How to Write a Business Plan for an Acting School
Becoming the next Brad Pitt or Julia Roberts doesn't happen overnight. It requires years of practicing and learning how to demonstrate and portray a variety of emotions and actions. Many people who desire a career in Hollywood or on Broadway enroll in acting classes and schools to help improve their acting skills. Starting a school for these budding actors and actresses can be profitable if you start by writing a business plan for your school.
Conduct a market analysis. Learn what other acting schools or classes are offered in your city as well as the surrounding area. Include in your analysis college and university theater programs, which often give students the opportunity to act in school productions. Determine if demand exists for an additional acting school, and find out what you can do to set your acting school apart from competitors. Report the findings from your analysis in your business plan.
Write a company description. Detail what exactly your acting school will offer including the types of classes and whether or not you offer individual or private lessons. Decide what days and hours of operation your business will be open and where it will be located.
Outline your marketing plan. Learn what communication channels are available in your area and how much they cost. Speak with current actors and actresses or individuals wanting to break into the business in your area to learn what communication channels they use. Find out if special publications in your local area target thespians. Make sure your marketing plan uses communication channels that provide the most cost-effective advertising solutions when promoting your acting classes and coaching sessions.
Determine staffing. Decide if instructors will be employed full-time with your acting school or serve as adjunct teachers. Figure out how many support staff members you need to hire to answer the phone, process enrollments and manage the school's finances. Determine what qualifications staff and instructors need to work in your facility, and write in your business plan how you plan to recruit and hire them.
Include financial information. Figure out the start-up cost of your acting school, and include this information in your business plan. Decide how you'll get the funding to start your school. Determine the cost of operating your school each month, and make sure that you can cover these costs based on the price you plan to charge for acting classes and other services.
Write the executive summary. Provide an overview of your business plan in the executive summary, making it possible for anyone who reads it to get a quick glimpse at your school, your services and how you plan to be successful. Include your mission statement for your school along with any details about steps you've already taken to start an acting school. Place the executive summary at the beginning of your business plan as an introduction to the other sections.
Prepare the plan. Type your business plan into a word processing software. Read through it to correct any errors or mistakes. Run a spelling and grammar check as well. Include any graphs, tables or other visual aids that provide a picture of your finances or other details of your business plan. Make sure the business plan is easy to read and ready for others to look at since you may use it if applying for a loan at a bank.