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The Magic Cafe Forum Index » » The little darlings » » When do you increase your fee? (0 Likes) Printer Friendly Version

Lou Hilario
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Inner circle
2225 Posts

Profile of Lou Hilario
I am planning to increase my professional fee next year. My fee has been the same for the past 5 years despite the economic recession a few years back. I don't know whether I should give my agents and clients options or just stick to a standard fee.
So far, shows are picking up and I am fully booked till February next year. This Year of the Rabbit has been a good year for me.
What do you think?
Magic, Illusions, Juggling, Puppet & Parrot Show ^0^
http://www.louhilario.net
Cesar Munoz
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Veteran user
370 Posts

Profile of Cesar Munoz
Lou,

It's really a gut feel--and you can always lower them again if it doesn't work out. It also depends on whether you are currently priced on the low, mid, or high end of the market. Based on the fact that you are booked till February--I'm guessing that this is a good time to raise your rates. Here are some of my reasons:

1) If the new rate has a negative impact on your closing ratio, you have plenty of time between now and March 2012 to fill your March (and later) schedule.

2) The fact that you are so booked, speaks to your ability as a performer, but it probably means you are leaving some money on the table.

3) You might find that you prefer to work a little less and make the same (or more or less)

I recently raised my rates and it had an impact on the number of shows I was doing. Because I was already at the high side of the market in terms of price and because the new overall revenue number was lower (e.g. price per show X number of shows), I decided to lower my price back to the original number.

Hope that helps!!!

Cesar
Bill Hilly
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Elite user
449 Posts

Profile of Bill Hilly
I raised my rates 50% three years ago and saw a slight reduction in number of gigs. It's okay, I work a little less and make a little more. I'm keeping them the same for another year.

-B.H.
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