You may want to open your theater company if you need to produce plays. But before you own one it is important to know the kind of audience that come from your region who may love to come and watch the plays. It is advisable to see both the business and artistic side before you begin your theater. The following are factors to take into consideration prior opening your theater.
Come up with a mission statement for your business
Think about what makes your business different and stand out from others and include this into your mission statement. Also, consider what you want to achieve before opening a theater. Your dream may be produced plays from both the international and local writers or put on classic American plays.
Select a name for your theater company
You may connect your theater’s name to your mission statement, so long as other local theaters are not using the name.
Register the company name for your business
If you need to accept tax-deductible donations, you should apply for non-profit status if you are from the United States. Prior registering for 501c3 status, your theater company should be an association, trust or a corporation. You may be required to set a board to oversee your theater if you are planning to operate it as a nonprofit able business.
Develop a budget for the theater
You need to set a budget for any business so that you know how to operate and the limits of your spending. You can do it by coming up with a list of your potential income and expenses. It requires some cash to maintain the theater clean and in good working condition not forgetting the paying rent for space.
Raise money for the theater company
You can have some people to fund you before you begin your business, they maybe your family members or friends who are willing to help you succeed in your business. When you produce plays ensure your tickets are high enough to cater for your expenses. If possible apply for grants from private funders and government organizations that give grants to theater companies.
Bring other people on board
It is important to bring other people on board when beginning theater business. Mostly go for people who share the same goals, and they also agree with your mission statement. It is nice to consider individuals that you have worked with from the past. At least you may know how they work as you have experience working with them before.…