You have some tough questions

#277986
AvatarJackWolcott
Participant

You have some tough questions to answer for yourself. First and foremost, is there a need for what you propose? Begin by doing a very thorough market survey. There are at least 15 to 20 well established companies in the D.C. area already doing what you propose. What’s different enough about what you want to do to make you stand out from the rest?

Most businesses that fail are under capitalized. Can you afford to be in business for two or more years with very little income while your business is developed? How much will your rent cost; can you afford to pay it for a couple of years with little income? How about insurance and advertising?

Do you have the working capital to hire artists and technicians? Enough capital to pay the salary of an administrative assistant for a couple of years, even if you aren’t making much money each month?

A video business isn’t like building a baseball diamond in a cornfield; building it won’t necessarily make them come. Have you worked in the video industry enough to have established potential colleagues and clients? Do you have any reason to expect to be able to get corporate work, to break into a market place already heavily worked over by established production companies?

You suggest supplemental income by doing media conversion. Do you have the equipment to do this, a collection of equipment that will play Betamax tapes and 78 records, Digital-8 and S-VHS tapes, digitize 8mm, Super8 and 16mm film? If you don’t, you’re going to need another bundle of money to acquire it and someone full-time to handle this end of the business.

Starting your own business is a wonderful dream. Making it a reality is a full-time job that requires a tremendous commitment in time, energy and money.

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