Are you about starting a talent management agency? If YES, here is a complete sample talent management business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a talent management agency. We also took it further by analyzing and drafting a sample talent management agency marketing plan template backed up by actionable guerrilla marketing ideas for talent management agencies. So let’s proceed to the business planning section.
If you are arts inclined and you have what it takes to discover talented people coupled with good managerial skills, then you should consider starting a talent management agency business.
As a talent Manager, you are expected to work on behalf of talented people or artists to promote their careers and run their business affairs. Basically, your job is to secure the best work for your clients, for the best fee. The truth is that a talent management agency can be started in any country of the world as long as you have access to a pool of talented artists.
If you have decided to start a talent management agency, you are expected to map out strategies on how to raise startup capital, how to run the business, as well as how to make profits.
It might take you a month or so to come up with a workable business plan, however, you just have to do it. The truth is that your business plan is the blueprint with which you can successfully run your business. It is always advisable to contract the writing of your business plan to professionals if you know you can’t possibly do it yourself.
Here is a sample talent management agency business plan template that can help you to successfully start yours as soon as you can.
A Sample Talent Management Agency Business Plan Template
1. Industry Overview
Talent management agency is an organization that recruits, retain and promote talented individuals especially in the entertainment industry.
Talent management agency business is grouped under the musical groups and artists industry cum the entertainment industry and this industry is made up of professionals who manage talents in the entertainment industry; they manage talents such as comedians, poets, recording artists songwriters and musicians that produce music professionally, either in front of a live audience, in a recording studio or both.
Musicians in this industry may earn revenue from songwriting, producing or recording, but they primarily operate as performers.
If you take a closer look at the musical groups & artists industry, you will realize that over the past decade, the Musical Groups and Artists industry has been subject to a series of massive shakeups due to the popularity of mp3 players, music piracy, internet radio and online streaming.
The steady replacement of physical albums for digital songs has slashed revenue from recordings over the current five-year period, largely due to digital music selling at a lower price point. The transition to digital and a large drop in federal funding for the creative arts have caused industry revenue to grow minimally over the five years to 2017.
Statistics has it that in the united states of America alone, the Musical Groups & Artists industry generates over $6 billion annually from more than 54,723 registered and licensed talent management agencies scattered all around the country.
The industry is responsible for the employment of over 88,626 people. Experts project the music groups and artist industry to grow at a 1.1 percent annual rate. No single establishment can boast of having a lion share of the available market in this industry.
A recent report published by IBISWorld shows that the Musical Groups and Artists industry is in the mature phase of its life cycle. The industry experiences complete market acceptance, which is a key indicator of maturity, since music is a popular form of entertainment for most Americans.
The report indicated that over the 10 years to 2022, industry value added (IVA), a measure of the industry’s contribution to the overall economy, is expected to grow at an annualized rate of 1.9 percent. US GDP is forecast to grow at an annualized rate of 2.0 percent during the same time.
The industry’s relatively stable value added is further evidence that, despite the changing nature of the industry, it remains a mature and stable segment of the economy.
One good thing about starting a talent management agency business is that even if you decided to start it in the United States of America, your market will not be restricted to talents, entertainers or artists in the U.S.; the world will be your target market. Many thanks to the internet that has made the world a global village.
All you need to do is to strategically position your agency on the internet and you will be amazed at the rate people interested in signing under your management will be calling you from all parts of the world.
2. Executive Summary
One Nation® Talent Management Agency, Inc. is a registered talent management agency that intends having a footprint in the entertainment industry not just in the United States of America but all across the world. We have been able to secure a well – positioned office in Washington MSA – District of Columbia.
One Nation® Talent Management Agency, Inc. will be completely involved in discovering, promoting and managing a wide array of talents with different niche in the entertainment industry. Part of our plans is to work towards becoming one of the leading talent management agencies in the whole of Washington MSA – District of Columbia and in the nearest future compete with the leaders in the talent management industry.
We know that starting a standard talent management agency requires reasonable capital base especially for the purchase of world – class studio equipment (music production gadgets) and promoting artists under your management, which is why we have perfect plans for steady flow of cash from private investors especially in the entertainment industry who are interested in working with us.
We can confidently say that we have a robust network that will help us discover raw talents, work with established talents and bring out the best in them and we are ready to take on any challenge that we encounter in the entertainment industry.
From the onset, our workers are going to be selected from a pool of talented and highly creative people with eyes for spotting raw talents and effectively managing them. We will make sure that we take all the members of our workforce through the required trainings that will position them to meet the expectation of the company.
At One Nation® Talent Management Agency, Inc. our client’s best interest come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.
One Nation® Talent Management Agency, Inc. will be owned by Oscar Martins. He has a Bachelor of Arts degree in Theater Arts from the University of Florida.
Oscar Martins who is a native of Miami-Hialeah, Florida has robust experience spanning over 17 years in the entertainment industry working for first class celebrities and leading players in the entertainment industry prior to starting One Nation® Talent Management Agency, Inc.
3. Our Products and Services
One Nation® Talent Management Agency, Inc. is going to offer varieties of services within the scope of the entertainment industry in the United States of America. Our intention of starting our talent management agency is to make profits from the entertainment industry and we will do all that is permitted by the law in the US to achieve our aim and ambition.
We are in business to manage the following artists;
- Spoken word artists
- Master of ceremonies
- Stunt performers
- Rock, dance, country and pop bands
- Independent musicians or vocalists
- Jazz artists and groups
- Musical groups (except theatrical musical groups)
- Chamber musical groups and orchestras
- Symphony orchestras
- Classical musical groups
4. Our Mission and Vision Statement
- Our vision is to be completely involved in discovering, promoting and managing a wide array of talents with different niche in the entertainment industry.
- Our mission is to build an talent management agency that will become the leading talent management agency in the whole of Washington MSA – District of Columbia and in the nearest future compete with leaders in the industry not only in the United States but also on the global stage.
Our Business Structure
The fact that we are set to compete with other leading talent management companies in the United States of America means that we must build a business structure that can support our business goal. We will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stakeholders.
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. Below is the business structure that we will build One Nation® Talent Management Agency, Inc.;
- Chief Executive Officer
- Entertainment Lawyer/Legal Secretary
- Talent Manager
- Sound/Recording Engineer
- Admin and HR Manager
- Marketing and Sales Executive
- Customer Service Executive/Front Desk Officer
5. Job Roles and Responsibilities
Chief Executive Office:
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
Entertainment Lawyer/Legal Secretary
- Responsible for drawing up contracts and other legal documents for the company
- Advise artists and the organization accordingly before producing their music album or singles
- Produces information by transcribing, formatting, inputting, editing, retrieving, copying, and transmitting text, data, and graphics; coordinating case preparation.
- Provides historical reference by developing and utilizing filing and retrieval systems; recording meeting discussions; maintaining transcripts; documenting and maintaining evidence.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Responsible for negotiating contracts and fees, finding and booking events and venues that match the artist’s career strategy, advising on career decisions, publicity and promotion, helping them on career decisions such as which record producer to work with, or which songs to perform, and managing media relations on their behalf
- Responsible for building a strong reputation for good client services, and attracting more top performers onto their books.
- Presents a roster of artists, and cultivate relationships with music industry decision makers on their behalf. They will negotiate deals, and support and guide their clients’ careers.
- Keeps up to date with what’s happening in the industry, and spend a lot of time establishing and maintaining relationships, using contacts to source work for her clients.
- Promote her clients’ work, and will often be involved in liaison during the music recording process. May also organize and negotiate contracts for release and publishing, and communicate with the press.
- Handles any other responsibility as assigned by the Chief Executive Officer
- Responsible for handling any sound related job for the company
- Responsible for mixing and producing beats and sounds for our clients
- Part of the team responsible for selecting the songs that will be promoted and the songs that will be sold as singles.
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of studio equipment by completing preventive maintenance requirements; calling for repairs.
- Defines job positions for recruitment and managing interviewing process
- Carrying out induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Works directly with clients in a non-advising capacity, such as answering questions, scheduling appointments and making sure all training concerns are properly taken care off
- Oversees the smooth running of the daily office activities.
Marketing and Sales Executive
- Once the album is ready, then the marketing team will go out to market and promote the album
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies business opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps to increase sales and growth for the company
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting for one or more properties.
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the company
- Serves as internal auditor for the company
Client Service Executive
- Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information are supplied to clients when they make enquiries.
6. SWOT Analysis
One Nation® Talent Management Agency, Inc. engaged the services of a core professional in the area of consulting and business structuring to assist the organization in building a standard talent management agency that can favorably compete with other leading music production companies in the United States of America.
Part of what the business consultant did was to work with the management of the company in conducting a SWOT analysis for One Nation® Talent Management Agency, Inc. Here is a summary from the result of the SWOT analysis that was conducted on behalf of One Nation® Talent Management Agency, Inc.;
Our core strength lies in the power of our team and the location of our business. We have a team that can give our clients value for their money; a team that can effectively manage talents to become world – class celebrities. We are well positioned and we know we will attract loads of clients from the first day we open our talent management agency for business.
As a new talent management agency, it might take some time for our organization to break into the market and attract some established music artists to sign under our label; that is perhaps our major weakness. Another weakness is that we may not have the required cash to promote our business the way we would want to.
There are loads of raw and established talents in the United States and of course the opportunities in the entertainment industry are massive and we are ready to take advantage of any opportunity that comes our way.
Technology and the internet which of course is a major tool for the advancement and gains achieved in the entertainment industry can also pose a threat to the industry. The truth is that with the advancement of technology, it is now easier for talents and artist to promote their works especial via social media platforms.
So also, just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new music production company in same location where our target market exists and who may want to adopt same Business model like us.
7. MARKET ANALYSIS
- Market Trends
Entrepreneurs that are venturing into the music groups and artist management industry are coming in with creativity and good business skills. The fact that revenue is nose-diving in the industry does not in a way stop some talent management agencies from declaring profits year in year out.
The trend in the industry is that talent management companies are trying as much as possible to recreate themselves on a regular basis and also to be on top of their game. This is because it is easier to find people who are related to music artists and other performing artists managing such artists.
8. Our Target Market
When it comes to talent management agency business, there are no exemptions to who you can market your services to. There are loads of people (music artists and other performing artists) out there who are interested in working under a well – structured talent management agency.
In view of that, we have created strategies that will enable us reach out to various clients within our target market. We have conducted our market research and survey and we will ensure that all the talents and artists under our management are well accepted in the marketplace.
Our competitive advantage
We are mindful of the fact that there are stiff competitions in the industry, hence we have been able to hire some of the best business developers to handle our sales and marketing.
One Nation® Talent Management Agency, Inc. is launching a standard talent management agency that will indeed become the preferred choice for music artists and other performing artists in and around Washington MSA – District of Columbia and other cities all across the world.
Another competitive advantage for One Nation® Talent Management Agency, Inc. is the quality and wealth of experience of its management team. The management team comprises of professionals who have worked with some of the leading international brands in the music groups and artist management industry.
Our unique style of attracting gifted artists and talents also counts towards our advantage especially when it comes to competing with other talent management agencies within the same category that we operate.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the entertainment industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
9. SALES AND MARKETING STRATEGY
- Sources of Income
One Nation® Talent Management Agency, Inc. is established with the aim of maximizing profits in the music groups and artist industry and we are going to go all the way to ensure that we do all it takes to attract performing artists that will sign under our brand.
One Nation® Talent Management Agency, Inc. will generate income by working with the following people;
- Spoken word artists
- Master of ceremonies
- Stunt performer
- Rock, dance, country and pop bands
- Independent musicians or vocalists
- Jazz artists and groups
- Musical groups (except theatrical musical groups)
- Chamber musical groups and orchestras
- Symphony orchestras
- Classical musical groups
10. Sales Forecast
Entertainment is part of what makes the world a better place and the demand for good and talented entertainers will continue to grow. This goes to show that any talent management agency that is known to always produce good and talented entertainers will continue to attract talented performing artists.
We are well positioned to take on the available market in the U.S. and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six months of operation and grow the business and our clientele base beyond Washington MSA – District of Columbia.
We have been able to examine the talent management market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projection for One Nation® Talent Management Agency, Inc., it is based on the location of our business and other factors as it relates to talent management agency business startups in the United States;
- First Fiscal Year: $200,000
- Second Fiscal Year: $450,000
- Third Fiscal Year: $750,000
N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Our sales and marketing team will be recruited base on their vast experience in the industry and they will be trained on a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. We will also ensure that our excellent artist and management style speaks for us in the marketplace; we want to build a standard talent management agency that will leverage on word of mouth advertisement from satisfied clients / artists.
Our business goal is to grow our talent management agency to become one of the leading talent management agencies in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market, scale up our income quarterly and grow to become a major force to reckon with not only in the U.S but in the world stage as well.
One Nation® Talent Management Agency, Inc. is set to make use of the following marketing and sales strategies to attract clients;
- Introduce our business by sending introductory letters alongside our brochure to music artists, performing artists and key stake holders in the entertainment industry in Washington MSA -District of Columbia and other parts of the United States of America
- Advertise our business in relevant entertainment magazines, newspapers, TV and radio stations
- List our business on yellow pages ads (local directories)
- Attend relevant international and local talent hunts, music expos, seminars, and concerts et al
- Leverage on the internet to promote our business
- Engage in direct marketing approach
- Encourage word of mouth marketing from our loyal and satisfied clients
11. Publicity and Advertising Strategy
We have been able to work with our brand and publicity specialist to help us map out publicity and advertising strategies that will help us walk our way into the heart of our target market. We are set to take the artist management industry by storm which is why we have made provisions for effective publicity and advertisement of our agency.
Below are the platforms we intend to leverage on to promote and advertise our talent management agency;
- Place adverts on both print and electronic media platforms
- Sponsor relevant TV shows and radio programs
- Maximize our official website to promote our business
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook, Twitter, LinkedIn, 4Share, Google+ and other platforms (music online forums) to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around Washington MSA – CA
- Brand all our official cars and ensure that our trademark label is boldly printed in all our music album covers and CDs et al
12. Our Pricing Strategy
When it comes to talent management business, you may not automatically start making money, as a matter of fact, you will be expected to invest your money in an artist, groom the artist until he or she becomes popular and well – sought for. With that, you will be able to agree on percentage of the fee paid to the artist to perform.
At One Nation® Talent Management Agency, Inc. we will keep our fees below the average market rate for all of our clients by keeping our overhead low and by collecting payment in advance.
- Payment Options
The payment policy adopted by One Nation® Talent Management Agency, Inc. is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America. Here are the payment options that One Nation® Talent Management Agency, Inc. will make available to her clients;
- Payment via bank transfer
- Payment via credit cards
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
In view of the above, we have chosen banking platforms that will enable our client make payment for our services without any stress on their part.
13. Startup Expenditure (Budget)
From our market survey and feasibility studies, we have been able to come up with a detailed budget on achieving our aim of establishing a standard and world class talent management agency business. Essentially, these are the areas we are looking towards spending our start – up capital on;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of One Nation® Talent Management Agency, Inc. in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The total cost for hiring business consultant – $2,500.
- The total cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of lease for a small but standard office facility for 24 months – $150,000
- The cost for remodeling the office – $20,000
- The amount required for the purchase of musical related equipment- $40,000
- Other start-up expenses including stationery ($500) and phone and utility deposits ($2,500).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $250,000
- The cost for start-up inventory – $10,000
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs – $5,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al) – $4,000.
- The cost of launching a website – $600
- The cost for our opening party – $5,000
- Miscellaneous – $5,000
We would need an estimate of three hundred thousand dollars ($300,000) to successfully set up our talent management agency in Washington MSA – District of Columbia.
Generating Funds/Startup Capital for One Nation® Talent Management Agency, Inc.
One Nation® Talent Management Agency, Inc. is owned and financed by Oscar Martins. He has decided to restrict the sourcing of the startup capital to 3 major sources. These are the areas we intend generating our startup capital;
- Generate part of the startup capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from the bank
N.B: We have been able to generate about $100,000 (Personal savings $60,000 and soft loan from family members $40,000) and we are at the final stages of obtaining a loan facility of $200,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.
14. Sustainability and Expansion Strategy
It is easier for businesses to survive when they have steady flow of business deals / customers patronizing their products and services. We are aware of this which is why we have decided to manage a wide array of talents in the entertainment industry.
Our key sustainability and expansion strategy are to ensure that we only hire competent employees, create a conducive working environment and provide employee benefits for our staff members.
We know that if we implement our business strategies, we will grow our talent management agency business beyond Washington MSA – District of Columbia to other states in the United States of America in record time, scale up over income on a regular basis and break even within record time.
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Renting of Office Facility: Completed
- Building of Music Studio: In Progress
- Intellectual Property Protection and Trademark: Completed
- Opening of Corporate Bank Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Generating part of the startup capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing/Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the needed studio/musical gadgets, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with key players in the industry: In Progress