RECORDING STUDIO INDUSTRY OVERVIEW

Recording studio business is indeed a thriving business that has loads of players making
huge profits from the industry. One thing is certain, if a recording studio can successfully
produce a major hit song / album or record songs for big time celebrity singers, it wouldnt
be too long before musicians and corporate organizations (for commercials and jingles)
come calling from all over the Lagos and beyond.

No doubt the music industry of which recording studio business is a subset of is indeed a
very large industry. Statistics has it that the global revenue of the music industry is
estimated at about 15 billion US dollars in 2013, and that is about the lowest revenue
recorded since 2002; of course, it is an indication that the recording studios need to
become more creative and leverage on the changing tides in the world of technology.

The Recording Studio cum Music Production industry is indeed witnessing a steady
growth over the years especially in developed countries. Though for some
underdeveloped countries where piracy is still on rampage, the growth is a bit redundant.

One good thing about starting a recording studio business is that even if you decided to
start it in the Nigeria, your market will not be restricted to artists or business in Nigeria.;
the world will be your target market. Many thanks to the internet that has made the world
a global village. All you need to do is to strategically position your recording studio brand
on the internet and you will be amazed at the rate people interested in recording their
music, audio books, or jingles for adverts will be calling you from all parts of the world.

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EXECUTIVE SUMMARY
DREAMVISION STUDIO Recording Studio is a one stop and standard recording studio
that is fully equipped with the latest technology in the recording studio industry. Our
recording studio will be located in the heart of Alimosho, 190 igando/ikoyun rd. off LASU-
iba road, Lagos State and we are positioned to work for a wide range of client ranging
from individual music artists to corporate organizations such as branding and advertising
agencies et al.

DREAMVISION STUDIO Recording Studio is not just going to be engaged in the

recording music for musicians, but we will also open our doors to corporate organizations
who would want to record jingles for advertisement purposes and also authors who would
want to record their audio books and other related works. Our business goal is to work
towards becoming one of the leading recording studio brands in the whole of Lagos and
in the nearest future compete with the leaders in the industry not only in the Lagos but
also in the global stage.

We will ensure that all our employees are selected from a pool of talented and highly
creative people with ears for good music in and around Lagos and also from any part of
the Nigeria. We will make sure that we take all the members of our workforce through the
required trainings that will position them to meet the expectation of the company and to
compete with other players in the Lagos and throughout the globe.

At DREAMVISION STUDIO Recording Studio our clients best interest will always come
first, and everything we do will be guided by our values and professional ethics. We will
ensure that we hold ourselves accountable to the highest standards by meeting our clients
needs precisely and completely. We will cultivate a working environment that provides a
human, sustainable approach to earning a living, and living in our world, for our partners,
employees and for our clients.

DREAMVISION STUDIO Recording Studio is owned majorly by Mrs. Bennie Ogbomo

and managed by Engr. Clement Thompson.

Clement Thompson is a certified producer and sound engineer and he has over 15 years
of experience in the music industry working for two of the worlds top recording studios.

This duo has been able to cut their teeth in the musical industry both at national level and
international level.

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 OUR PRODUCT AND SERVICES
DREAMVISION STUDIO Recording Studio is going to offer varieties of services within
the scope of the recording studio cum music production industry in the Nigeria. Our
intention of starting our recording studio in Alimosho Lagos is to make profits from the
recording studio industry and we will do all that is permitted by the law in Nigeria to achieve
our aim and business goals.

Our business offering is listed below;

Music Recording
Sound Production
Studio Session for clients
Production of Jingles and Soundtracks for Organizations
Setting up of Recording Studios for Clients
Production of Audio Books
Sell of Studio and Musical Equipment
Music / Sound Consultancy and Advisory Service

Our Vision Statement

Our vision is to become the number one choice when it comes to recording studio in the
whole of Lagos, Nigeria.

Our Mission Statement

Our mission is to build a world class and well equipped recording studio that will become
the one of the most preferred choice for both music artists and publicity and advertising
agencies especially those that are involved in the production of jingles and soundtracks in
the Nigeria

Our Business Structure

The success of any business is to a larger extent dependent on the business structure of
the organization and the people who occupy the available role. DREAMVISION STUDIO
Recording Studio will build a solid business structure that can support the growth of our
recording studio business. We will ensure that we hire competent hands to help us build
the business of our dream.

The fact that we want to become one of the leading recording studio brand in the industry
in the whole of the Nigeria makes it highly necessary for our organization to deliberately
build a well structured business from the onset.

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 We will work hard to ensure that we only attract people with the right mindset to help us
achieve our business goals and objectives in record time. Below is the business structure
that we will build DREAMVISION STUDIO Recording Studio Company;

Chief Executive Officer

Entertainment Lawyer / Legal Secretary
Studio Manager
Music / Record Producer
Sound / Recording Engineer
Admin and HR Manager
Marketing and Sales Executive
Accountant
Front Desk Officer

ROLES AND RESPONSIBILITIES

CHIEF EXECUTIVE OFFICE:

Increases managements effectiveness by recruiting, selecting, orienting, training,

coaching, counselling, and disciplining managers; communicating values, strategies,
and objectives; assigning accountabilities; planning, monitoring, and appraising job
results; developing incentives; developing a climate for offering information and
opinions; providing educational opportunities.
Responsible for providing direction for the business
Creating, communicating, and implementing the organizations vision, mission, and
overall direction i.e. leading the development and implementation of the overall
organizations strategy.
Responsible for signing checks and documents on behalf of the company
Evaluates the success of the organization

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 ENTERTAINMENT LAWYER / LEGAL SECRETARY

Responsible for drawing up contracts and other legal documents for the company
Advise artists and the organization accordingly before recording their music album or
singles
Welcomes guests and clients by greeting them in person or on the telephone; answering
or directing inquiries.
Produces information by transcribing, formatting, inputting, editing, retrieving, copying,
and transmitting text, data, and graphics; coordinating case preparation.
Provides historical reference by developing and utilizing filing and retrieval systems;
recording meeting discussions; maintaining transcripts; documenting and maintaining
evidence.
Updates job knowledge by participating in educational opportunities; reading
professional publications; maintaining personal networks; participating in professional
organizations.
Enhances department and organization reputation by accepting ownership for
accomplishing new and different requests; exploring opportunities to add value to job
accomplishments.

STUDIO MANAGER

Responsible for tracking hours during studio session and billing clients.
Responsible for managing the companys recording studio
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.
Handle any other responsibility as assigned by the Chief Executive Officer

MUSIC / RECORD PRODUCER

Responsible for recording and producing music and jingles for music artists and clients
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.
Helps to decide the order the songs will play in throughout the album (i.e. the songs
track numbers).
Responsible for choosing top notch album cover for music artists
Handles any other responsibility as assigned by the Chief Executive Officer

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 SOUND / RECORDING ENGINEER

Responsible for handle any sound related job for the company; helps achieve certain
specific sounds or feelings to portray through that matches with the lyrics.
Responsible for mixing and producing beats and sounds for our clients; mix the songs
into the final version for the music album.
Part of the team responsible for selecting the songs that will be promoted and the songs
that will be sold as singles.

ADMIN AND HR MANAGER

Responsible for overseeing the smooth running of HR and administrative tasks for the
organization
Maintains office supplies by checking stocks; placing and expediting orders; evaluating
new products.
Ensures operation of studio equipment by completing preventive maintenance
requirements; calling for repairs.
Defining job positions for recruitment and managing interviewing process
Carrying out staff induction for new team members
Responsible for training, evaluation and assessment of employees
Responsible for arranging travel, meetings and appointments
Designs job descriptions with KPI to drive performance management for clients
Regularly hold meetings with key stakeholders to review the effectiveness of HR
Policies, Procedures and Processes
Facilitate and coordinate strategic sessions.
Work directly with clients in a non-advising capacity, such as answering questions,
scheduling appointments and making sure all training concerns are properly taken care
off
Oversee the smooth running of the daily office activities.

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 MARKETING AND SALES EXECUTIVE

Once the album is ready, then the marketing team will go out to market and promote
the album
Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
Identifies business opportunities; follows up on development leads and contacts;
participates in the structuring and financing of projects; assures the completion of music
projects.
Responsible for supervising implementation, advocate for the customers needs, and
communicate with clients and music artists
Develops, executes and evaluates new plans for expanding increase sales
Documents all customer contact and information
Represents the company in strategic meetings
Helps to increase sales and growth for the company

ACCOUNTANT

Responsible for preparing financial reports, budgets, and financial statements for the
organization
Provides managements with financial analyses, development budgets, and accounting
reports; analyses financial feasibility for the most complex proposed projects; conducts
market research to forecast trends and business conditions.
Responsible for financial forecasting and risks analysis.
Performs cash management, general ledger accounting, and financial reporting for one
or more properties.
Responsible for developing and managing financial systems and policies
Responsible for administering payrolls
Ensures compliance with taxation legislation
Handles all financial transactions for the company
Serves as internal auditor for the company

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 CLIENT SERVICE EXECUTIVE

Ensures that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides
the client with a personalized customer service experience of the highest level.
Through interaction with clients on the phone, uses every opportunity to build clients
interest in the companys products and services.
Manages administrative duties assigned by the manager in an effective and timely
manner.
Consistently stays abreast of any new information on the companys products,
promotional campaigns etc. to ensure accurate and helpful information is supplied to
clients when they make enquiries.

FRONT DESK OFFICER

Receives Visitors / clients on behalf of the organization

Receives parcels / documents for the company
Handles enquiries via e-mail and phone calls for the organization
Distribute mails in the organization
Handles any other duties as assigned the line manager

SWOT ANALYSIS
DREAMVISION STUDIO Recording Studio engaged the services of a core professional
in the area of music consulting and business structuring to assist the organization in
building a standard recording studio company that can favourably compete with other
leading recording studio brands in the Nigeria.

Part of what the business consultant did was to work with the management of the company
in conducting a SWOT analysis for DREAMVISION STUDIO Recording Studio. Here is
a summary from the result of the SWOT analysis that was conducted on behalf of
DREAMVISION STUDIO Recording Studio;

STRENGTH:
Our core strength lies in the power of our team and the state of the art recording studio
equipment that we have. We have a team that can go all the way to give our clients value
for their money; a team that can produce world class musical sounds. We are well
positioned in the heart of Alimosho, Lagos and we know we will attract loads of clients
from the first day we open our music production studio for business.

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WEAKNESS:
As a new recording studio in Lagos, it might take some time for our organization to break
into the market and attract some well established music artists and bigger corporations
to record in our studio; that is perhaps our major weakness. Another weakness is that we
may not have the required cash to pump into the promotion our business the way we
would want to.

OPPORTUNITIES:
The opportunities in the music industry are massive especially in Lagos, and we are ready
to take advantage of any opportunity that comes our way.

THREAT:
Technology and the internet which of course is a major tool for the advancement and gains
achieved in the music industry can also poses a threat to the industry. The truth is that
with the advancement of technology, it is now easier for individuals to mix up their sounds
and even form soundtracks with the help of music production software applications.

So also, just like any other business, one of the major threats that we are likely going to
face is economic downturn. It is a fact that economic downturn affects purchasing /
spending power. Another threat that may likely confront us is the arrival of a new recording
studio or music production company in same location where our target market exists and
who may want to adopt same business model like us.

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 MARKET ANALYSIS
MARKET TRENDS
Entrepreneurs who are venturing into the music industry are coming in with creativity and
good business skills. The fact that revenue is nose diving in the industry does not in a
way stop some recording studio companies from declaring profits year in year out.

The trend in the recording studio cum music production industry is that most recording
studio companies are trying as much as possible to recreate themselves on a regular
basis and also to be on top of their game. This is so because it is easier to find music
mixer or music production / recording software applications that a rookie can make use of
to produce good sound without stress.

OUR TARGET MARKET

When it comes to music recording or music production, there are no exemptions to who
you can market your services to. There are loads of people out there who are interested
in releasing a single or a full musical album. There are corporate organizations that would
need to services of a standard recording studio companies to help them produce jingles
or soundtrack for advertisement and promotion purpose. There are authors who would
need the services of recording studios to help them record their audio books and the list
goes on.

Over and above, our target market as a recording studio company cuts across people of
different class and people from all walks of life and corporate organizations.

In view of that, we have created strategies that will enable us reach out to various
corporate organizations and individual who we know will our services. We have conducted
our market research and survey and we will ensure that our recording studio attracts the
kind of clients we would love to work with.

Below is a list of the people and organizations that we have specifically market our
services to;

Music Artists
Record Labels
Advertising Agencies
Corporate Organizations (Branding and Advertising Agencies et al)
Churches
Radio and TV stations
Upcoming Artist
Authors (Audio book recording)

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 OUR COMPETITIVE ADVANTAGE

We are mindful of the fact that there is stiffer competition in the recording studio cum music
production industry in the Nigeria; hence we have been able to hire some of the best
business developer to handle our sales and marketing.

DREAMVISION STUDIO Recording Studio might be a new entrant into the recording
studio line of business cum music industry in the Nigeria, but we are coming into the
industry with core professionals and of course a standard world class recording studio
with the best equipment in the industry.

Lastly, our employees will be well taken care of, and their welfare package will be among
the best within our category (start-ups music production companies) in the industry
meaning that they will be more than willing to build the business with us and help deliver
our set goals and achieve all our aims and objectives.

SALES AND MARKETING STRATEGY

Recording studio business is not a business that you have to retail products which is why
we must do all we can to maximize any opportunity that comes our way to attract people
to make use of our recording studio or hire of services.

Our sales and marketing team will be recruited base on their vast experience in the music
industry and they will be trained on a regular basis so as to be well equipped to meet their
targets and the overall goal of the organization. We will also ensure that our excellent
music production / top class music speaks for us in the market place; we want to build a
standard and well equipped recording studio that will leverage on word of mouth
advertisement from satisfied clients / artists.

Our business goal is to build our recording studio business to become the number one
choice in the whole of Lagos Nigeria which is why we have mapped out strategy that will
help us take advantage of the available market and grow to become a major force to
reckon with not only in AFRICA but in the world stage as well.

DREAMVISION STUDIO Recording Studio is set to make use of the following marketing
and sales strategies to attract clients;

Introduce our business by sending introductory letters alongside our brochure to

organizations and key stake holders in the music industry in Lagos and other parts of
AFRICA
Advertise our business in relevant entertainment magazines, newspapers, TV stations,
and radio station.

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 List our business on yellow pages ads (local directories)
Attend relevant international and local music expos, seminars, and concerts et al
Create different packages for different category of music artists, authors and corporate
clients in order to work with their budgets and still produce top notch music, jingles,
audio book and soundtrack for them
Leverage on the internet to promote our business
Engage in direct marketing approach
Encourage word of mouth marketing from our loyal and satisfied clients

SOURCES OF INCOME

DREAMVISION STUDIO Recording Studio is established with the aim of maximizing

profits in the recording studio cum music industry and we are going to go all the way to
ensure that we do all it takes to attract our target market. DREAMVISION STUDIO
Recording Studio will generate income by offering the following services;

Music Recording
Sound Production
Studio Session for clients
Production of Jingles and Soundtracks for Organizations
Setting up of Recording Studios for Clients
Production of Audio Books
Sell of Studio and Musical Equipment
Music / Sound Consultancy and Advisory Services

SALES FORECAST

One thing is certain when it comes to music; music never dies and the demand for good
music will continue to grow. This goes to show that any recording studio company that is
known to always produce good music or voice recording will continue to attract talented
music artists, corporate organizations and authors and that will sure translate to increase
in revenue generation for the business.

We are well positioned to take on the available market in Lagos Nigeria and beyond and
we are quite optimistic that we will meet our set target of generating enough income /
profits from the first six month of operations and grow the business and our clientele base
beyond Lagos Nigeria to other countries cities in AFRICA and even the global market.

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 We have been able to critically examine the recording studio cum music production market
and we have analysed our chances in the industry and we have been able to come up
with the following sales forecast. The sales projection is based on information gathered
on the field and some assumptions that are peculiar to start-ups in Lagos Nigeria.

Below is the sales projection for DREAMVISION STUDIO Recording Studio, it is based
on the location of our business and other factors as it relates to record label start ups in
Lagos;

First Year-: $150,000

Second Year-: $300,000
Third Year-: $900,000
N.B: This projection is done based on what is obtainable in the industry and with the
assumption that there wont be any major economic meltdown and there wont be any
major competitor offering same studio / music production services as we do within same
location. Please note that the above projection might be lower and at the same time it
might be higher.

OUR PRICING STRATEGY

It is important to point out that, though, music studio charge by the hour so it is the
responsibility of the music producer to ensure that set target are met within the stipulated
time. The more time you spend on the studio, the more money you would have to pay.

No doubt, hourly billing for music studios is a long time tradition in the industry. However,
for some types of music / record contracts, flat fees are adopted. As a result of this,
DREAMVISION STUDIO Recording Studio will charge our old clients (artists) a flat fee
and charge new clients (new music artists) hourly when they make use of our music studio
to record their music or produce music beats for their albums.

At DREAMVISION STUDIO Recording Studio we will keep our fees below the average
market rate for all of our clients by keeping our overhead low and by collecting payment
in advance. In addition, we will also offer special discounted rates to start ups, non-
profits, cooperatives, and small social enterprises who engage our services to help to
produce musical jingles for advert purposes and authors who would need our services to
record their audio books.

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 PAYMENT OPTIONS
At DREAMVISION STUDIO Recording Studio, our payment policy will be all inclusive
because we are quite aware that different people prefer different payment options as it
suits them. Here are the payment options that we will make available to our clients;

Payment by via bank transfer

Payment via online bank transfer
Payment via check
Payment via bank draft
Payment with cash
In view of the above, we have chosen banking platforms that will help us achieve our plans
with little or no itches.

PUBLICITY AND ADVERTISING STRATEGY

We have been able to work with brand and publicity specialist to help us map out publicity
and advertising strategies that will help us walk our way into the heart of our target market.
We are set to take the music industry by storm which is why we have made provisions for
effective publicity and advertisement of our recording studio company.

Below are the platforms we intend to leverage on to promote and advertise

DREAMVISION STUDIO Recording Studio;

Place adverts on both print and electronic media platforms

Sponsor relevant TV shows and radio programs
Maximize our official website to promote our business
Leverage on the internet and social media platforms like; YouTube, Instagram,
Facebook, Twitter, LinkedIn, Badoo, Google+ and other platforms (music online forums)
to promote our business.
Offer Pro Bono services as part of our community social responsibility
Ensure that our we position our banners and billboards in strategic positions all around
Alimosho Lagos
Brand all our official cars / buses and ensure that our trademark label is boldly printed
in all our music album covers and CDs et al

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FINANCIAL PROJECTIONS AND COSTING
The cost of setting up a recording studio business to a larger extent has reduced from
what it used to be; many thanks to the advancement of technology and perhaps the
internet. These days it is now easier to see people set up recording studios in their house.
All they need to do is to register a business and set up a mini recording studio in their
apartment!

Basically, it is not expensive starting a recording studio company in the Nigeria except for
the prices of setting up a standard and well equipped studio. The amount required to
start a music production company may vary slightly from country to country and from
states to states. Other factors that can influence the start up cost of a recording studio
company is the amount needed to rent or lease a facility, the cost of the equipment you
would need and the money needed to brand your business et al.

Equipment Cost Projection

S/N ITEM DESCRIPTION COST (N)

STUDIO HARDWARES
1 Computer System Core i7 16GB 1000GB Hard Drive + 32in 250,000.00
DAW (digital audio
2 workstation) Presonus 2-4-16 Complete 150,000.00
3 Audio Interface Delta 1010 or M-Audio i8 120,000.00
4 Microphones Audio Technica or Neuman TLM 102 150,000.00
5 Headphones Behringer or Neuman 30,000.00
6 Studio Monitors BX8 D2 M-Audio 150,000.00
7 Cables 4 Rolls or Coaxial cables & Plugs 50,000.00
8 Microphone Stands Microphone Wall Mount System 20,000.00
9 Pop Filter 5,000.00
10 Keyboard Yamaha 160 SLR 160,000.00
11 Outboard effects Compressor and Limiter 180,000.00
12 32 in LCD Visual Display Unit Recommended Samsung or Dell 180,000.00

FURNITURES and ACOUSTICS

1 Desk/Workstation Furniture and Upholstery work 30,000.00
2 Studio Chairs 12,000.00
3 Bass Traps 40,000.00
4 Acoustic Panels 50,000.00
5 Diffusers 100,000.00
6 Reflection Filters 30,000.00
7 Monitor Isolation Pads 25,000.00
8 Studio Monitor Stands 20,000.00

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 INTERFACE and GEARS
1 Rack Mount 4-bay Rack Mount 40,000.00
2 Power Conditioner 100-250v Surge Suppressor System 12,000.00
Presonus 6channel Mic & compressor
Microphone Preamp
3 pre.. 80,000.00
4 Headphone Amp M-Audio Multi-Head Phone Preamp 12,000.00
5 Monitor Management Presonus BIG Knob Monitor Control 20,000.00
6 Virtual Instruments Kontakt, Nexus, Halion, Virus, Gladiator. 15,000.00
7 MIDI Controller 6 OCTAVE Oxygen Midi- Controller 85,000.00
8 Acoustic Drum Kit 150,000.00
9 Software/Plugins REASON, QBASE, STUDIO1, AUDITION 12,000.00
10 Snake Cable 10ft 10 input channels 10,000.00
Uninterruptible Power
11 Supply 2.2kva APC UPS 150,000.00
12 Direct Box Guitar and Solo Instruments DI-Box 15,000.00

GRAND TOTAL 2,353,000.00

GENERATING FUNDING / STARTUP CAPITAL FOR DREAMVISION STUDIO
RECORDING STUDIO

DREAMVISION STUDIO Recording Studio is going to start as a family business that will
be solely owned and managed by Bennie Ogbomo and Clement Thompson. Both of them
will handle financial of the business, but may likely welcome other partners later which is
why they have decided to restrict the sourcing of his start up capital to 3 major sources.

These are the areas we intend generating our start up capital;

Generate part of the start up capital from personal savings

Source for soft loans from family members and friends
Apply for loan from my Bank
SUSTAINABILITY AND EXPANSION STRATEGY
It is easier for businesses to survive when they have steady flow of business deals /
customers patronizing their products and services. We are aware of this which is why we
have decided to offer a wide range of music production related services and also to work
with both music artists, corporate organizations and authors.

We know that if we continue to record hit songs, albums, audio books, soundtrack and
jingles for both individuals and corporate organizations, there will be steady flow of income
for the organization.

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 Our key sustainability and expansion strategy is to ensure that we only hire competent
employees, create a conducive working environment and employee benefits for our staff
members.

We know that if we implement our business strategies, we will grow our recording studio
business beyond Lagos Nigeria to other countries in the Africa in record time.

CHECK LIST / MILESTONE

Business Name Availability Check:

Business Incorporation:
Renting of Office Facility:
Setting Up of The Recording Studio:
Intellectual Property Protection and Trademark:
Opening of Corporate Bank Accounts various banks in the Lagos:
Opening Online Payment Platforms:
Application and Obtaining Tax Payers ID:
Application for business license and permit:
Purchase of All form of Insurance for the Business:
Conducting Feasibility Studies:
Generating part of the start up capital from the founder:
Applications for Loan from our Bankers or investor:
Writing of Business Plan:
Drafting of Employees Handbook:
Drafting of Contract Documents:
Design of The Companys Logo:
Graphic Designs and Printing of Packaging Marketing / Promotional Materials:
Recruitment of employees:
Purchase of the Needed studio / musical gadgets, furniture, office equipment, electronic
appliances and facility facelift:
Creating Official Website for the Company:
Creating Awareness for the business (Business PR):
Health and Safety and Fire Safety Arrangement:
Establishing business relationship with key players in the industry:

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