The BOYA Programme
This six module seminar series which takes place over six months aims to equip cultural practitioners with the skills needed to determine the shape and viability of their artistic enterprise, to understand the fundamentals of financing a business and to make a solid business plan.
The series is structured in such a way that each module builds on the other, each imparting a particular and discrete set of skills and tools, leading to a tangible outcome which is the creation of a viable, fundable project proposal.
In order for cultural practitioners to best access and profit from the proposed facilities and mechanisms, including the Cultural Industries Development Bill, being put forward by Government to industrialise the Sector, they must have an understanding of the basic principles of sound business practice.
The Business Development Department focused this BOYA seminar series specifically on entrepreneurial ideas directly related to Heritage. In 2012 the City of Bridgetown Credit Union partnered with the NCF and provided cash sponsorship into the programme. COB has also indicated that they are willing to assist in the start-up funding of the potentially viable business plans developed in the programme.
The cultural sector is made up mostly of persons working on a semi-professional, amateur and/or part-time basis. They are often trying to maintain households on salaries from their “traditional” jobs at the same time as they are attempting to grow their artistic business venture.
Some major challenges posed by this approach are the issues of time management, capital investment, and the general sourcing and management of funds since with little or no collateral it is often very difficult to secure funding from lending institutions in order to further develop businesses in the arts and culture. It is therefore necessary for practitioners to fully understand the sector or industry which relates to their artistic talent as well as the risks involved with going into full time business in order to minimize said risks and maximize growth.
The objectives of this programme are as follows:
- To introduce basic principles for arts business practices
- To educate artists about supply and demand
- To train artists/cultural practitioners in creating a plan for their business
- To introduce basic marketing principles and market research
- To assist artists in understanding finance, fundraising and cash flow
- To serve as a seeding program/incubator for products and services related to Heritage for either the local, tourist or international markets.
Outcome of Programme- Each participant who successfully completes the course will produce either a business plan or a full project proposal which can be used to ‘pitch’ to potential investors, funders or sponsors.
In 2012, the City of Bridgetown Credit Union partnered with the NCF and provided cash sponsorship into the programme. COB has also indicated that they are willing to assist in the start-up funding of the potentially viable business plans developed in the programme.