Idea Name: LyricZone
One Liner: Connecting aspiring lyricists with industry professionals and resources to help them succeed in the music industry.
Target User Persona: Aspiring lyricists looking to break into the music industry, music industry professionals looking for new talent.
User’s Pain Points to Solve: Difficulty breaking into the music industry, lack of access to industry resources and professionals, lack of understanding of industry standards and practices.
Main Value Propositions: Access to industry professionals and resources, personalized feedback and guidance on lyrics, educational resources on industry standards and practices.
Sales & Marketing Channels: Social media marketing, music industry events and conferences, partnerships with music industry organizations and publications.
Revenue Stream Sources: Subscription fees for access to premium resources and services, licensing fees for lyrics used by industry professionals, advertising revenue.
Cost Structures: Salary and benefits for team members, marketing and advertising expenses, website and platform maintenance costs.
Key Activities: Connecting aspiring lyricists with industry professionals, providing personalized feedback and guidance on lyrics, creating and maintaining educational resources on industry standards and practices.
Key Resources: Industry professionals willing to work with aspiring lyricists, educational resources and materials, marketing and advertising budget.
Key Partners: Music industry organizations and publications, industry professionals and resources.
Idea Validation Steps: Conduct market research to understand the demand for such a service, create a minimum viable product and gather feedback from potential users, secure partnerships with industry professionals and resources.
Estimated 1st Year Cost of Operation: $50,000 - $100,000
Potential Business Challenges to Look For: Competition from similar services, difficulty securing partnerships and industry resources, difficulties in monetizing the service.