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When it comes to an entertainment company, what’s the first thing that you think of? Perhaps a wedding DJ? Or, a rock band?
While both hit the mark, the entertainment industry doesn’t stop there. In fact, it encompasses a much broader swathe of activities. So, what is an entertainment company?
Companies range from entrepreneurial one-man shows, such as magicians and comedians, to talent companies with hundreds of entertainers.
These companies supply performers for birthday parties, weddings, company parties, and much more.
If you’ve ever dreamed of doing what you love full time, then starting an entertainment company might be your ticket. Read on to learn more about the industry and whether or not it’s a good fit for you.
Is Entertainment Right for You?
To thrive in the entertainment business, you need to have lots of talent and enjoy being in the limelight. Or, you need a great eye for spotting talent and proven managerial and people skills.
Either way, you’ll need plenty of chutzpah and a can-do spirit that pushes through rejection.
What are some other qualities that will help you in this business? Superior networking skills, a tireless work ethic, and a deep passion for what you do.
Whether you perform or hire others, you also need to have your finger on the pulse of pop culture. Why? So that you know what the market currently demands.
Along with all of the skills above comes adaptability. In entertainment, you must continuously hone your craft or restock your talent pool.
Although many people believe a job in the entertainment industry means never working again, that’s far from the truth. Staying on top requires some serious hustle and the ability to slay on a regular basis.
That said, if it’s work that you feel passionate about, you won’t mind going above and beyond on a regular basis. Knowing your “why” before you enter this industry will give you staying power when things get tough.
Your Target Market
Before starting any business, you need to have a thorough understanding of who your clients will be. When it comes to entertainment, customers prove just as diverse as the many niches the industry encompasses.
For private entertainment, many of your clients will be individuals. The majority will enjoy affluent lifestyles, which allow them to splurge on extras such as a live DJ at their birthday party.
You’ll also find that a variety of institutions prove interested in hiring you. These include commercial operations, governmental agencies, and schools.
For example, many musicians get paid to play at private weddings and other events. But they should also consider entertaining at nursing homes, libraries, and public schools.
As with any job, there are aspects of working in the entertainment industry that may feel humdrum. These include bookkeeping, marketing, and advertising.
While these activities probably aren’t the main reason you want to venture into a career in the entertainment industry, they remain necessary evils.
Remaining hyper-organized and tracking everything from expenses to contacts to your time will also prove essential.
You should also start things off on the right foot when it comes to creating your business. For business formation and startup law, consult an attorney experienced in the entertainment industry.
Growth Potential for Your Entertainment Company
Despite dire predictions from individuals who may think you need to “keep your feet on the ground,” a career with an entertainment company can come with a surprising potential for growth.
Remaining flexible with your business model, especially in terms of the people, companies, and venues you’re willing to work with can translate into more customers and ramped-up earnings.
Ready to learn more about starting your own business? Read on for tips to help you successfully launch your next entrepreneurial venture.