HoodTailoredMusic | Application Preview
HoodTailoredMusic is applying for government grants to fund essential equipment and build a 700-square-foot workspace to launch its music production business. The initial objective is to book 15 to 20 sessions each week, averaging $50 per hour, aiming for around $50,000 in revenue during the first year.
The target demographic consists mainly of African American and Hispanic Millennials, aged 23 to 38. The marketing strategy will focus on social media platforms like Facebook and Instagram, capitalizing on the growing influence of this age group in the hip hop industry, projected by Forbes to become a $30 billion market by 2030. The business plans to offer a flat rate of $50 for recording individual songs, with discounts for EPs and albums, and a turnaround time of 30 to 45 days for project completion.
The applicant shares a deep passion for music, rooted in a challenging upbringing in Utah, where life experiences have driven the desire to create a legacy for future generations.
Competition includes established studios like Vuetone Studios, Albion Rose Productions, and Sapphire Studios, all offering various audio production services. HoodTailoredMusic's unique selling point lies in its focus on the underrepresented African American community in Utah, allowing for a relatable connection with clients based on shared experiences. This distinct perspective is expected to resonate strongly with the target audience.
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General Information
Business Registration Number: 84-4532396
Location: Salt Lake City, UT, United States
Length of Operation: 0
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
I am going to use the funds to buy the equipment I need to run my business, and to build out a 32 X 21 structure about 700 sq ft to operate in.
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Business Plan
To start generating revenue my goal is to book 15-20 hour sessions per week as an entry level music producer. At an average rate of $50.00 per hour multiplied by 20 hours per week I can estimate to bring in $50,000 my first year in business. My target demographic are Millennials between ages of 23-38 mostly african american, and hispanic artist. I will target my demographic through use social media channels such as Facebook, and Instagram. Millennials are the future and the age group that is driving hip hop to becoming a $30 billion industry by 2030 according to Forbes.com. I will charge $50.00 per hour for a single song which will include post production such as mixing, mastering, reamping, drum editing, and vocal editing and I will give a discount on EP's and album projects. An example would be if an artist wants to record 10 songs with me I will charge a flat rate of $50.00 per song which equals a $500.00 for that one project. Projects will have a 30-45 day time frame to be completed so I still have time to work on individual songs. I love music it's been my passion since I was a kid watching 106 N Park every day at 6pm which was a television show the played the top 10 songs on the charts. I was born in Utah, where I was raised living in poverty my whole life. I have seen and been through things that a normal kid should not have to go through. My drive is my legacy not only for myself but for the future generations so they can experience a better world.
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Self Identified Competition
Music producers competition: Vuetone Studios is a full-service audio production studio equipped to do everything, from sound design to voice-overs, and from film scores to audio stings for TV, radio and the web. They can mix and master original music, remix existing tracks and digitally record at any location. Albion Rose Productions is committed to the arts. They specialize in a variety of different media, with an emphasis on custom music production.They have a growing library of fresh music spanning a wide variety of genres. Sapphire Studios is a full-service recording solution for music projects. There goal is to push the sonic envelope through the combination of state-of-the-art digital systems, vintage equipment, superior microphones, but most importantly, integrating renowned talent into musicians projects from concept to completion. What makes me different? Their is a lack of African American music producers in Utah. Being the fact that most of my clients will be African American, and Hispanic musicians I will be able to relate to the trials and tribulations most artist have gone through from similar experiences of my own.
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Contact Applicant
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