Task 1: Business analysis tools
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| SWOT analysis |
PESTEL analysis - Economically the business might struggle for a while depending on the factors at the time, as the profit yield won't show itself for a while and any number of changes to the economy would make the stability of my business extremely volatile. Social factors are the most important to me as it is the whole idea around a social enterprise, even being included in the name. I will have to pay close attention to factors like employment, wealth and age when providing a service to the people and also to business partners. Technological factors like communication are vital to my businesses success, with lots of communication between different communities through marketing and outreach programs as well as communicating with partners effectively. Legally the factors I need to worry about involve employment and workers rights for any employees and clients, and the rights I have linked to the profiting off of successful clients. Health and safety when doing practical skills or in house productions is also required to be covered along with the proper insurances and liabilities.
Task 2: Type of Business in the UK
My business will be registered as a social enterprise as its primary purpose is to generate profit from trained creative employees who will be invested in and trained by a large portion of that profit. Enough profit will be set back to comfortably support the business and its staff without disrupting the integrity of the social framework within the business' profit. Overall the business will work through a self-sustaining cycle where the business makes money off of the trainees and staff who will in turn be trained and paid through these gains.
Task 3: Business plans and models
Task 4: Branding
Mission statement - My mission statement is: "To develop and inspire new talent in local communities that don’t normally get the opportunities to cultivate their passion, and hire them out to professional productions to gain experience and an industry foothold"
Brand positioning - my brand position is "Local, self-sustaining and connected". The local theme is a big one, expressed through the brand image and even the name of the business with many links to the coast. Advertising will focus on the locality and connectedness of the brands identity, making reference to the nature and mission of the business overall.
Values and Drivers - The values behind my business are: Independence to inspire its trainees to experiment with their own ideas and projects while learning; Development as our mission is to develop talent; Creativity, which is really important to the art of film; Legacy for the hopeful long lasting effect the business has both on the community and the lives of the people its helped. These values are extremely important to me and it's key that all practices of the business follow suit. The current drivers for the business are most importantly these values as well as another driver in place in the form of the local area being in desperate need of creativity and support for creatives in the area.
Marketing - The business will be marketed mainly through social media, especially instagram, twitter, and to showcase actual business productions, TikTok. These apps and sites are key for targeting young people as they are the most used apps for a young demographic. Marketing will also be undertaken on Facebook to target the parents and older relatives of any aspiring youngsters to increase awareness further.
Task 5: Legislation and the creative industries
The only legal considerations that my business needs to take active interest in would be talent releases for its trainees, and depending on the age of the trainee, child Labour laws would need to be observed closely. As well as these, GDPR has to be followed for any records kept on employees, partners or the public and public liability insurance for when trainees are working in the field. If any in-house productions are made then location releases, IP and copyright laws would then be observed and acted upon accordingly.
Task 6: The creative economy
The specific industry my business lies within the sector is TV and Film. This purports to any and all jobs which specialise or have major involvement in the production of moving image productions for the big or small screen. My business lies in this industry as it trains people up in various TV and Film careers such as camera operating and screenwriting, as well as other equal importance, less appreciated jobs like production design and starter level jobs like tape loading and focus pulling. Overall the rocketing growth of the creative industries would hopefully bring fruitful opportunity to the business, and the decline in creative workers because of the covid-19 pandemic allows for more gaps to fill in the market.
Task 7: Regulatory frameworks
The regulatory bodies my business would have to adhere to are OFCOM and the BBFC in relation to any productions for TV and Film. The BBFC Classification Framework is most notably under observation as any production would have to be pre-planned ahead of time as to what needs to be done to make the film commercially accessible to its target market. OFCOM is to be watched in the case of any TV productions or even films that eventually get aired on TV so an earlier time slot is guaranteed for the program. the Creative Industries Council is worth getting involved with as they work to break barriers and regulations to create inclusion and fully realise artistic vision.
Task 8: Other considerations for businesses
Finance - For my business a good source of funding would be a grant from various companies, such as the BFI Film fund, channel 4 or the Arts Council projects grant. The option of a number of social enterprise funds are out there too, notably by the School of Social Entrepreneurs (SSE).
Insurance - for my business the most important insurance to have would be employer liability, which is demanded by law to have. After that the insurances I would need covered are equipment insurances on any and all equipment as some of it can be extremely expensive, public liability in the event of shooting in public spaces or with members of public on set and lastly professional indemnity insurance to cover any contractual disagreements with potential clientele or partners.
Business rates - The business rates for the local area for businesses valued up to £50,999 is 0.499p, while any businesses earning £51,000 and up is on 0.512p to the pound. The Great Yarmouth Council only offers reductions to businesses affected by covid, retailers or businesses setting up and renovating derelict buildings to operate their business out of.
Geography, transport and accessibility - In order to effectively fulfil my mission the business needs to be set up in an accessible location for the underprivileged youth I'm trying to outreach to, however this means setting up in a not so profitable area rather than in the city where everything will be more accessible for partners, clients and the city youth. Transport would be covered on most bases in town however as there is train access, multiple buses from all over the county and beyond and the walking distance from most areas of town is less than 20 minutes.
