Whether you run an innovative film production company or are pursuing an exciting career in video gaming, there are plenty of benefits associated with running an entertainment-based business. Not only can it prove to be very rewarding in terms of finances, but it’s also a great way to turn your passions into a profession – which means it’s far better than any old office job. After all, when you consider the fact that we spend approximately 90,000 hours at work in our lifetime, why shouldn’t we have fun?
However, it’s also worth noting that every branch of the entertainment industry is notoriously competitive. This means that you’ve got to put 110% into everything you do every day if you want to stay ahead of your competitors. Furthermore, as trends and consumer behaviours are continuously changing, you also have to ensure you remain as fresh and up to date as possible. To do this, you have to focus on continuous growth. Don’t expect one successful project to carry your company indefinitely – as almost immediately after its release, your fanbase will be looking for the next thing you have on offer.
With that in mind, here are some top tips that you can use to grow your entertainment-based company, no matter which area you specialise in!
Invest in new tech.
Technology is the best friend of the entertainment industry – it’s what enables us to provide our services to our customers or release new content. As a result, if you’re going to spend money on anything – let it be tech. This will help you improve the quality of your products while also ensuring that you stay on top of any trends and developments.
However, it’s also important to remember that tech doesn’t just mean new computers and cameras – it also means software that enables you to take your company to the next level. For example, if you’re welcoming a lot of employees to the team in the new year, then you might want to invest in Mentorship Software that allows them to track their career progression and connect with mentors. This way, you’re providing them with a solid foundation to develop new skills to the benefit of both themselves and the company.
Take care of your Employees.
The growth of your company lies almost entirely on your employees. After all, no matter how good at multitasking, you may be, you simply can’t do everything alone. As a result, you must focus on taking good care of those who work for you – especially if you want to keep employee retention rates as high as possible. Thankfully, there are various ways to achieve this goal.
For example, you can start by finding as many ways as possible to show your employees that you care. Let them know that they’re always able to reach out if necessary – such as if they’re feeling overburdened at work or dealing with troubles in their personal life. This is particularly important when you consider that those working within the entertainment industry are frequently faced with mental health issues – likely attributed to hectic and demanding schedules. In fact, this issue led to entertainment giants Disney, BBC, Channel 4 and Sky backing a mental health campaign for those who work within the creative industry.
Remember that it’s a business.
As mentioned previously, working in the entertainment industry is a lot of fun. There will be some aspects of your job that hardly feel like work at all, such as networking events and film premiers. However, it’s also important to remember that at the end of the day, you are running a business, and you need to treat it as such. This is your career, not a hobby, and you can’t afford to be lax if you want your business to grow. As a result, you should pay close attention to your business plan. This should be updated annually to account for any changes within the company and set new goals for the upcoming year. Additionally, you should also ensure that you keep on top of your finances. If numbers aren’t your thing, welcome an accountant onto the team who can do the hard work for you.
Work on your social media presence.
By now, you’re probably well aware that the entertainment industry is one of the most competitive fields out there. As a result, you need to ensure that you find a way to stand out from the crowd while promoting your brand and company to new people. One way in which you can achieve both of these goals at the same time is through your social media presence. Like it or loathe it, social media provides you with a simple yet effective way to raise your brand’s platform, promote your next project, and engage with your fanbase. Therefore, companies without an online presence (particularly within the realm of entertainment) are doing themselves a clear disservice and standing in the way of their own growth.
If you aren’t sure where to get started, don’t worry. It’s actually much more straightforward than you think – and many companies are able to handle their social media accounts in-house. First, look at some of the leading brands with excellent social media strategies and figure out what makes each campaign successful. Then, think about how you can implement these tips and tricks into your own marketing plan. Don’t copy their ideas directly – but instead, think about how you could achieve a similar effect in your own campaigns, tailoring them specifically towards your target audience. Again, if the world of social media is beyond your expertise, don’t be afraid to bring in a social media manager or outsource these duties. This way, you don’t even have to know the difference between a TikTok or a tweet or spend hours trying to decipher Instagram’s latest algorithm – as the hard work will be done for you. This will help you grow your online presence while also giving you great peace of mind moving forward.
