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Online Booking Business Plan

3 March 2023 Businnes Plan


Online Booking Business Plan



Introduction

The Gigmasters.com (Gigmasters) online booking system was developed to help consumers find and hire live entertainment for weddings, corporate events, private parties, nightclubs, fraternity functions, Bar Mitzvahs, grand openings, and other events. Over 15,000 musicians have been added to the company’s database. More recently, it has expanded its offerings to include other entertainment services such as comedians, dancers, caterers, photographers, etc.

Gigmaster’s online book system utilizes the Internet’s power to bring together the disparate marketplace of musicians into a single, searchable database. It is also easy to use.

Gigmasters can be owned and managed by one person. Kevin H. Kinyon is the site’s cofounder and Michael J. Caldwell runs it. Recently they brought John Sortino onto their Board of Directors. They have a wealth of experience in Web development, business development, and financial management.


Service

Gigmasters earns a 10% commission every time it facilitates a transaction between a buyer of entertainment services and a seller. The seller pays the company its commission. Gigmasters is paid booking commissions. The company also makes revenue from corporate sponsorships through its bi-monthly newsletter. Past sponsors include Amazon.com, Emusic.com, RollingStone.com, and Bluelight.com.

There are many other websites which connect buyers to sellers of services. However Gigmasters focuses primarily on music and entertainment. It does this because it provides significant benefits for all its customers. Gigmasters offers online Press Kits that enable customers to hear and view entertainers before they hire. Gigmasters is the only company to offer an online bidding system that allows customers to receive competitive bids from entertainers. It doesn’t have any competition.

The company’s primary revenue streams are corporate sponsorships and booking commissions. However, it also makes revenue from additional fees-based services that it offers to entertainers. These secondary revenue streams will play a greater role as the company grows.


The Market

Research indicates that the United States spends close to $9 billion each year on music, entertainment, and other media. The largest component of this market is the wedding industry. Every year there are more than 2.3million weddings. Music is used to fund over $3.2Billion of these events. Other industry components include festivals, corporate events and nightclubs.

In the United States, there are approximately 13,239 offline (traditional) booking agents. They earn approximately $2.4 Billion annually. Many websites offer bookings online, while few of them, if any, have these facilities. These sites are more like corporate brochures. They only feature a few top-name entertainers and offer no further information other than a phone number. These agents often focus only on high-end bookings and ignore the large number of people who are looking for bands to play at their weddings. These are just a few examples of the Gigmasters marketplace.

The company will be looking to develop strategic partnerships with sites such WeddingChannel.com. TheKnot.com. iParty.com. Evite.com. The sites’ customers are people who plan weddings, parties and other events. These high-traffic sites will have the opportunity to participate in a sustainable revenue sharing program. In return, Gigmasters can enjoy a steady stream in traffic and higher revenue.


Financial Considerations

Gigmasters raises $100,000 (representing 5% equity). This is for expanding its business and to pay office, salary, advertising and other expenses. The minimum amount that must be raised is $70,000

The company is expecting to earn solid profits in 2003. These estimates are based upon conservative estimates of bookings growth. The company is not likely to experience significant cash flow issues if they can get the necessary funding.


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