Here is a sample business plan for a TV station.
The media industry is huge, with loads of opportunities for investors seeking to launch their operations. For persons interested in starting a TV channel, a lot of groundwork is necessary.
Such would include writing a plan of action for your TV station. This is what we’re going to be discussing.
TV STATION BUSINESS PLAN GUIDE
If you’ve wondered how to put together a comprehensive and implementable media production plan, we welcome you to read on. Here, you’ll find information on what it takes and how to go about it.
This template is a guide and targets persons with limited knowledge of TV business plan writing.
Organizing your TV Station Business Plan
To do a good job at writing your plan, you’ll need to have different aspects of your plan systematically written.
Here, we’re talking about including basic sections without which your TV station business plan won’t be adequately and comprehensively covered.
These sections include the executive summary, company description, products & services, as well as market analysis sections.
Others include the strategy & implementation section, organization & management team, and the financial plan & projections.
This outline also applies to a radio station business plan.
i. Executive Summary
Consider the executive summary section as being the summary of your plan. Why do you need a summary? To give your audience a concise overview of your TV station business plan.
With a well-written executive summary, your readers get to know what the plan is about and what it stands for.
Usually, the executive summary gives an idea about the viability of your business idea. You should also be able to hold the reader’s attention to make them interested.
Key additions to the executive summary include the business name & location, as well as the services and/or products offered.
Other subsections to be discussed include the mission & vision statements and the specific purpose of your TV station business plan.
Business Name & Location
Every serious business idea should have a name. This is where you introduce or unveil your TV station business idea by giving its identity. What is it going to be called? Also, providing its location also matters.
As a broadcast business, it should be strategically situated for better reception of its signals.
Services and/or Products
What niche area will your TV station business be focused on?
How does such serve the needs of your clients? Are there any products you wish to offer? These are key points that must be discussed within your executive summary.
However, you won’t have to elaborate on these points as your executive summary needs to be limited to a few pages. All such information will be discussed in greater detail within the products and services section.
Mission & Vision Statements
Anyone going through your executive summary section can know what the business stands for and where it’s headed. This is only possible when your mission & vision statements are well written.
Your mission statement should clearly define the purpose for which your business exists.
It should capture your goals as a business. In the case of your vision statement, such should state your dream for the TV station. It’s written in a general sense and highlights the company’s goals.
Specific Purpose of the Plan
Without a clear purpose, your business is bound to fail due to a lack of clarity.
State the specific purpose for which your plan is written. Do you wish to attract funding? Is it written for the sole purpose of strategizing? Whatever it is, have the purpose written down.
ii. Company Description
The company description section is where you provide a comprehensive breakdown of what your TV station does, or plans to achieve, its goals as well as its legal structure.
What demands do you intend to fill? This has a lot to do with your preferred niche area.
Also, provide an overview of services and products to be offered in addition to critical partnerships to be forged.
What more? The company description section should include a summary of company growth with financial or market highlights. What are your goals as a business, and how do you intend to make profits?
iii. Services and/or Products
The products and services section takes a closer look at what your TV station sells and how such benefits your clients. What’s the market role of your service(s), and how does it measure up in terms of its competitive advantage over those offered by your competition?
iv. Market Analysis
The market analysis section is crucial to the successful launch of your TV station. Here, you’re expected to show an appreciable understanding of the broadcast industry.
For that to happen, thorough market research needs to be conducted.
Such research covers target customer segments, including industry outlook. Provide any supporting statistics for such. Also include data on historical, current, and projected marketing trends.
A key inclusion you shouldn’t leave out has to do with an assessment of your competition.
Having identified your competitors, you’ll need to highlight their areas of strength and weaknesses.
v. Strategy & Implementation
Your marketing strategy and implementation plan should explain how you intend to promote your TV station business. Also, it should include information on how you plan to enter the market.
Provide details about costs, pricing, and promotions for your services.
vi. Organization & Management Team
The successful launch of your TV station business won’t be possible without an organized and efficient management team.
Under this section, you’re to identify and describe your management team with roles played and departments headed.
Begin with an organizational chart describing key employees and departments headed by them. Business owners aren’t left out as their profiles need to be added.
This includes names, level of involvement, percentage ownership, and the likes.
Provide detailed information on your management team with names, positions, departments headed, and past experiences.
vii. Financial Plan & Projections
The financial plan and projections section covers the financial aspects of the business. It will be beneficial to use the services of a financial expert such as a professional accountant when writing this section.
Here, three key areas are considered;
They include historical financial data (mostly applies to established businesses) and also realistic prospective financial information.
Another vital inclusion is a brief analysis of your financial data.
SEE: How Do TV Shows Make Money?
With these details provided, your TV station business plan is set for implementation. It’s important never to rush the process but take the time needed to put down everything necessary for a successful takeoff carefully.