Identifying the Three Areas
When drafting a business proposal, it is essential to consider a vast number of areas to avoid mistakes and foresee any risks and challenges. Three specific areas come to my mind when I think about creating a mobile production company/entertainment business. They are social media marketing, sustainable event management, and employees’ salaries. The importance of the first area lies in the fact that most clients are now attracted to the help of social networks. Knowing the best tools and methods of social media advertising is vital for companies that want to develop. The second area, sustainable event management, is also important because most clients prefer businesses that consider environmental problems and concerns. Finally, since paying employees for their work is one of the major expenses, it is necessary to pay specific attention to this area.
Social Media Marketing Strategies
Nowadays, it is almost impossible for new businesses to attract clients without using social media marketing, an extremely powerful tool. Companies can share essential information about them, post customers’ reviews, and advertise upcoming events. After conducting the research, I learned that video is one of the most effective social media advertising tools. According to Gilbert (2019), “74% of consumers are more likely to buy a product or service after watching a branded video” (p. 357). What is more, unlike recorded, “live streaming video decreases costs while increasing customer engagement and enhancing influence” (Gilbert, 2019, p. 357). Therefore, I can consider this option and promote my future business on social media.
Sustainable Event Management
More and more people are becoming aware of and concerned with environmental problems, deciding to boycott many businesses that harm nature. Thus, considering sustainable event management is a promising opportunity. As noticed by Allen et al. (2019), event businesses need to proactively embrace sustainable management agenda to raise awareness and showcase good practice. For example, I learned that I could pursue ethically sourced supplies, enable reuse of production materials, engage with conscious contractors, provide my personnel with appropriate resources, and monitor their safety (Allen et al., 2019, p. 110). These practices will not only promote the success of my business by providing me with loyal clients and workers but also help the environment.
The Average Salary for the Chosen Employees
Paying salaries is one of the major expenses of a company, and it is vital to find a balance between generously rewarding workers for their hard work and making an overall profit. Overall, my business will likely have the following employees:
- 2 DJs
- 4 laborers for setting up and tearing down the equipment
- 2 photographers
- 2 videographers
- 2 lighting technicians
According to Garin et al. (2020), such business owners can complete Form 1099-NEC and pay their workers as independent employees, which is a good option for me. Thus, I think that I will consider this opportunity and pay salaries per event.
Potential Investor
I had several potential investors who would be interested in funding or taking part in my proposal. My final choice is Mr. Collin Sewell, owner of Sewell Ford in Odessa, TX. He is a very successful leader, entrepreneur, and businessman who managed to make his family’s company grow and expand its brands. I would like to ask Mr. Sewell for funding, and I hope he will be interested in my proposal. According to the information found online, Mr. Sewell has “a passion for developing people and seeing them reach their maximum potential” (TED, 2018, para. 3). Considering that I am also passionate about my proposal and that my idea is unique, I hope that Mr. Sewell will want to contribute to my development and benefit from it.
References
Allen, J., Harris, R., Jago, L., Tantrai, A., Jonson, P., & D’Arcy, E. (2019). Festival and special event management. John Wiley & Sons.
Garin, A., Jackson, E., Koustas, D. K., & McPherson, C. (2020). Is the new platform work different from other freelancing? AEA Papers and Proceedings, 110, 157-161.
Gilbert, M. A. (2019). Strengthening your social media marketing with live streaming video. Smart Technologies and Innovation for a Sustainable Future, 357-365.
TED. (2018). Collin Sewell. Tedxoptimistpark. Web.