What Will I Learn?
Not to be confused with a dance studio business plan, a dance competition business plan is a business plan for dance competition companies and dance competition lines by independent organizers, It’s an industry on its own. If you want to be an organizer of dance competitions, you should not write a dance studio business plan this is a very different type of business plan.
Starting a business is not complicated if you know what you are looking for and prepare. You have to be prepared for a lot of work. But some business ideas can be started even if you have no experience.
I’m a business plan consultant and this article is meant to guide those individuals looking for help on how to write a dance competition business plan, I will highlight a dance competition business plan layout, things you should consider, and general business activities you need to keep in mind, for United, states readers I will also help you with a market analysis of the industry, as this dance competition business plan will borrow extracts from united states market.
You might be interested in my detailed article on How to write a business plan step by step
A dance competition business plan should include the business name, dance event name, date, location and purpose of the event, a breakdown of the type of dance event, promotion, marketing, and advertising, dance event budget and expenses, pricing, security, and clean-up.
Dance competition business plan outline.
A business plan is a technique to put concepts that describe how to develop and structure a business into words and graphics that others can comprehend, for a dance competition for instance it can be meant for the planning purposes of the dance competition organizer, Investors, Judges, partners or even the participants.
It takes the dancing competition concepts and arranges them in a way that others can comprehend, but it can be for different audiences, which means it might contain different content or focus depending on who the audience is.
A dance competition business plan describes the financial status and predicted sales to a lender in the hopes of obtaining capital or even managing the capital already at hand.
In layman’s words, a dance competition business plan outlines how the dance organizers will go from where they are now to the actual dance competition.
To highlight all of this in one document, the following outline needs to be put in place for a professional dance competition business plan.
In the executive summary of the dance competition business plan, you should give a brief description of the dance competition, and events that include individuals competing in dance for a specific objective, certain dance styles or genres, or for a specific audience. Executive summaries should be one page long. It is a very important part of the report that should be written professionally.
Because very few people know about the dance competition industry, it’s good to include a brief industry analysis in the executive summary, the brief summary should include a brief market value of the company, the number of dance competitions held in your region, and the number of participants. It’s also good to include the number of competitors, and the number of spectators. You should also include brief financial information outlining how much the dance competition will cost, how much the expenses will cost, and the expected revenue.
This is why an executive summary is written as the last part of a business plan, as it’s a brief summary of the business plan.
Business/ event description.
In the business description, you will highlight the event in detail, the location of the event, the number of participants, and the activities that will take place during the dance competition.
These aspects should be coordinated against SMART (Specific, Measurable, Achievable, Relevant, and Time-bound) goals and objectives, as well as a schedule, in the event description. We recommend working backward from your event date to determine your timetable.
Your business description keeps you on track and may act as a guide while you prepare for your event day. Regardless of the scale of your event, a good event description includes the same key components, which we’ll go over in the next section.
Management of the venue, logistics, and catering, is also a good idea to highlight the permits required, insurance needed and the registrations needed. To protect your business from the risks of doing business, it is important to have business insurance. This includes property, business income, and business liability insurance.
You should also highlight the logistics of the dance competition, the equipment needed and the management required such as the judges.
You should also highlight the other activities that will take places such as entertainment, food and drinks and other activities.
You should also highlight how the participants, volunteers, and dancers will register for the event, this is a key element that should be included in this section of a dance competition business plan.
Market analysis and strategy.
This is a section to highlight the market value of dance competitions, the analysis should be done in terms of the dance audience, and sponsors of dance competitions with a focus in your local area or country, if you can, find information on this in your local area.
In a nutshell, market potential analysis of the dance competition market is a strategic tool that assists you in understanding the viability of your concept as well as the degree of demand of dance competitions in your area.
A range of independent analyses is used in the investigation of the dance competition market. Each component of the dance market analysis may be thought of as a separate perspective or standpoint. The outcomes of these different analytical methods are then compiled into a report that assesses the feasibility of your dance competition event.
After conducting market research for your dance competition, you’ll know who you want to reach out to (your target consumers), how to contact them (your marketing channels), and what they’re interested in. Once you’ve established these, you’ll be able to recognize the business possibilities of the dance competition with ease.
Another aspect of the dance competition business plan that is more of a part of the marketing section is the anticipated dance competition audience and your strategy for reaching them. This will include the dance schools you’ll target, and the audience you’ll target.
Marketing and sales plan.
Include your detailed marketing strategy including what you plan on doing online and where you plan to promote your dance competition based on the market analysis, how you plan on promoting the dance competition events, and how you plan on increasing the value of your dance competition. What type of prizes will be given out for the dance competition? What is your plan for promoting your dance competition? What type of dance competitions do you plan on competing in? These are some of the answers your marketing strategy can focus on amongst others.
Management and organization description.
In the management section of your dance competition business plan, you should highlight the sponsors you need for your dance competition and their responsibilities, you should also highlight the responsibilities of the management towards all the above activities for a seamless dance competition event. you should highlight the management requirements and their compensation budget.
The management part’ of a dance competition business plan details your dance event management team, employees, resources, and how your dance event will be arranged.
This part should not only outline who is on your management team but also how each person’s skill set will contribute to the success of your dancing competition.
The financial section is where you will want to discuss the financial costs of the dance competition.
Determine your break-even point. What level of income if the audience of your dance competition will be required to pay a fee for attendance or money is required to cover all costs and make the dance competition a success?
For a simple financial plan Make categories out of your income/revenue and expense statistics. You should also highlight the management Revenue, brand sponsorship Revenue, the dance competition advertising revenue, and Exhibition Revenue are all sources of revenue for a dance competition.
A good startup budget depends on your needs and the type of business you are starting. If you are starting a business that will require big capital, then a reasonable dance studio budget would be around $50,000, but a budget of around $10,000 may be enough if you are starting a small business.
The expenses to consider include research costs, Marketing/PR & Promotion costs, events accessories such as budges and uniforms among others, Other expenses consider include the venue costs, the food for the guests, audio and visual equipment, the decorations of the events, the accommodation of the participants and staffs, and also the invited speakers.