DJ - MDJ Business 101 - Getting Started Step 1
Step 1:
First things first!
Are you cut out to be a business owner. Do you have what it takes to provide for yourself & family plus a potential staff?
Evaluate your personality type. Figure out if you are an entrepreneur or simply a hard worker. Starting a business takes considerable time & effort. Not to mention revenue. Is your venture viable? Many people mistakenly enter into business as a matter of mild jealousy or envy. REMEMBER! Seeing the glitter of being a business owner is just the tip of the iceberg. There are tremendous pitfalls around every corner. Get back to the basic & apply BUSINESS 101.
You must first learn how to evaluate a markets viability before entering into business. The Mobile Disc Jockey (MDJ) industry has a fairly finite potential in any one area of concentration. Weddings have a potential of about 2.2 million as of 2005. With an ever changing Mobile Disc Jockey (MDJ) population & no current means of census the best conservative estimates suggests around 70,000 Mobile Disc Jockeys (MDJ) as of 2004 in the USA. Equal distribution of events amongst the 70,000 Mobile Disc Jockey (MDJ) companies would provide an average of 31.4 events per company. That's assuming that all 2.2 million weddings choose Mobile Disc Jockeys (MDJ) as entertainment. Mobile Disc Jockeys (MDJ) still compete with bands. Entertainment itself may be at issue due to religeous beliefs. If we can conservatively suggest that 50% of all potential weddings will not hire Mobile Disc Jockeys (MDJ) for various reasons the average numbers of potential events falls to 15.7!
Simply put...can you survive on your markets estimated potential?
Diversification is the key. Each & every potential market needs to be evaluated before a true feasability assessment can be made on any venture.