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The Magic Cafe Forum Index » » Tricky business » » How do I know what my product is worth? (1 Likes) Printer Friendly Version

Greg_Magic
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I'm sure this question has been asked before but how do you know how much to charge when you are first starting out? Should I do some free gigs for a experience? What about restaurants or bars? Should I work for tips only (touchy subject I know) in those venues?
Close.Up.Dave
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A lot of this has been discussed already in many different forms. I highly recommend using the search feature and you'll discover some great info for different markets.
dearwiseone
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Greg,
Use the search engine (and/or google) and you'll find this has been discussed several times.

Good luck,
Kevin
Jesse Lewis
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Greg, It is true that this has been discussed in depth before. But I want to answer you anyway since I have not weighed in on the subject.

This is of course all just my opinion so take it with a grain of salt.

You prices are determined by a few things and the last one is what other entertainers tell you it should be. It really depends on how you plan on portraying yourself in the future, yes read that again not in the present but the future. Depending on what you want to do 1-5 years from now is how you should market yourself now.

If you plan on being a low baller- then charge low ball fee's,
Want to be mid range then charge mid range fees.
Want to be high priced then charge higher fees.

If you get the fee you want will depend on a few things like if you have built a relationship with the client, how good you actually are, if it is a re-booking or a referal and other factors.

So where do you see yourself in a year? What prices will you be charging then? Who else is in your market? What do they charge?

Never low ball it hurts all of us in the end. I know guys that go out for corporate gigs for $100-$500 which is pathetic and others that make $10,000-$30,000 what do you want to get? What do you need to get to feel comfortable with what you provide for value?

My test on price has always been this: Is it worth it for me to go do a show at this price? What price could I have that I absolutely could not refuse?

That is how I set my price.

Once the price is set it is all about your positioning for that price but that is another topic entirely.

Jesse
Learn how to build a bigger business at www.showbizsuccesssecrets.com
Dannydoyle
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Quote:
On May 20, 2014, Jesse Lewis wrote:

You prices are determined by a few things and the last one is what other entertainers tell you it should be.

Jesse


You then proceed to do EXACTLY that.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Jesse Lewis
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Yes Danny you are correct but I prefaced it with this is only my opinion which means I know I am full of bull plop just like everyone else!

Jesse
Learn how to build a bigger business at www.showbizsuccesssecrets.com
Jesse Lewis
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Yes Danny you are correct but I prefaced it with this is only my opinion which means I know I am full of bull plop just like everyone else!

Jesse
Learn how to build a bigger business at www.showbizsuccesssecrets.com
Mindpro
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The problem I see here and the flaw with the "price yourself as you want to be portraying yourself in the future" is regardless of now or the future you have to be able to be worth the value you are setting TO THE CLIENT/PURCHASER! It has less to do about the performer's wants, beliefs and justifications, but much more to do with being worth the price you are asking. This is right along side of the market and your target clients being able to afford and support your prices.

I know many kids entertainers that think they are worth $1,500 for a kids party, but how many can actually get such a price? Even once, let alone with and consistency?

Truth be told there are several key factors that should go into a pricing decision and the performer's wants is only one of them.
Dannydoyle
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Well the main problem is of course that you will not be worth that much to a client 5 years early.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
rossmacrae
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Donald Dunphy
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Recently, I was re-reading the "Business of the Show" columns (Scott Humston) from The Linking Ring Magazine. I really enjoy them. In the February 2014 column, Scott shared this thought:

"I know a great businessman who often says, 'Don't fall in love with your own product.' In other words, price it to move. If we are professional entertainers, we need to present ourselves in the best way possible: best show, best skill sets, and best entertainment ability. But we still have to get booked. Get the best fee you can; but if you aren't paying your bills, you might do well to consider the circumstances of the events."

I thought that was interesting food for thought.

- Donald
Donald Dunphy is a Victoria Magician, British Columbia, Canada.
Dannydoyle
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Of what use is a show that you charge $10,000 for if you only manage to do it twice a year?

So much of the nonsense you see like how to position yourself is put out by guys who can't find work.

What good is any strategy that does not have you working enough to eat?
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
scottds80
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Victoria, Australia
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Depends on your experience, quality of product and what the market can bear in your target area. If you are low on experience, charge less so you can be comfortable with your asking price while you gain experience. Do you have a polished show with extensive experience? Then you might be able to charge up in the $1000+ mark, and take less bookings while making the same money as the cheaper guys. Even better, you might still get snowed under with work at a high fee, and become extremely successful, it depends how you present yourself in the market.

I personally charge a minimum of $250 for a kids party. I'm comfortable with that with my product.
"Great Scott the Magician", Gippsland
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