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gary97 New user 3 Posts |
Hi this is my first post on this board. I am 20 years old and in college. I been doing magic since I was 18. I gotten far in two years but I have a question. You see since I am in college, I have kinda added up some credit card debt, ($5000 to be exact). I bought some magic stuff and other stuff that I wish I didn't buy. But my question is that I have bought marketing stuff now and beginning to use them and they are slowly working. But should I first pay off my credit card and then start marketing more or should I keep doing what I do and take any money I make from doing magic to pay off my credit card.
what I want to do is to pay off my credit card and then only use them for marketing efforts? I want to do magic part time or maybe full time while I am in college, so I was thinking of paying off all my credit card and getting one of those business credit cards like American Express OPEN. Is that a good idea? I want to use them to place lead ads, direct marketing list, and stamps? How do you guys use credit cards for your magic business without going deep into debt? I want to start doing magic full time after I graduate but I don't want to be deep into debt so I can't do anything. (I will have student loan debt, but that is good debt, I don't want credit card debt). Any advice would be good Thanks Gary St. Clair |
Donald Dunphy Inner circle Victoria, BC, Canada 7563 Posts |
I was taught this priority:
1) Debts 2) Needs 3) Wants 4) Desires I have a lot of debt, too, and am working hard and staying very focussed on eliminating it. It was something that was all paid off at one time, and came back again. So credit cards are an easy habit to get into trouble with. This is an important warning! Right now, I am using about 50% of my extra income directed into marketing that works, and 50% into paying off debt. And my debt is being reduced by hundreds each month because of focus. Don't forget to also set some aside. Some experts recommend about 10% of income set aside as savings/emergency savings. If you leave this savings alone, you can use it as collateral for getting a loan for your business. Why would you borrow money if you already have it? Simple. It builds up your credit rating to borrow money, and to pay it off in a timely fashion. The Gr8 DonaldD.
Donald Dunphy is a Victoria Magician, British Columbia, Canada.
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Steve Hart Veteran user Cocoa, FL 388 Posts |
Gary,
I am almost 50 years old, I have been performing magic professionally for over 20 years. It took me a while to figure out that I could make a good living working professionally as magician. Here are a few suggestions. First you don't have to spend a lot of money on advertising. Go to the library or search on the Internet for; How to advertise your services as magician for FREE! At this time avoid spending money on direct marketing. Unless you are really good at marketing, this is too costly. So look for the alternatives. Offer Free shows to business associations luncheons. Collect business cards. Find a restaurant that will hire you to do some table hopping. Pass out your business cards. Word of mouth and your phone number are the most important tools for getting shows. I am assuming that your magic performance is good. Pay off your credit card debt. Only use it when you have the money to pay if off. Stay focused as Don suggested. If your performance is good, you will pull through this period and learn a lot. Don't give up. One last thing, I hope you are performing magic because you enjoy it, not just to pay off your debt. What is your major in college? Where are you attending school? Steve Hart Cape Canaveral, FL USA
www.SteveHartSpeaks.com
www.magic2motivate.com "Motivational Magicians are some of the highest paid magicians, find out why?" |
RobertBloor Inner circle The Socialist Republic of the USA. 1051 Posts |
Gary,
Donald & Steve give you valuable advice. I'll add some more. First a preface though. I'm 24 years old and graduated from college two years ago this December. I'm still 'wet behind the ears' in a lot of ways but have come to realize this. 1) When it comes to credit card debt, get it to a point where you could pay it off at any time. It sounds like your income to debt ratio is such that it makes that difficult. So definitely focus on getting that paid down. 2) Making Money In Magic: OH YES. It can be done. Please Please Please! I am BEGGING YOU! For the sake of your success...RIGHT NOW. TODAY. AS YOU READ THIS... Raise Your Fees! I don't even know what you're charging but raise it. Right now. 3) Which Cards To Use: There are a lot of great options out there for business cards. However make sure you read all of the fine print. Many of them are designed for companies making higher revenue than you or I would. They also tend to have some pretty steep annual fees and APRs. So be sure to read all your options. I have two credit cards. One I use for personal expenses and the other for business. And frankly, it's just a regular ol' credit card with a good APR. Some things to consider for you. I truly believe you can make this happen for yourself. If you're really genuinely interested in the business side of magic (which is the important side of it), please come visit us over at The Dean's List. http://www.thedean.net/forum We'll see you there! Robert Bloor
"That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government,"
-The Declaration of Independence |
Neale Bacon Inner circle Burnaby BC Canada 1775 Posts |
I will add my 2 cents...
I have been doing magic professionally since 1977. For some 15 years it was full time, but mostly as a part time pro. I had to ask myself what I was willing to give up to be a full time performer. Was I willing to be on the road and way from my family so often, and I decided No, so I went to part time. What I am saying is to ask yourself if you want to be a full time pro or part time. There are those who say people are part timers because they aren't good enough to go full time which is simply a lie.I read once where 80% of professional magicians are part timeers, so it's something to consider. Just something to think about, and again I will say that these are only my opinions.
Neale Bacon and his Crazy Critters
Burnaby BC Canada's Favourite Family Ventriloquist www.baconandfriends.com |
gary97 New user 3 Posts |
Thanks for all the advice guys. I am in my second year and studying psychology. I go to Cal State Sacromento. I used my credit cards a lot to buy magic stuff (70% of the things I bought I don't use anymore, so if I could go back in time I wouldnt of bought them, I think that speaks for most magicians) I plan to pay off my card and only use them for marketing stuff, not buying tricks. But for people here who are full time, how do you guys advertise yourself? Direct marketing? Networking? word or mouth? Because if you use direct marketing you have to pay for the list and stamps/envelope. So do you guys use your credit card.
Right now I use direct marketing but the thing it is basically costing me nothing. I got a list from a friend and my dad gave me the envelopes and stamps, so I don't pay for any of that! So basically I have no expenses right now, unless I wanted to place a lead generation ad in a magazine, how much would that cost anyway? So the people who are doing it full time, how did you get started? Where did you get the money to start doing magic full time as a business? Any business needs capital to get started and cash flow to keep it going. Did you guys use government grants/loans? Banks loans? Saving money? Credit cards? All the advice you have given me is really good, I will definity use it. Happy Thanksgiving! |
RobertBloor Inner circle The Socialist Republic of the USA. 1051 Posts |
Gary,
Getting money to start. Not everyone can just quit their job and be a full time professional "in just 90 days." I worked part time in television (my degree). That was great because I had time to work on my business, but also enough to pay the bills. As for start up capital...unlike other businesses, you don't need X number of dollars to "get started." Look seriously at what you have. There have to be tricks in there that you wouldn't think could work effectively but will do for now. The idea is to reinvest EVERY dollar you make back into your program. Instead of worrying about what to buy for your show, take what you have and create your show. Then go get some bookings. You don't have to charge thousands. But please don't hurt yourself by charging $75 here and $100 there. Go out and get shows. I get most of my shows through networking. You can to. But you gotta take action! Good luck and eMail me if you have any questions. Robert Bloor
"That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government,"
-The Declaration of Independence |
Steve Hart Veteran user Cocoa, FL 388 Posts |
Gary,
Please listen to we are saying. There is no one way of marketing yourself as a magician. It may take several methods to get you established. When it comes to advertising, keep it simple. Use your time and energy but spend your money wisely. Direct Marketing is only one way. Ads are very costly and should only be purchased where other entertainers are listed. Personally I would avoid them unless it is a Yellow page phone listing. Even then keep it simple and cheap. Are you living in the Sacramento area year round? Have you ever heard of "Permission Marketing"? How about "Position Marketing"? I have even used "Mischief Marketing." If you don't know what these are, do a search on the Internet. I have an audio CD and a workbook on "Position Marketing" for magicians. You can find that on my site under "resources". Have you attended any of the local magic clubs in Sacramento? Here is one http://magic1.org/ibm192/ Visit with other magicians in your area, find out what they are doing to get the business. Steve Hart Cape Canaveral, FL USA
www.SteveHartSpeaks.com
www.magic2motivate.com "Motivational Magicians are some of the highest paid magicians, find out why?" |
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