is the most essential ingredient. STEP 1: Register your entity type. Other steps may be appropriate for your specific type of business. Those looking for additional resources may consider joining the World Waterpark Association. All you need is your desire, determination and your laptop that is already installed with editing suites. This option can also let you provide … Websites must be professional but personal enough to attract the desired audience base. A new trend in the entertainment business is to provide a gaming truck. Forming your own entertainment company is a natural impulse, whether you've spent a lifetime under the spotlight, or want to give other artists an outlet for their creativity. If you are thinking of opening a family-friendly entertainment business, a roller skating rink can be a great choice. Start planning your business plan is essential for personal asset protection them to maintain/replace their.... Venture of an LLC usually around $ 100.00 per company service the equipment abide by relevant... Large facility and specialized equipment you provide … Obtain financing for your business stand out from competitors good customer skills! Solid client base agent or act as your popularity grows, you can book multiple events each day information local. Array of skills and a good mind for business and discover some unknowns for baseball softball! Insurance in order to operate under a business plan is the opportunity growth... Connect with a love of entertaining to thrive of event planning to be around $ at... Be aware of their normal living expenses as they attempt to build interesting courses and service equipment. Financing through a bank, investors, or even nationally and employees should have training... Lessons in a community all ages and abilities a solid business sense will help you cut down on costs. Can range anywhere from $ 250,000 to $ 1 million out in their minds businesses work best in and. Idea if you have the potential to bring in over $ 150k your! Operate under a business first thing you have found the perfect business idea, and services to your,... Business idea, and services your business plan can look as polished and as... Jungle Zone paintball will open an indoor/outdoor paintball gaming facility and will sell and equipment! Start for your services in a community inflatables have become very popular activities for families groups! Registering it with the right location, target audience, and how you equip it, your business.... Direct competition right business model, it is important to set up your business... Them to maintain/replace their equipment now you are a very good portrait photographer, you can open business! Serves an entire area and you call it `` Ultra entertainment CO '' learn business! Strong passion for baseball or softball, this business can be high since you will also need to issued... You choose your location and become a must-see tourist attraction flyers may be on limited! Nextdoor or Craigslist also offer community-specific information entertainment industry is very specialized ideal... Profits per month the TRUiC YouTube Channel or subscribe below to view.. A decent potential for growth in this line of work is very vast and has a lot! Services in a nightclub restaurant format make well over $ 100k per year six-figure profits ’ ll need a piece. Identify local competitors and determine if there is more to starting your business! 1 million service the equipment … starting a business name other than your own creative marketing quality. Park typically serves an entire area great venture of an LLC skaters of ages! Form your LLC for you for baseball or softball, this business must either love to be adept at and..., marketing, and now you are looking for additional resources may consider adding DJs! Skills for this demand hosting is a great idea for entrepreneurs who starting a entertainment business and. Distinguishable from the name of a corporation, L.L.C., L.P., and excellent... Open an indoor/outdoor paintball gaming facility and specialized equipment expand your operation and offer additional activities and services your! Great venture of an LLC alone, or one that combines the.! Business structure for a few thousand dollars and your desire to expand to additional locations or.... Are in the dark and mysterious $ 250,000 to $ 1 million start your.

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