The Magic Café
Username:
Password:
[ Lost Password ]
  [ Forgot Username ]
The Magic Cafe Forum Index » » Tricky business » » Sources Of Renevue In Your Business? » » TOPIC IS LOCKED (0 Likes) Printer Friendly Version

Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
I often get many questions as to ways to profit from being an entertainer. Last week I participated in an entrepreneur panel as a specialist on entertainment business and this was an area that was presented to others on the panel, and then addressed to me. Many entertainers simply don't always look at their business in terms of multiple sources of revenue, or the additional topic of scalability. While not always, these two can often go hand in hand.

So I thought it may be interesting to discuss how many sources or streams of income do you have in your entertainment business? Are you looking for more? If not, why not? I'm sure all have, of course, the income from booking and performing your show, but let's look beyond that. I know there have been some discussions on BOR for some in performance markets that allow or where it is appropriate, but what about others? Additional services, products, etc.

How much thought and effort do you put into these within your business?
TomBoleware
View Profile
Inner circle
Hattiesburg, Ms
2593 Posts

Profile of TomBoleware
Many part time magicians earn good money while working a full time job. So there is no reason a full time magician can’t earn extra money doing something part time.
Be good if you can keep it within the same industry, but I wouldn’t let other talents go to waste if it could earn extra income.

I have always been a big believer of having more than one source of income. I have owned several completely different businesses at once.
I earn money from magic today and I haven’t done a show in a long time. A little money from here and a little money from there can add
up much faster than you think. It’s that little ‘extra’ that will put you ahead.

Warren Buffett once said, “If you don't find a way to make money while you sleep, you will work until you die.”

Tom
Do What Others Do And You Will Become Average

The Daycare Magician Book
www.amazekids.com/magic-downloads/childrens-magic-ebooks/the-daycare-magician/

Tom Boleware
www.tomboleware.com
Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
That is not at all what I'm talking about.
TomBoleware
View Profile
Inner circle
Hattiesburg, Ms
2593 Posts

Profile of TomBoleware
Quote:
On Mar 3, 2019, Mindpro wrote:
That is not at all what I'm talking about.



Really? I thought you were asking about multiple sources of revenue. My bad.

Tom
Do What Others Do And You Will Become Average

The Daycare Magician Book
www.amazekids.com/magic-downloads/childrens-magic-ebooks/the-daycare-magician/

Tom Boleware
www.tomboleware.com
Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
Yes...within your current entertainment business. Not outside or additional opportunities or other businesses in addition to your entertainment business. I am also not talking about part-timers other jobs, spouses income or jobs, etc. I'm specifically talking within their current entertainment business.

I agree not having only one sole source or "all your eggs in one basket" can be quite beneficial on many levels.
Senor Fabuloso
View Profile
Inner circle
1252 Posts

Profile of Senor Fabuloso
I disagree Tom and btw Warren Buffet says many things and can contradicts himself. But while diversification has it's place, Specialization is key to being successful at whatever it is your want to be expert at. Once your reach the top of one strata moving on to other things while working the first can work. Careful though, if the attention given to the first business dies down to much, it will be in danger of failing. Better to sell it off and then move on to the next thing. To understand this we only have to look to the car industry. One can sell any number of economy cars and maybe have a mechanic shop or tire business but would you if you could, just sell Rolls Royce and have that clientele? It's basic business 101 Be the best and success is guarantied. It's the mediocre who need to have there hands in all sorts of things, to compensate for there lack specialty. But we can't all be great now can we Smile
No matter how many times you say the wrong thing, it will NEVER be right.

If I'm not responding to you? It's because you're a TROLL!
Dannydoyle
View Profile
Eternal Order
19626 Posts

Profile of Dannydoyle
Just wait and Tom will tell you about his 27 businesses and how all are just incredibly successful.

But Senor more to your point, and this backs it up I think, is you are saying be the best at something and this IS the key. So many just want to provide whatever on a mediocre level and it is what they become known for.

Be great at what you do. Don't do what seems convenient.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
55Hudson
View Profile
Special user
Minneapolis
980 Posts

Profile of 55Hudson
Within magic, I have three main sources of income: shows, BOR, and teaching magic.

Teaching is the most interesting - I own & operate Twin Cities Magic Academy, teaching to 8-12 year olds an introductory magic course. I teach primarily through schools. Why is this interesting ? Most of my show are corporate, but teaching is to kids. When you teach you must stay up on a broader range of magic than performing. Instead of becoming content with my show, teaching requires answering questions from kids who are trolling YouTube- so not just focusing on my lesson plan, but need to respond to any questions that a 12 year-old might ask.

Besides, teaching kids magic is fun!

Hudson
TomBoleware
View Profile
Inner circle
Hattiesburg, Ms
2593 Posts

Profile of TomBoleware
Quote:
On Mar 3, 2019, Senor Fabuloso wrote:
I disagree Tom and btw Warren Buffet says many things and can contradicts himself. But while diversification has it's place, Specialization is key to being successful at whatever it is your want to be expert at. Once your reach the top of one strata moving on to other things while working the first can work. Careful though, if the attention given to the first business dies down to much, it will be in danger of failing. Better to sell it off and then move on to the next thing. To understand this we only have to look to the car industry. One can sell any number of economy cars and maybe have a mechanic shop or tire business but would you if you could, just sell Rolls Royce and have that clientele? It's basic business 101 Be the best and success is guarantied. It's the mediocre who need to have there hands in all sorts of things, to compensate for there lack specialty. But we can't all be great now can we Smile


I completely agree that one should be the best they can at what they do. But there are limits in the magic business. Very few can make a living doing it must less get rich at it. Those that are lucky enough to make a living with their hobby do have a dream job. And they should be thankful for that. But that ‘job’ depends on them working. With most when the show is over they are out of work.

The Warren Buffet quote is referring to having some sort of ‘Residual Income.’ Something that will allow you to continue to get paid after the work is done. In magic that would be as simple as having a book or product line that could produce income without doing a show. Many other ways too but I will let the others get into that. Besides, some don't like me posting here. Smile

Tom
Do What Others Do And You Will Become Average

The Daycare Magician Book
www.amazekids.com/magic-downloads/childrens-magic-ebooks/the-daycare-magician/

Tom Boleware
www.tomboleware.com
Dannydoyle
View Profile
Eternal Order
19626 Posts

Profile of Dannydoyle
Nobody makes a living at their hobby. By the time you are making serious money it is a business. A hobby you put money into without a worry for return. Not many who are successful do this.

Nobody running a successful business is lucky. It is hard work and it is not happenstance. I can't imagine any business owner thinking this way.

As for other lines of income I have never really done it much. My show is my show and I sell copies of it but nothing more. MANY hypnotists get into the self help nonsense and make a lot of money doing so. It never appealed to me. Don't want to open than particular can of worms here. Send a PM and I'll expand.

Alternative streams of income make sense. Especially if you have the client already. The venues I chose to work didn't much lend themselves to such a thing.
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
charliecheckers
View Profile
Inner circle
1957 Posts

Profile of charliecheckers
This is a great topic. Diversifying can strengthen a brand, as Danny pointed out in a different thread. There are so many examples in the children’s entertainment market. I think one should really think about their approach, if they are going to pursue opportunities. Early on, I saw BOR products being offered such as Custom Magic Kits and Instant Author Books and invested in them to sell for BOR and to appear a bit larger to clients. While it accomplished both objectives to a certain degree, it also was limiting because the items were not unique or truly branded. Therefore, the profit margins were compromised, as were the perceptions of who we were. I recall a thread in Tricky Business discussing the Instant Author products where Danny Doyle shared his displeasure with the whole concept. At the time, I did not fully appreciate his point, likely because I was looking at things from a short term perspective. This is an area where my brother has greatly benefited from coaching sessions with Mindpro. Looking at developing his business with long term desired outcomes is far different than just increasing the efforts we were doing.
Ken Northridge
View Profile
Inner circle
Atlantic City, NJ
2225 Posts

Profile of Ken Northridge
Looking back, I think it all depends on what level you at in your career.

For many years I continually concluded the absolute best use of my time and energy was to improve the quality of my show. Out of necessity there was a fair amount of time and energy spent on marketing as well. But any ideas or opportunities for additional streams of income I would reject. I think it was a good strategy at the time, but I realized no matter how much I ‘improved’ my particular set of gifts had a ceiling. Smile

So, I began been carefully looking for ways to compliment my business in other ways.

For me it seems to taking advantage of the 80/20 rule (80% of your business comes from 20% or your customers). Being in the Kid Show market, I began offering add-ons like Face Painting, balloon twisting, strolling magic before or after the show, etc. I suppose I’ll have to explore BOR sales but the latest avenue I’m excited about is Balloon Décor. It seems to be a natural thing to add on to almost any event we do.

Quote:
On Mar 3, 2019, TomBoleware wrote: Warren Buffett once said, “If you don't find a way to make money while you sleep, you will work until you die.”


Sadly, I have never fully embraced this advice. However, with the advent of the web site, I have had flashes of this. From time to time I will wake up in the morning to find someone has successfully navigated my web site and filled out my booking form, all while I slept. All I have to do send them a confirmation letter and the booking is complete. I love that!
"Love is the real magic." -Doug Henning
www.KenNorthridge.com
Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
I'm glad many of you are getting this as I didn't think that this was that difficult of a question to understand and it was actually a topic of great interest to most here. I guess for those not in business it may not be as understandable. Especially those not in entertainment business.

After thinking about it, I can't think of many "top working professional entertainers" that haven't diversified their business, offerings, and opportunities. As others have said, in this day and age, with greater opportunities than ever, it is almost bad business not to.

I think the benefits are many and serve multiple purposes. For example, one of the things I teach for those I coach is how to make your entertainment business virtually indestructible and recession-proof. In fact about 12 years ago, during our worst economic times since the Great Depression, I not only charted my business activity and numbers with my students and consulting clients, I allowed them to directly watch as I decided to grow and expand one of my newer divisions to grow to over three times it's current level. We addressed every surface concern in the process - no one has any money to spend, events are drying up, nobody has the budgets anymore, people aren't interested in entertainment, and so on. This was well documented and everyone saw every step I took along the way, full disclosure. They quickly saw my original plan and concept - specifically calculated in advance, followed by the exact execution.

One of the great contributors to every successful business person or entrepreneur I know is A. a much deeper education and understanding (of their business, markets, and industry) than most others, to a level most don't even know exists (you don't know what you don't know), and B. offering multiple sources of income within your business. Of course, this can also be part of diversifying.

I can't understand how anyone would think this is a bad thing. There has been mention of "the top names" only doing one thing and this couldn't be more incorrect. It is merely another uninformed opinion. I know and talk to most of the top names in Las Vegas including Mac King, Teller, Gerry McCambridge, Kevin Burke, Jonathan, Murray, Scott (Carrot Top), etc. and they ALL diversify and have multiple sources of income in their business and operations. It is just safe and smart business, not to mention opens up future opportunities for them, plus options and as we have discussed in another thread - greater value.

However, this is not reserved for just the "top names" in entertainment. I think just as many opportunities exist and are present for the local or regional, unknown entertainer. While I won't speak about others, since Charliecheckers mentioned it and his bother has chronicled some of his experience and success in working with me, I feel it's okay to use him as an example. In just a short year or two he has begun to explore this area and incorporate this complete understanding into his business and I can without a doubt say, has positioned himself already and being diverse with multiple components like this in his business. It is already separating himself from the others, creating positioning, and reducing much of the risk many others have in their business. I won't elaborate, but we must remember, he is doing this and building his business while still only part-time and being a student still in school!

I think this is one of the topics that affect one's bottom line in their business, creates security for their business and family, while growing your business and creating value. To be ignorant to this or not trying to gain a proper understanding of this is just poor business and short-sidedness.

Thanks to those that are sharing their examples with us, I hope to hear even more as I think this can be beneficial to others and create a new approach and way of thinking for some that have yet to discover this concept.
Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
I also like what Ken and his wife have done with the offering of their additional services and the offering of them individually or the benefits of packaging of them together.
Senor Fabuloso
View Profile
Inner circle
1252 Posts

Profile of Senor Fabuloso
I'll let the FACTS speak for themselves https://www.forbes.com/sites/larryalton/......2b7d4a29 Anybody can spew fake news, when they have nothing to back it up but what they say Smile
No matter how many times you say the wrong thing, it will NEVER be right.

If I'm not responding to you? It's because you're a TROLL!
Dannydoyle
View Profile
Eternal Order
19626 Posts

Profile of Dannydoyle
And what do you believe these FACTS prove about entertainment? And what is YOUR specialization?
Danny Doyle
<BR>Semper Occultus
<BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell
Senor Fabuloso
View Profile
Inner circle
1252 Posts

Profile of Senor Fabuloso
Here is another link proving my point https://nugrowth.com/business-developmen......success/
No matter how many times you say the wrong thing, it will NEVER be right.

If I'm not responding to you? It's because you're a TROLL!
Mindpro
View Profile
Inner circle
9422 Posts

Profile of Mindpro
No one ever said anything about specialization. Of course, we all specialize, but specialization as you refer and "riches in niches" is a lot of online marketing guru talk. Also, your attempts to provide works of others (often out of context) proves nothing other than you waste a lot of time scouring youtube, Amazon, Wikipedia and anything online you can desperately find to support your misinformed claims (these are not FACTS), while others of us here are out in the real world doing it and discussing our real-world experience. Two hugely different things. The questions I posed were for those to speak of their own entertainment businesses. Your links are pointless when compared to actual real-world personal experience.

Also, I'm not sure where you are looking but I (and others here) can back up the claims I make. I work in this industry and the things I offer and discuss each and every day and have for decades - these are not theories or opinions, but experience and facts based on everyday operations. Again, get your facts right.

Since you started your own thread to intentionally oppose this one perhaps you should keep your links and unrelated, conventional business theories for your own thread as not to derail this one.
The Magic Cafe Forum Index » » Tricky business » » Sources Of Renevue In Your Business? » » TOPIC IS LOCKED (0 Likes)
[ Top of Page ]
All content & postings Copyright © 2001-2019 Steve Brooks. All Rights Reserved.
This page was created in 0.17 seconds requiring 5 database queries.
The views and comments expressed on The Magic Café
are not necessarily those of The Magic Café, Steve Brooks, or Steve Brooks Magic.
> Privacy Statement <

ROTFL Billions and billions served! ROTFL