DJ - MDJ Business 101 - Getting Started Step 3.2
Get mentally prepared. Most Mobile Disc Jockey (MDJ) ventures fail for simply lack of planning.
There is the saying: Failing to plan is planning to fail!
2. Failure to properly analyze your target market. The major mistake is not understanding how much potential there is in your market. I've spent considerable time researching CDC reports that collect the 4 statistics that are tied to virtually every aspect of the economy. Births, Deaths, Marriages & Divorces. These numbers provide a statistical glipse into future potential, for instance, births from 1975-1980 are directly affecting the marriage numbers today. For instance, if it is anticipated that weddings will be flat one year, capital purchases might be put on hold. If an upswing in wedding numbers is expected, perhaps a rate increase would be in order.
How can one tell? Simple math.
http://www.cdc.gov/
The most recent NSVR report Volume 54, Number 18 statistics show that the 12 month marriage ending in November 2005 was 7.2 per 1,000 in population.
www.census.gov/main/www/popclock.html
U.S. Population 299,205,005 as of 06:54 GMT (EST+5) Jul 13, 2006
http://www.cia.gov/cia/publications/factbook/rankorder/2119rank.html
U.S. Population 298,444,215 July 2006 est.
Let's round the US Population to 299,000,000 for ease of calculation.
There are 299,000 groups of 1,000 people in the US as if July 13, 2006
The most current 12 month average wedding rate is 7.2 per thousand.
299,000 x 7.2 = 2,152,800 estimated wedding potential.
Sounds like alot of weddings! However, competition takes it's toll.