Do you know that most people who try to start a radio station end up getting lost right in the very beginning in a myriad of useless information that messes up their prospects?
The result: Out of 25000+ people who exhibit interest in starting this business every month across the world, only a handful actually ends up starting one. This situation can be easily avoided by any person looking to start this business by simply avoiding the most common mistakes and by following the time tested approaches. This post lists down the top 4 fatal mistakes that must avoided at all cost by new start ups.
1. ‘ Know all before you leap’ attitude – This is the most vital reason why more than 70% people never get down to the act of starting a radio station. People simply fail to realize that radio station business like any other business has its own learning curve. You simply don’t learn if you do not ACT here. And because learning has no limits, action has to wait for its chance with these people. Action here does not mean spending fortunes. It only means taking small progressive steps every day and learning and developing the ground work in the process.
2. ‘Follow every one’ attitude – Advices are the easiest thing to come across in this information age and the Internet is practically flooded with advices. But how is one to separate wheat from the chaff? In the absence of this ability, new entrants start following advices flowing in from all quarters and then end up following no advice whatsoever. If you are keen about starting a radio station (which I bet you are), you better choose one expert and follow him during the start up process. Stay focused on the assigned task and you can avoid unnecessary pitfalls.
3. ‘ Nothing but the best’ attitude – In several start up i have seen people almost dying to spend money on the so-called ‘best things’. They will not settle for anything that they perceive to be the second best. And the best thing is generally judged by the price at which it sells. This could mean hiring the best start up consultant, getting the best equipments or just any thing that can qualify as best with its price tag internet radio online.
Now don’t mistake me. I am not asking you to settle for something which is not the best for your radio station business. My question is how does a new entrant decide what is the best choice for him? Prices? Seller’s claims? Most of the new entrants eventually quit after having spend considerable time and money in this ‘best’ syndrome and then not knowing where to proceed or how to correct a wrong decision already taken.
4. ‘Get it ready made’ attitude – This is what I call the ‘big daddy of all mistakes’. Ready made business plans, ready made studios, ready made broadcast contents, ready made radio stations… the list of ready made resources is endless.
How can some one do this? Each radio station business proposal is so very unique. How can ‘one size fit all’ kind of thing be applied to business? Never ever do this mistake. You can obviously take broad guidelines but that too has the risk of biasing your opinions towards the ready made plan.
A radio station business is like a child that needs to be parented by you and only you from day one. You make your own business plan and by the time the plan is ready you will have the business at your finger tips. When you know the rules of the game, only then you can you aspire to become a champion in it.
Making your own business plan is a great way to learn the rules of the game. When you know your business in and out none shall be able to dupe you in the game. Once your business plan is ready, that is the time to start actual ground execution, and then begins the process of applying for licenses.
Having obtained the license one then moves to raising funds, spending money on studios, equipments and other infrastructure for the launch day. I call these 4 mistakes ‘ Fatal’ because they are responsible for the exit of more than 90% of the people who sincerely wanted to start a radio station but fell victim to these mistakes.