From Dimes to Dollars

Hi itsnewman,

Thanks for writing, it’s always a pleasure to hear from D2D readers!  A concert venue is a good choice for Michigan with the Detroit and Grand Rapids areas, among others, being very dense hubs for visual and musical artists alike.  Plenty of hot spots to choose from.

Well, I think right now the first decision you’ll want to make is not where to look for investors, but what career path you ultimately want to take.  Do you still have interest in becoming a PA?  Do you have another unrelated job in the meantime?  Will there be lost grants, or looming student loans that will be piled on if you take a semester hiatus to get a feel for the music biz?  Can you see yourself happily running a concert venue 10 or 20 years from now?  These are questions that may be tough, but need to be answered, as this in itself may be a turning point in your life.  Think long and hard about this decision before moving forward.

Now, assuming you’re a little further down the road and you’ve made that tough decision, you’ll need to learn the business inside and out before you begin seeking investors.  Never underestimate the intuition of investors, remember that these guys hear pitches all the time and they’ll be able to sense immediately whether or not you’re fluent in your field.  I’m assuming with your passion for music you attend concerts yourself.  Make it a point to befriend the folks that make these concerts happen, get a feel for the process.  Hit up local cafes with free open mic night, talk with the performers and listen to their stories, you never know what wisdom and encouragement you may glean from them.  Heck, if you’re having trouble making connections with people, target smaller venues and offer to do a blog entry or interview with the owners.  Take them out to lunch if you have to, a smart businessman is unlikely to turn down a free lunch and good press.  If there’s one thing I’ve ultimately learned in the business world, it’s that you’d be amazed what you can accomplish by just asking.  As Dale Carnegie would affirm, people love to talk about themselves, so sometimes just asking the right questions and being a good listener can be incredibly beneficial.  Don’t expect immediate results, but persistence will eventually pay off big time.  Also, as I mentioned earlier, one thing you’ll want to scout as early as possible is location.  You’ll want to have a clear vision of what type of crowd you’d be attracting, (realistic) capacity, and if it makes logical sense for the musical niche you’ll be filling.  Study the number of concerts and calibre of bands playing in a given area, and keep in mind that relocating may be in the cards.  

In any case, get back in touch with me once once you’ve taken a few steps on this, and we’ll determine the possibilities from there.  I wish you the best no matter what you decide to do.  

Warmest regards,

Ben Lopez