You know the popular misconception that setting up a company requires some huge capital? Well, this is a case study to help us see how possible it is to launch and run a fresh new company with almost zero capital. My initial expenses here, will probably only include my transportation and maybe, my call credit which will be used to get the team together within the setup journey and we all know that doesn't count as a capital.
This company will be a full entertainment company with several departments for Movie, Music, Comedy, Modelling, Event Management and even Dance Club. Do you think I can't get it done without serious funding? Well, stay tuned and we just might find out soon. It's going to be a great ride.
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Why am I posting this here?
Simple. To clear some doubts and encourage people to work towards achieving their goal even if the needed resources aren't available. In this case, it's funding for the business. Okay, even though I have the necessary funds, I will try not to use it.
At least, until the company gets launched. That way, you will also find a way to setup your own (should be a different project! Don't copy mine), even if you don't have the funds. Here are some great business funding opportunities for you. In fact, I'm seriously hoping we learn from each other.
What do I expect from you?
Your active participation and willingness to learn. I expect you to also pick up your long-awaited project and join me on this journey to make your dream come true. Your project mustn't be a business. In fact, it could be something as simple and fun as taking a trip to that place you always wanted to go but lacked the courage or funds.
How about your relationship? Are you still finding it difficult to get a good spouse? It's time for you to go out there and ask-out that young man/lady you already admire. Or is it the political leader in charge of building infrastructures for your community?
You need to speak up and take the right actions to ensure things get better. If you don't make an effort, nothing in your situation will ever change. Overall, you should take the baby steps with me.You have to go out and get what you want. We've got a deal, then?
Once you hit a rock when setting up your project, (and believe me, there will be obstacles) you shouldn't turn back, but find a way to go around it. You should see your failures as challenges.
Turn that negative situation to a positive influence. For instance, if I attempt building a floating house and engineers say it can't be done, even if I fail woefully doing it, I will take it as a challenge to show the world how possible it is.
I will turn their negative thoughts to my motivation and after each failure, I will pick up the pieces, figure out what went wrong, correct it and produce a better version. Nothing is impossible. It's time to set your mind to it, take the bold step and get it done!
What will you learn?
My failures (mistakes mostly) and wins. In fact, I will try as much as possible to keep you updated on every new step I take till you hear about the official launch of the company!
At the end of each step I take, I will return here to post on my errors, the lessons I learned and what I did right. I will try as much as possible to be transparent, clear and concise on my progress on the setting up of the company.
What to note?
Well, since I won't be funding the project as required, I will be starting it small. One step at a time. So, do not expect some mega company launch! However, once I'm done, I'm sure we will have a great new record-breaking company on our hands.
Also, since I have many other things on my plate, I may not be fast in the process of setting up the company but I will give myself a time-frame.
Setting a deadline for each of the steps will help eliminate unnecessary delays (or procrastination, as most people do). I will simply prioritize my objectives and most times, I will lay out the plan here, do it and come back with feedback on how it went.
How am I going to get this done?
You know that popular saying that goes; Use what you have to get what you want? Well, that doesn't only apply to trade. As a matter of fact, I will be starting this company using the same principles.
This is to say, I will be making deals, gaining partnerships and looking around me to use what is readily available to source for what I need for the company.
For instance, If I want to organize an event (perhaps, a wedding), I would get my friends who are Artistes, DJs, Cinematographers, might even involve my sister who does cattery services and at the end of the day, the event will get hosted with little or no funds. I just might only need to cut them in on the revenue.
Steps to take?
Since it's not really safe to expose a company's trade secret. I might not mention all pending moves of the company. However, you will always get updated on it, once it's been carried out. Anyway, see below, the major steps I will take to bring this company into existence.
Research and Plan -This will be the first step I will take (already doing it anyway). I will certainly have to sit and do a proper research (including market survey) and I will be making all necessary plans on how I can make the company stand out. This is because there are already too many entertainment companies (especially record labels) in my location (Nigeria), but my main angle is the fact that most of these companies (especially the movie industry) are nothing to write home about. The aim is to do something great and unique. The goal is to make the company better than the rest. I will certainly need to put in some innovation here. See these 7 business plan tips.
Business branding – This stage will involve choosing the company name, creating the logo and website, registering trademarks and legalizing everything with the government. It's all about making it recognized as a company. Luckily, I can do this myself. I won't need to hire a third-party. Or I could just outsource it to my team at Lati Codes which won't cost me a penny (It's my company and I'm still using the same principles of using what I have to get what I want. So, you too should look around you for what you could use to achieve what you want).
Gathering of resources – Once I get to this stage, I will need to start organizing everything needed to get the company operational. This could include things like equipment, a good location (probably an office space) where I will be running the company from (at least till I get a well-funded office block, studio and other facilities for the company). I will have to figure out a way to do this without funds too!
Forming the team – At this stage, I will be fishing for the right guys to be the first set of people to work with me in getting the company to it's supposed destination. Along the line, as the company grows, I will be adding staffs to help with the daily operations but at the start, just a few guys would do. Maybe, I would involve investors here but the team will mostly be the guys who can get the job done. Guys like cinematographers, producers etc. Both back-stage (crew) and management team. For me to do this without funds, I will find a way to do it through deals or I will outsource the services.
Company first project – Since the company is low on funds, we will probably have to do something that will get us the needed finances. It could be something like managing or hosting events. We certainly, will need to figure out ways to raise funds for the company and since getting investors might not be an option, getting the funds ourselves through running a project will be the next best (and my preferred) option.
Company official launch – Once the needed finances are available for the official operational activities of the company, then, I will see no reason why we shouldn't organize a good launch event for it! We will need to let ourselves known that we are here to stay. We are the hottest new brand in town. Well, this will involve some good marketing (including the Press) and some pre-launch awareness. Before this stage, we should have built a good following.
Bringing in upcoming stars – While, we will likely sign in some fresh promising talents to start recording or and shooting their videos, (models, comedians, dancers etc.), I think I will love to put my focus on a quality movie production since we can easily outshine most movies by our indigenous movie producers here (Nigeria). In fact, with the quality of the movies I already have in mind (scripts and all), we can hijack the industry and start generating good revenue in no time.
Official projects and marketing – This is the final stage when the company will be fully operational with some great projects at hand. We will work on some enticing entertainment projects, do some real promotion for it and get it to the public. At this stage, we will be working together really hard to get our stars to the limelight, by getting their talents out there through their final products (music videos, movies etc.), the media, concerts etc.
I'm very excited here and I can't wait to carry you along as we anticipate the journey of this great company. Also, I will really value your inputs/insights. So, do not hesitate to share your thoughts using the comment form below.