Financial predictions for business plan?

[Gadgetbox]

Great read on this thread, especially from my perspective- I have been running a commercially successful recording studio (focusing on local unsigned talent) in a small northern California market for over eight years, and I have recently signed a commercial lease to facilitate some much needed expansion and proper improvements to grow the business.

Savernake, if you've made it this far, you've no doubt realized that much of the 'critique' some of the members were offering you was very insightful. I know I feel like I've learned a lot of what to improve on my plan from considering all the viewpoints stated here.

I'm interested in knowing how the business is going, and how your first 6 months or so have been. Are your forecasts somewhat accurate? Any big unintended pitfalls/windfalls? Has there been any need to follow up on your accountability of the investment from the 'government money?'

I appreciate your time in helping to paint the big picture- like you said, all too often these threads turn into empty voids with very little follow through.

Cheers,

AZ

[rkwyent]

Originally Posted by Savernake

Thanks for the 'advice' some months ago (and to the encouragement from NeekRusher). Some unusually harsh responses but criticisms accepted.

I didn't want this to be one of those threads where it seems like it all just failed and went quiet, because we've got £25,000 coming in this week (plus much more on the way, ka-ching!) so it's all still happening. I'm about to make a thread over the afternoon (slowly adding bits to the list while I give everything a newer price check) with the final equipment list incase anyone has advice on how it could be tweaked before the big buy.

The reason it's a low risk venture is because it's not my money. It's the governments money, this is a recording studio in a youth club that is totally dead, and almost a year ago I worked my way into a position where I could take it on myself as a manager. Several funding applications later, we have the money coming in, the first of which is the 25k.

The studio's not been looked after in the past, but with this budget I can start from the ground up and really make something of it.

Sorry to be all 'mystique' about it before, I know it must have sounded like bullshit but I'm glad to be able to explain it all now.

That is really great and good to hear. I know i was tough on you in the past.

However i think this implementation of a recording studio in a youth club is wonderful on many levels.

[jimcroisdale]

Hi all,

I've read this thread with much interest and I'm glad it's all going ahead for you. I considered a similar thing myself a few years ago with a local youth club, but the place was bulldozed before I had the chance to look into it further.....

I guess the problem now is keeping the place busy enough to be justifiable for the local government to keep the place open and pay you to run it?

If it's all part of a council youth scheme of some kind, will you be charging the kids to use the place? Most kids who have a need for a local youth club (as a means of keeping off the streets and doing something productive instead of turning to crime) don't have a lot of money to spend. So if it's a free/nearly free facility, the council will at least expect it to be busy and get them a lot of press for 'doing the right thing'. If no-one visits you, it won't be worth it for the council, and the funding will possibly dry up.

At this point you might be stumped because it's not your property and you would have no right to continue using it as a studio, even if you paid rent. If it's a youth club first and foremost, that's what it would have to continue to be, minus you and the studio. They'd probably replace you with a ping-pong table.

Just my opinion, and of course, I might not be fully understanding the situation at all. Might I be near the mark - I'm totally jealous if it's more nailed-on for you than I describe!

Cheers,

Jim