December 04, 2013 Category: Business, Entrepreneurial Endeavors & Related Matters
In many types of musical genres, drums act as the backbone to the music. However, when starting a business, financing is the backbone of business formation . Start-up financing is what one entrepreneur is now looking for in his plan to start a new custom drum-making company. The 60-year-old entrepreneur has already started operating in a modest shop space in Michigan and is currently in the business planning process to expand the company.
The man first started making custom drums about 37 years ago and is now working on his first few orders for his new company, Sherwood Percussion Instruments. The entrepreneur began as a drummer during the 1970s and then ended up developing a drum shell made of wood. This resulted in a cleaner and richer sound from the drum compared to standard drums shelled with plywood. These custom drums are made of pie-shaped pieces which the man cuts from solid wood.
During the beginning of his business, the man ended up losing his woodworking machinery during the early 1980s. However, he has now been able to piece together the equipment he needs to begin producing drums again. He says he can produce 30 drums per month on his own, but he plans to hire up to 12 workers in order to increase his ability to produce more drums.
The entrepreneur will now have to look for start-up financing in order to be able to hire these employees for his new company in Michigan. This will require a solid business plan which will illustrate to a lender how the company plans to become profitable in order to be able to repay any loans. Venture capitalists will need evidence of strong business planning in order to ensure they will be able to earn a return for helping to finance the new company. However, it is also important for the man to make sure the business plan complies with all applicable rules and regulations.
Source: M Live, Custom-made drums keep calling entrepreneur back to dream business , Jim Harger, Nov. 30, 2013