Developing a Concept Plan should be the first effort of planning your podcast.
What is a Concept Plan?
A concept plan is a short overview of a new Podcast venture. It can be used to expand on an initial
podcast idea; guide more detailed planning and communicate essential information. The concept
plan signals a commitment to a diligent planning effort by organizing and documenting the
intentions of the founders. The concept plan precedes the writing of a podcast plan and establishes
the foundation for its development.
The concept plan should be brief, extending to only a few pages in length. Writing a concept plan is
far more than the casual recording of notes and ideas. It is the challenging effort necessary
to produce the core values and founding principles that will ultimately lead to success.
Content
A concept plan should describe the idea, the market, ROI potential, as well as key actions and
activities of the podcast. It should address the capital, sources and uses of funds and identify the
team or individual that will assemble to engage in the venture.
The Concept Plan is the first effort to document the Idea, Market, ROI, Actions, and Capital of a new
podcast venture.
Question 1, Idea:
Each podcast begins with an idea. But this idea must be expanded into a full podcast concept.
Identification of the idea should be both descriptive and restrictive in order to bring focus to the
effort. Unique features of the idea must be adequately described to identify the inspiration of the
founder and the motivation to pursue the venture. At the same time, boundaries must be established
and the idea restricted in scope in order to make the effort realistic and commercially viable.
Question 2, Market or Base
A realistic assessment of market size and scope should follow from a clear description of the market
environment. Explain the economic and industry factors that influence demand along with the
behavioral and demographic features of intended consumers. Detailed market research can be
performed later, in preparing the podcast plan. It is sufficient in the concept plan to identify the
relevant areas of market re-search and to report on preliminary results. Positive market indications
should show that a clear potential market exists. ( As we looked at with Infinite dial 2021 )
Question 3, ROI:
The concept plan must demonstrate adequate ROI potential under realistic assumptions. The
magnitude and timing of ROI helps to determine appropriate Sponsorships. Sponsors use expected ROI to measure performance and growth. Founders should also assess their own expectations of returns.
Question 4, Actions:
Key actions and primary activities should be identified to alert those involved of critical milestones. In
some cases, important actions are organizational, such as forming a corporation, providing for
funding, the timing of Launch Day, etc. For others, key actions may be associated with operational
activities such as controlling production or establishing a distribution and Marketing system.
Question 5, Capital:
The total capital requirements and planned sources should be established. Capital requirements
should address initial capital, working capital and capital required to sustain growth beyond the first
year.
The level of profit, above that needed to satisfy owner requirements and sustain growth, establishes
the amount available to service debt and provide a return to investment. A real discussion of capital
requirements at an early stage is important to developing a realistic perspective on funding and gain
consensus among founders on their approach to capital formation.
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Jul 21 20211 min
Jul 21 20219 min