Who is your team?

12 Mar

Kim Pfluger is owner and studio manager at Keep the Edge Studios in Quincy, MA. The idea to start a studio arose in 2008 and she has been working hard ever since. Kim revealed many details about her startup process, including loan applications, vision, business plans, and the struggles of starting a business. The question arises: “What is the importance of teamwork in beginning a startup?” Kim explained that teamwork is essential for any company, especially a new one.
Sometimes you start with an idea that is much bigger than you are. You then need other people to help you realize it. For example, Kim and her business partner, Keith Asack, had no idea how to construct a studio. Together, they had to create a rough sketch of their floor plan and evolve it from there. Keith had no prior construction experience, but he took the task of building the studio upon himself. With the instruction of various contractors, he learned how to saw, hammer, and drill together the floorboards.
Kim, MBM Graduate ’10, was responsible for many of the financial elements of the startup. She drafted balance sheets that would project Keep the Edge Studios’ 1st year of income. This 1st year projection becomes crucial when trying to acquire a loan. In this case, she had to approximate the numbers regarding the income she’d receive monthly from clients. With little previous background as a company owner, she had to estimate how much the studio would make for recording sessions, lessons, and other services. There are a lot of variables that affect pricing and its tough to know how much success a startup will have at first. Will we have 40 customers the first year? 10 customers? More? Less? What’s realistic?
With the help of friends, family, the U.S. Small Business Administration (SBA), classmates, teachers, co-workers, and others, Kim was able to create a great business. Teamwork is invaluable in forming a startup company. Who is your team? Are there examples of startups created without a team? If you can cite an example, I’d be interested to hear it. – John Hyland

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