Regent University College of Arts & Sciences (CAS) business major Ericken Moore has had a recording studio in his home for six years. When tasked with putting together a business plan and presenting the plan to nine entrepreneurs, it was a natural choice for a future business. He thought big and came up with what he believes would be a sustainable operation.
“I could have opted for the option to get a thousand-square-foot space, but I decided to go with something much, much larger where bands can be versatile as to come in and play, record, and do what they need to do,” said Moore. “It just opens a lot more versatility for that, and it opens up possibilities for weddings and photoshoots as well.”
Moore was one of a dozen students presenting plans Wednesday, October 12, as part of a business capstone class before graduating. Each developed a plan showing potential investors their market research, potential customers, financial information, marketing plans and exit strategies.
“You absolutely need a business plan to go through an idea, because I find myself being much more of a creative person and getting the vision and the idea. But, the foundation is the financials, and if you don’t have the money, it’s not going to make sense down the road,” said Moore.
The comprehensive plan outlined a project balance sheet, projected cash flow, and profits and loss. He showed investors how he could generate more revenue than expenses and be on stable footing within three years. His idea would expand his existing business into a warehouse-sized space allowing ample room for recording artists. To bring in additional revenue, the space would also be offered for weddings, special occasions and photography.
“I feel like we have to do that,” said Moore. “We can’t just limit ourselves and become professional in one area, but to look at the whole picture and say, ‘If I want my business to work, I need to do more than just this one avenue.’ You need to get creative in those moments of pressure and those months where you need to get more cash flow.”
Moore says he’s passionate about the idea and may follow through with it after graduating in the spring.