Dragons in the Den

So, we finally did our 'Dragons Den' style pitch and I think it went quite well.  Word on the Rave Rumour-mill had it, that a lot of groups were not really putting effort into it and were possibly not even going to turn up.  I have to say however that I think I was lucky because our group rose to the challenge and we worked well together.  We met up a few times outside of the timetabled E&E hours and discussed in detail what it was our product was about, and how we would approach the pitch. Below are some of the notes that were made in our very professional meetings :D 

Idea- Laze FM

What is the unique product or service? Laze is a Radio station that has a very specific target demographic with emphasis on having a really active listener input. We want to be able to showcase Unsigned and Younger Bands music and allow a relatively 'free' and 'open' choice. As well as being a Radio Station for 13-22 year olds, we will also aim to expand this nationally with concerts, festivals (winter), blogs, merchandise, a youtube channel etc.

Market- 13-22 and we aim to be the number 1 station that is specifically aimed at students, collectively rather than just students from a particular university only.

Why Will it Make More Profits-

• Because its nationwide = ability to captivate a wider audience
• We won't be restricted to listeners local
• We won't be restricted just to playing the top 40, and the music played will be more diverse and therefore people who do not just want to listen to current music/want something different will also be included.
• There is currently only Radio 1- Ok so it doesn't have adverts, but the adverts we would play would be aimed at younger people and the shows would have younger presenters and would be more upbeat.
• Also with the other diversifications like different events throughout the year i.e. winter festival

How Much Money is required:

Studio + Equipment- £25,000

Commercial Radio Station License- £25,000 Approx

£50,000 Total

People- Trial Period of a Month that would be unpaid and then after their salery would be dependent on when they work and how many hours for.

Advertising Budget- Viral Marketing and Word of Mouth. Advertise on Facebook/ Myspace/ Social Networking/ Backing of popular websites I.e google, youtube, Metro/Evening Standard - £50,000

Roles

CEO- George Anckorn

Marketing and Advertising – James

Distribution/ Events Management- Iesha

Finance Director- Axel

Head of Market Research-

Head of Research and Development- N/a

Head of Co-operate Social Responsibilty- (image of brand) – Brad

Head of Brand/ Head of Market Research – Stefan and Emma

When the company generate profits

Within the first couple of months from smaller adverts, but we wouldn't break even until we had developed an established audience- the aim would be to start growing and have a good strong audience in 2-3 years. When we get enough listeners and enough of a following we would increase the charge for adverts especially around the more popular shows.

When we do an event

Sources of Income

Cash Inflows- Advertising from different places of interest to Uni Students.

• Website would have advertising
• Google Ad Sense Account
• Youtube Channel would have Adverts at the start and bottom on any Videos that may feature on a 'The Radio' Youtube Channel i.e. acoustic sessions, unplugged sessions
• As the station becomes more well known it could start charging premiums for adverts around particularly popular sets.

Cash Outflows- Using a Studio?

• Hiring Presenters
• Hiring Bands
• Buying the startup equipment
• Licence to play music on air - PPL
• Ofcom Radio License fee
• Venue Rent / Outright buying it
• Website

Operation details

Taking it turns to do certain programs:

Airing all the time

Breakfast Show around 10

Midday- Request

News

Requests

Discussion

Friday Evening/ Late Evening-

How will we get it ready- as a group we will work together to get all of the equipment set up; two of our group have the knowledge of radio stations to work it technologically

Corporate Responsibility- Make sure the shows are appropriate to the age range

Distribution Suppliers- We are the suppliers, our business is not solely focused on one particular product, we are a providing a service.

How will these things change as a company develops and grows:

• Our facilities and space may improve
• Our profits will increase because we will be able to provide a better service, charge more for advertising and we will be able to host more events and that will = more revenue.
• Iphone App Later
• FreeView Channel - £30 Grand

Financial analysis

The largest time will be spent establishing a following, making sure equipment and general running of the shows is smooth. We will have a launch party

The prospects "What’s in it for me?" Why should I invest in you?"

• Whats in it for me- become part of what is potentially the biggest thing to happen to radio since Radio 1
• Why should you invest- refreshing, there is a monopoly on the market with Capital and Radio 1 but these are both flawed slightly because Capital only usually plays top 40, and Radio 1 does not have enough to appeal to the age range.

Advertising:

Air Freshers

Bottle Openers

Beer Mats

Mini FM Radios preset with our Radio

Stands at Freshers /StudentsEvents