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Gerry Walkowski Inner circle 1450 Posts |
I find the whole subject of 'Multiple Streams of Income' quite fascinating.
If you're in the magic / entertainment filed, I'd be curious to hear what else you do to generate more revenue. If these other revenue streams are magic related, that's fine. However, I'm more interested in hearing about 'Non-Magic' revenue streams. As an example, if you also have a lawn-cutting business on the side, so much the better. Thanks, Gerry |
WDavis Inner circle 1276 Posts |
Gerry,
Apart from performing, I own an online retailer, a janitorial company, a management consulting firm, and a lending company. |
Mindpro Eternal Order 10587 Posts |
I guess many here make so much from their performing they don't need/have other revenue streams.
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Gerry Walkowski Inner circle 1450 Posts |
Maybe everybody here just has magic related steams of income. While that's fine, I was more curious to hear about non-magic related revenue streams that other might have.
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WitchDocChris Inner circle York, PA 2614 Posts |
I am still working on establishing steady alternate streams. I do the occasional hypnotherapy session, readings, and I am about to set up my forge so I can get to work blacksmithing things.
Christopher
Witch Doctor Psycho Seance book: https://tinyurl.com/y873bbr4 Boffo eBook: https://tinyurl.com/387sxkcd |
David Thiel Inner circle Western Canada...where all that oil is 4005 Posts |
I know a magician of considerable skills who took a job at a retail store ten years ago. She makes 12 dollars an hour. Her reasoning was that at least she could be assured of a regular income. Ten years. Twenty hours a week. That's a total of 10,400 hours of life spent behind a counter running items across a scanner. She called this a 'steam of income' at the time. And -- to be fair -- she has realized over $12,000 a year for her efforts.
I can't help but wonder how much money she could have generated if she had worked for herself and spent those 10,000+ hours marketing her show. As for streams of income? I think of a stream as a smaller body of water that flows from the main body. As a mentalist, I will sell my stage show to a client for the largest part of my fee. I will ask them if they would like me to add on a close-up block to get their audience mixing, laughing and having fun to start the evening. A MAJORITY of clients agree to this and, since I am there anyway, it's very easy to market this 'stream' to them at a reasonable price. We all know how often the audience stays to talk with us after the show. I market another option to a client where I work from a table after the show and do "Impressionism Readings" for members of the audience on a one on one basis. Again: I'm already there, right? When a client takes entertainment before and after the event, I am able to increase my revenue by an additional 40%. Multiply that over a pile of shows in a year, and I have developed several streams of income by maximizing one sale. In both cases, I am able to make money during a time when I wouldn't be turning a buck otherwise...and able to do so literally without any inconvenience. I like that because it's efficient. We, as mystery performers, are also able to sell what we do to other mystery performers. I have a site designed to be "one stop shopping" for entertainers who use pendulums. There are a number of eBooks from people like the much-missed Bob Cassidy and compendiums including routines from Osterlind, Tahoe and many others. We also market pre-made pendulums and offer custom pendulums to performers. We ship all over the world. This site also sells two more eBooks of mine: "The Marketing Minded Mentalist" and "Windows Into The Soul" -- a book on how to read body language for mystery entertainers. Finally I have a members-only site to help mentalists develop their skills called the "Mind Gems Brain Trust." My point is that, as mystery entertainers our expertise most often is in mystery entertainment. Everything being marketed by me has to do with that one area of specialty. The area of marketing is just expanded to include several 'streams' that flow from the same source. And I still don't have a retail job or any plans to get one. David
Whatever doesn't kill you makes you stronger. Except bears. Bears will kill you.
My books are here: www.magicpendulums.com www.MidnightMagicAndMentalism.com |
Mindpro Eternal Order 10587 Posts |
Quote:
On Sep 7, 2017, David Thiel wrote: This has always been my thoughts and beliefs as well. If performing is what your true love is, why spend valuable time and efforts in something outside of it? Something not moving you toward you love, passion or ultimate goal. Especially for a magician. I feel a magician is one, if not the most universal appealing type of entertainment that fits in more markets and opportunities than almost any other type of entertainer. A magicians should be able to work 8 days a week if they want, if they take the time to truly understand the business and all available opportunities, and are wiling to do the work and put in the efforts. There really is no reason a magician shouldn't earn 75-100K a year or more if they are really serious about doing so. Especially with all of the additional revenue streams available to magicians and other mystery arts entertainers. Now I know some will say "I'm not that enterprising or entrepreneurial" or "I'm not brave enough to quit may day job to take the risk" or "I keep my day job for benefits, retirement and such." I respect and understand that, but the same things can be obtainable in entertainment if you understand the industry, have the right business model and plan and are willing and know how to make it happen. I am surprised there haven't been more responses to this initial thread (can't blame this one on Danny D. or myself, lol), especially since so many here do not perform full time and many likely have other jobs or income sources. |
Dannydoyle Eternal Order 21219 Posts |
I have no opinion. I do not have nor desire income streams other than entertainment related.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
55Hudson Special user Minneapolis 984 Posts |
Most successful businesses are focused on either their core competencies or their customers. That is, do more of what you do really well and provide that to a greater customer set, or sell more services/ stuff to your existing customers. Think of Culligan versus Costco - Culligan is all about water while Costco is all about their customers.
David's comments, I think, are spot on. Focusing on what you do well, for people who have already trusted their entertainment dollars to you, makes sense. I also agree with the comment about 10,000 hours on advertising. Even for the simplest business model (no disrespect here) -- birthday party magic -- it still makes sense. If I can charge $300 for one birthday party and my alternative is working for $15 per hour in retail, in 20 hours of marketing, can I get one show? Most certainly you should be able to. If not, then hire someone to do your marketing for you. Now the the math changes if your non-magic employment opportunities are much higher. But then that is a individual decision to be made. Hudson |
paul180 Loyal user 219 Posts |
I used to have some back of the room sales, traded in stocks and precious metals and have part ownership in a small but successful bar restaurant. All of which was afforded me through the entertainment industry.
A wise man can learn more from a foolish question than a foolish man can learn from a wise answer.
Attributing negativity to a topic or post doesn't make the topic or post negative, it shines a light on the negativity of the person or persons, making the attributions. BEWARE these Debbie downers and anything they say. They simply lack the self esteem or good will, to be positive or productive. Your belief in self, is more important and is all that matters, for your success to be glorious. |
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