Business Plan – Kari & the Keys

Executive Summary Welcome to the future of music entertainment for your next event. Kari and the Keys, brings to the community of Cedar Rapids and surrounding areas, a breath of fresh air in music entertainment. By combining two gifted musicians, going the extra mile, and offering a wide variety of music styles to suit your needs, Kari and the Keys will lead the event entertainment market, providing a praise worthy performance every time.Kari and the Keys is a small business aimed at the big time. In order to reach our giant goals, we must focus on the mission behind the vision. We offer a one-two punch by providing a singer and accompanist, provide a superior sound system, and ensure a worry and hassle-free event – all with one phone call. Keeping In tune with the needs of the market, consistently updating our music portfolio, all while ensuring the customer receives the individual attention they deserve, is the vision and daily mission of Kari and the Keys. 2.Objective It is our objective to: Achieve name recognition labeled as the â€Å"best entertainment for your event† Provide the convenience of a one stop shop for music entertainment offering better talent ND prices than our competitors; delivering top notch customer satisfaction. Obtain 30% of the market share for event entertainers within 2 years 3. Mission Inspired by our passion for music, Kari and the Keys want to engage your audience In an Incredible music experience, through a praise-worthy performance, for your event. 4. Keys to success Our keys to success include: a.Offering Talented Musicians: Professionally trained musicians who share a passion for music and performing; Eric Sternest – Organist/Plants, formally studied music and Plano at Amanita State university, 25 years of experience. Karl Burch – Singer (Soprano/Alto), formally studied music and vocal performance at university of Iowa, 20 years of experience b. Customer Satisfaction: We strive for exemplary focus on the customers satisfaction and his/her experience both with us and the outcome received by hiring for an event. 5.Company Summary Kari and the Keys is comprised of a singer (Kari Burch) and an accompanist (Eric Sternest) – piano/organ, fully equipped to perform at your personal or corporate event. We are both formally trained musicians and offer a wide variety of music to choose from for your special event including: Recent pop songs, Music from the ass's and ass's, Traditional/non-traditional wedding and/or secular music, Popular/traditional Christmas music. Additionally, we own a professional sound system inclusive of two (2) main speakers, monitor, mixer, microphone and keyboard.Our primary focus of business will be weddings and corporate events; however, we have the capability to provide music entertainment for most occasions. The geographic area we are focusing on for marketing and services is primarily locations within the Cedar Rapids Metro Area (inclusive of Cedar Rapids, Marion and Hiawatha). It is important that all business conducted will include an Event Contract, which is a legally binding agreement between Kari and the Keys and the Event Requester. A down payment of $150 is required to hold the date for each event.This is a non- refundable payment and required at the time the event date is booked and Event Contract executed. Kari and the Keys is organized as a partnership encompassing two general partners who are Kari J. Burch and Eric Sternest; each owns 50% of the company. Kari conducts the accounting, marketing strategies and legal duties; Eric handles executing on social media, the company's website design, and booking requests. Each partner shares daily business duties evenly. 6. Company History Eric and I have known of each other for 20 years. Even then we both recognized and appreciated each other for our respective musical talents.About 2 years ago, I reached out to Eric to determine whether or not he would be interested in play ing for me with the intention to record a few traditional and non-traditional wedding songs. I was looking for an outlet to be able to get back into the singing world. Time went by and schedules precluded things from formulating. In January 2014, we reconnected and decided that we no longer wanted to squander our musical talent. With the passion for music and the uncanny ability to perform seamlessly as a duo, we decided to form Kari and the Keys. The initial intention was Daniel Urethra's, Parlor City, Java Creek, etc.However, after investigating the local event entertainment market, we believed our team could offer an avenue of refinement and amazing live entertainment for both weddings and corporate events. Kari and the Keys are able to offer a one stop shop when a person or organization is looking to book music for an event. The customer isn't burdened with finding and coordinating a singer and a piano player; we offer both. We are a talented team who has the ability to listen, understand and respond – uniquely and creatively – to the growing needs and constantly fluid expectations of our customers.Additionally, based on our research, Kari and the Keys is the only singer/piano duos in the Cedar Rapids Metro Area. 7. Products and Service Kari and the Keys are â€Å"event entertainers†. We are comprised of a female singer and male piano player by trade and offer a variety of music genres to provide either focal r background entertainment at your special event. Additionally, we are not pretentious performers who demand or expect things from our customers. We believe our strength lies in working for and satisfying every customer.In order to achieve the expectations of the customer, we believe in key service quality ideals, which will help us attain a high level of customer satisfaction. Such ideals include: I. Timeliness and convenience it. Personal attention to desirable needs and wants iii. Reliable and dependable ‘v. Responsivenes s to requests v. Assurances and availability We also share a common drive for success. We don't simply want to be a run of the mill performance act; we want to be the recognized leader if you are looking for music to be performed at your event.Kari and the Keys have established the following fee structure, based on a specific event: Booking Fee to hold the date- $1 50 (non-refundable) Wedding Package – $500 which includes: Wedding rehearsal at location (30 min) Organ/Piano – Processional and Recessional, Pre and Post Wedding music (as background) – 15 min each Vocalist/Accompaniment – two (2) song chosen from selected list Songs are chosen from selected list Open bar and food shall be provided Set up/tear down 2 hours of music, 2 – ten minute breaks w/in 2 hours Approximately 10 songs per hour Songs are chosen from selected list Music outside of selected list – $75 per song 8.Market Analysis Summary a. Size of Market: (State & County Kickbac ks), (Marion, Iowa), (Hiawatha, Iowa), (Cedar Rapids, Iowa) I. Population Demographics: Estimated population of Cedar Rapids Metro Area (inclusive of Cedar Rapids, Marion and Hiawatha) is approve. KICK (Cedar Rapids – KICK, Marion ASK, Hiawatha K) Median income of males – $41 K/year Median income of females – $ASK/year 27% of the population is 25 to 44 t. Name Recognized Employers: Rockwell Collins (8,700) Transcends/AEGEAN (3,900) SST.Lukewarmly point (3,200) Cedar Rapids Community School District (3,000) WHY-eve (2,600) Mercy Medical Center (2,300) Whirlpool (2,500) Kirkwood Community College (1 ,900) City of Cedar Rapids (1,400) Quaker toecaps (1 Other companies include: Archer Daniel Midland (DAM), Cargill, General Mills, Toyota Financial and Nordstrom b. Competitors: I. To research our competition we utilized both internet websites which advertise â€Å"for hire† for musicians (search Wedding, Corporate Events and music groups) and also utilized the SABA tool called â€Å"Size It Up† (searched Entertainment: Weddings, Party, and Corporate Events). T. In targeting the Cedar Rapids Metro Area (inclusive of Cedar Rapids, Marion and Hiawatha) our direct competition would include people from the following categories which represented a total of 31 â€Å"event entertainers†: 1. Vocalists 2. Accompanists (Piano/Organ/Guitar) 3. Comedy Acts 4. DC ill. We understand that this represents only a small segment of the true number of musicians located in the Metro Area. However, â€Å"word of mouth† would be the best â€Å"Word of mouth† is very important in this category of business and it is crucial to the success of any music ensemble.However, we believe going after the market with a guerrilla marketing campaign, becoming visible in the music community and establishing a â€Å"following†; will help us to capture the â€Å"event entertainment† market. C. Market Growth/Trends There is a constant flu x of new musicians within the Cedar Rapids Metro Area. People consistently believe that they will be the next American Idol pop sensation and will be discovered in this market. The reality of the situation is the saturation with UN-trained, low skill musicians, trying to make a buck. Because of this, Kari and the Keys are able to capitalize on our talent, skill and upscale performance.We are organized, marketable and ready to succeed. 9. Target Market We define our initial target market as such: Females and males predominately between the ages of 25 – 45, non-married with a combined income of $ASK or more per year. Name recognized businesses Cedar Rapids Metro Area – (inclusive of Cedar Rapids, Marion and Hiawatha) 10. How do we attract our Target Market? A. Establish an on-line presence b. Establish a word of mouth campaign based on our stellar performances at local ensues such as open mice nights, restaurant/bars, and coffee houses c.As performances are booked, peopl e view Online Calendar Lists – â€Å"This week at Ramset's† d. Direct mailing to local organizations: Churches Wedding Dress Boutiques Wedding Planners Country Clubs Restaurant/bars Coffee Shops West Music 11. Industry Analysis a. The threat of new entrants is in an amplified state of flux. Because of the Reality Televisions shows such as American Idol and the Voice, the increasing number of people thinking they are musicians has intensified the popularity of â€Å"open mice night† ensues to display their talents.However, the thought and desire to be a star, does not mean they are talented enough to make it as an entertainer. The market at an alarming rate. However, this is not a substitute for musicians who have the talent, drive and the means to wage a successful campaign to gain the market share in a given location. C. The bargaining power of customers is extremely critical in a musician's world. Since the market is saturated, everyone is fighting for a piece of the pie; to be recognized in a public venue as someone who is horrible.Because of this saturation, musician's ability to be paid for performance is directly correlated with the amount of â€Å"potential† business a musician can draw. If the musician is relatively unknown in the market, the establishment can hire you for cheap. This is why it is crucial to participate in any public venue to begin to establish a core group of followers – or people willing to spend money while watching you perform. Once people begin a â€Å"word of mouth† campaign on your behalf, only then will you have leverage to negotiate with customers. D. The bargaining power of suppliers is relatively low.Anyone with a guitar, acrophobic and an amp can be a musician. Whether or not they are successful is not dependent on a supplier. E. Again, the competition for musician – event entertainment – is high. It is imperative to be able to set yourself a part of the competition. A musician must pay their dues by performing, be more talented than the next guy, offer something that no one else does, build a following, utilize guerrilla marketing techniques to keep your name at the front and be proactive in gaining market share. 12. Online Plan Summary a. Obtain a Website Domain – grandfathering. Com b. Design a professional website