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RR-Studios

Summary

I want to develop a space in Kearney NE where creatives can work together on projects, experiement, and collaborate - a co-working hub of sorts that provides a unique experience allowing people to fulfill there life's work.

The space will provide as many amenities as possible, allowing people to focus on there craft without getting distracted.  Different membership teirs will exist but I'm not sure what they will be yet.  Available amenities included are:

  • Super Fast Internet
  • Unlimited Coffee & Other Amazing Beverages
  • Physical Address to Collect Snail Mail
  • Access to Conference Room for Meetings & Creative Bursts
  • Fully Stocked Office with Basics: Printer, Paper, Stapler, Staples, Pens/Pencils, etc.
  • 24/Hour Access to the Building
  • Desk/Workspace Options: Open Desk/Table, Designated Desk, Private Office
  • Locked Storage
  • Access to Multipurpose/Creative Room w/ Basic Tools
  • Utilities Covered: Heating, Cooling, Security, Taxes, etc.
  • Free Software & Licenses Like: Adobe Creative Cloud, Lynda.com, etc.

What's The Business Model?

We pay rent, offer amenities, link people together, inspire, create fun productive environment.  In return, charge various membership fees depending on value offered.  Fees collected must out-weigh costs associated with providing everyting as mentioned above.

Our Assets & Human Resources

We'll aquire a sweet looking building downtown (the upstairs - recently remodeled).  We have experience with creating a space like this on a small scale, and we'll transfer over some of that knowledge.  My business partner and myself have experience and skills in technology, marketing, and design, and we'll use these to create a unique space and experience.

Who's the Customer?

Our ideal customer is someone who needs a space to work and values community and a polished experience.  Who doesn't need a lot of space, but instead needs quality of environment and experiences rubbing shoulders with others.  Someone who likes to be pampered while working - not in a lazy sort of way, but instead is very serious about pursuing a dream or a creative endeavour and therefore values an environment that provides all the necessities for doing good work and offers unique ways to be inspired by others walking in the same path.  Someone who is constantly learning and challenging themselves to push forward, asking questions, and encouraging one another as a group.

What's the Hard Part?

The hard part is going to be creating the unique environment that ultimately fulfills and provides the desired outcome - the vibe we're going for.  Also, it's going to be hard attracting the right members, filterig out the ones who don't "get it" and protecting the space so it doesn't get tarnished.  It's going to be very difficult sorting out all the logistics like security, pricing, dividing space, attracting talent, etc.

What's so Unique About This?

Nothing like this exists in Kearney, NE.  We're tayloring an experience towards the often overlooked crowd of startups, creatives, and freelancers that typically have to work out of an apartment or garage...but instead we're treating them like royalty.

How Are We Going to Repeat This...or Rather Keep Momentum?

Continually refine the space, evaluate what's working and what's not.  Always invest back into the space and the available offerrings.  Invite Speakers in and/or provide inspiration for members.

2.  Freelancing vs. Entrepreneurship

How am I going to relentlessly hire people to delegate work to?

Seek and woo the right people for the right job - replace anything that can be done by someone else with someone else so I can focus on continued refinement as mentioned above.

How will I build an organization that has the cash flow to permit myself to do this?

Membership fees need to cover the amenities + costs of salaries for people needed to keep organization running smoothly.

Do you need money for this business?

Yes, we'll need some money - although I'm not sure how much.  I'm guessing we'll need money for the following though:

Fixed Expenses:

  • Office Furniture - $20,000
  • Kitchen Appliances - $5,000
  • Security & 24/7 Access - $4,000
  • Status Board - See who's working, stats, conference room schedule, etc.
  • Internet Networking - $1,000
  • Office Supplies - $3,000
  • Projectors/Screens - $4,000

Variable Expenses:

  • Software Licenses - $10,000/year
  • Beverages & Snacks - $5,000/year
  • Utilities - $12,000/year
  • Employee Salaries - $30,000/year

Does more money increase the chances you will reach positive cash flow? Profitability?

Yes, I think so...because our offerings will be more enticing therefore allowing us to charge more and create a sustainable membership base.

What are the assets the money will go to pay for?

Furniture, appliances, equipment, and licenses

How long before the money invested starts turning into money returned?

As soon as we hit our critical mass for active members.  I'm not sure what this is yet.

Do you hope to sell this company?

Not necessarily.

What is the gross margin of what you'll be selling?

I'm not sure.  I'm hoping at least 30%

How long will it take you to reach scale?

6 Months?

Given all this, and what you learned in the video, what sort of funding are you seeking? Why would this investor choose your offering over all the others available?

I think we'd most likely seek private funding in return for royalty payouts based on active memberships.  The investor would choose us because we're the only one offering this currently in this area and we have a unique vision for the space and have the expertise to execute the project launch.  They also would want to invest because they see the value this sort of space would provide to the local community and they value creatives.

What's Your Story?

RR-Studios is a space for innovators and creatives to get stuff done, run by entrepreneurs and creatives.  We value ones 'life-work' and provide a unique environment specifically designed to help the creative focus on what matters - the work and sharing value with the community.

Who are the first employees you need?

We'll need someone to hang out at the studio, answer questions, field phone calls, sign in new members, torubleshoot issues/problems, etc.

Where will you find them?

Perhaps a student?  An intern of sorts?  I'm not sure :/

Why would they join you?

Because they're interested in business and especially community and how it can allow people to come together and create great things.  They'll fall in love with the vibe and the atmosphere and being around such increddible and smart minded people everyday - able to serve them.

How will you tell the good ones apart from the convenient ones?

The good ones will actually care and ask questions, will challenge our system and come up with ideas and ways to make it better along the way.  Will proactively seek out ways to serve the members in new ways and constantly over delivering.  The convenient ones will simply think it's cool and slide into the empy chair.  It will be a difference in attitude and enthusiasm.

What's your funnel?

Tell our story, see if it resonates with them...and see who comes out the bottom.

After hiring people, how will you evaluate them?

We'll check in and see if it continues to be a good fit, how excited they are and any progress  being made (a.k.a. new ideas for happier members).  We'll also ask the members directly.

How long after starting will you give people a formal review?

1 Month.  I think we'll be able to see how it's going then, if it's not a good fit I want to be sure we find a better replacement without dragging it out any longer then it needs to be.  We'll be able to tell a lot in 1 month.

What's your approach for talking about the uncomfortable?

I think the more transparent and honest we can be about the vision and dream for the space, the easier it will be to talk about the hard stuff.  We'll become more vulnerable which will help them open up and we'll be able to talk about the hard stuff and work through it.

Are you asking people to do work that's been done before, or to explore the edges of a new universe?

We're wanting them to explore, we don't even know exactly what it will look like.  We have a pretty good idea, but don't know all the answers.  We're looking for someone that can help us explore and chart the path.  We're looking for someone that can turn skeptics into fans.

30 Names (feeling, emotion, active, etc.)

1.   Share

  1. Exchange
  2. Trade
  3. Teach
  4. Train
  5. Lead

2.   Creative

  1. Imagine
  2. Invent
  3. Construct
  4. Original
  5. Fanciful

3.   Work

  1. Use
  2. Play
  3. Make
  4. Transform
  5. Stir

4.   Hub

  1. Axis
  2. Center
  3. Core
  4. Kernel
  5. Pivot

5.   Beauty

  1. Vision
  2. Picture
  3. Boon
  4. Selling Point
  5. Virtue

6.   Social

  1. Collective
  2. Party
  3. Function
  4. Bash
  5. Organized

7.   Community

  1. Circle
  2. Bunch
  3. Neighborhood
  4. People
  5. Member

8.   Gathering
9.   Group
10. Company (co.)
11. Start Up
12. Traction
13. Underdog
14. Space

  1. Box
  2. Cube

15. Explore
16. Experiment
17. Discover
18. Collaborate
19. Energy
20. Passion
21. Innovate
22. Art
23. Studio
24. RR
25. Life
26. Deliver
27. Up & Up
28. Sky Box
29. Second Floor
30. Craft

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