RESEARCHING YOUR BUSINESS PLAN

AMAE 4390Developing an Arts Venture Plan

OBJECTIVES To create a strategy for performing secondary business plan research

To use standard tools for accessing market information

RESEARCH GUIDES1. Go to

smu.edu/CUL2. Click on

“Research Help”

3. Click on “AMAE”4. Open up the

guide called “Research for your Business Plan”

MY EXAMPLE BUSINESS

Family-focused theater group based in a DFW suburb

ASK QUESTIONS FIRST What are the major trends in the industry? Who are the typical theater goers? What is the economic outlook of the industry?

Who are my competitors? Are there other theaters in my target area? What are their profits? How much do they make in revenues versus donations? Do any of them have a family focus?

Who is my customer? Where in DFW do families live who would be most likely to attend theater productions? Are there areas that are forecasted to grow?

What are my costs? How much does it cost to rent a suitable space? What other associated costs might I have in running this business?

WHAT QUESTIONS DO YOU HAVE?

Write down general and specific questions to focus the research for your business plan.

THE MOST IMPORTANT ADVICE FOR RESEARCH1. Start by thinking of possible sources first. Who would care about

collecting the information you are looking for?2. Ways to find sources

1. Directories2. Associations3. Government sources4. Library resources5. Citation trails

3. Keep geography in mind.4. Look for broad information first and drill down from there.

MY EXAMPLE BUSINESS Industry questions

WHAT ARE THE MAJOR TRENDS IN THE INDUSTRY? Who would care to collecting information about this? US government tracks industry statistics, employment statistics Theater advocacy groups Databases that collect information about industry Researchers of arts organizations, non-profit organizations Market researchers

Does a NAICS code provide a good fit for my industry? 711110 Theater Companies and Dinner Theaters

INDUSTRY PROFILE FROM BUSINESS INSIGHTS: GLOBAL1. From your research guide, click on “Industry.”2. Open up Business Insights: Global in a new tab.3. Input the NAICS code for theaters (711110) in the search box

and choose industry from the drop down menu.4. Find the most appropriate industry profile from the list.5. How can I use this profile for my research?

CITATION TRAIL Found on the industry profile: Voss, Zannie Giraud, Glenn B. Voss, Christopher Shuff, and Ilana B. Rose Theater Facts 2010. New York: Theatre Communications Group, 2011. Available from http://tcg.org.

Googled for a more recent version of this report and found a 2014 report.

Noticed that Theatre Communications Group had a LOT more information for me.

FIND ONE THING, FIND EVEN MORE

Google search of related:http://www.tcg.org/

MY EXAMPLE BUSINESS Competitors

WHAT ABOUT THEATERS IN DFW?1. On the research guide, click on “Competitors.”2. Open up ReferenceUSA in a new tab.3. Click on US Businesses and then Advanced Search.4. We will build a search for theaters in DFW.5. What can I find out about my competitors from ReferenceUSA? 6. What should I do next to further research competitors?

MY EXAMPLE BUSINESS Consumers

WHERE DO FAMILIES IN DFW LIVE?1. On the research guide, click on “Consumers.”2. Open up Census Reporter in a new tab.3. Search for Plano, TX and check out the demographic spread.4. Search for more data – input children. Find an appropriate table

to get more info about whether families live in Plano.5. How else could I use Census information for my research?

IS PLANO A GROWTH AREA? How would I figure this out? Articles in the local newspapers (can access from library databases)

Google search “Plano TX population growth” best sources Plano Chamber of Commerce Census QuickFacts about Plano, TX – 7.2% growth from 2010 to 2014 Article from Dallas Morning News

WHAT ABOUT VITALITY OF THE ARTS IN DFW? Who would care about collecting information about this? Local arts advocacy organizations Local newspapers or magazines Tourism organizations

Google search for “Dallas arts statistics” best sources Dallas Convention and Visitors Bureau Art & Seek article which referred me to SMU’s National Center for Arts Research

Google search for “Texas arts growth” best source Texas Cultural Trust

WRAP UP Think of questions Think of possible sources Use the guide Ask for help