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Tim Friday Elite user 485 Posts |
I have been working at my magic business now since March 2013, 2 years and few months at the time I make this post. I started out at a restaurant and have continued with restaurant gigs and adult parties. I am now performing at two restaurants on a weekly basis and one bar on a monthly basis.
In April I finally began to get consistent bookings and income from kid shows. It took a while for me to figure out what the best package/price is for my area but once I did it has been really consistent and made a significant increase to my magic income. My question is: at what point should I quit my day job? I know ultimately this is a question I must answer for myself but here are some factors to consider: Dayjob has benefits: healthcare insurance, other various insurance coverage, expensed cellphone bill, 401K match, car allowance and reimbursed mileage, etc However performing magic is my passion and I believe if I put all my efforts towards it without the dayjob in the way I would see my magic business continue to significantly increase. I would be very interested in hearing stories from you and other members of the Café about when you quit your dayjob. How did you know it was time? How did the transition work out? |
Dannydoyle Eternal Order 21219 Posts |
Here is an answer you are probably going to hate.
This is a business decision. Take your passion and put it away. You can not pay your mortgage with passion. It is really not that hard in the end. You have 401K and all that. ADD it up over the course of the next years until you retire and figure out what that number is and look at it hard. That is what is being given up or what you are paying for your "passion". Seriously. Look at every dollar in value there. Health insurance, car allowance and so forth. Now remember YOU will pay for all those things. PLUS you pay employer and employee side of taxes as well as all those things before you get anywhere NEAR a salary! Figure out what raises might be if you stay in your current position. Look at ALL these numbers hard. Then simply look at if you think quitting your day job and having that extra time will allow you to duplicate the model. That is one way to do it and a logical way. Also you can look at what the bare minimum you need to survive is. What can you manage to get by on at a minimum. Not for a while but for a long time while business builds. Can you manage to live like that and can your income from magic make that kind of money? It takes a strange uncomfortable step being the ONLY way to have money flow.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
Mary Mowder Inner circle Sacramento / Elk Grove, CA 3659 Posts |
Listen to Danny (this time LOL).
Remember the economy changes and markets dry up suddenly with those changes. Company Christmas Parties for example. I sometimes think we are too encouraging to Magicians wanting to make this change. A big change in your income can be a serious strain on your relationship with a spouse. Is it possible to work for fewer days at your normal job or make arrangement to take a day off if you are booked? You should consider asking. It is easy to look like it's all rosy but I think we might be surprised at the precarious finances of some very good Magicians who might not be the best business people. Many excellent and Professional Magicians have a day job. I'm happy with my choices but they were not always wise financial choices. Best of luck (and hard work) either way you decide to go. -Mary Mowder |
Dannydoyle Eternal Order 21219 Posts |
MANY excellent, not good but excellent mind you, magicians have day jobs.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
dearwiseone Inner circle Portland, OR 1143 Posts |
Quote:
On May 26, 2015, Dannydoyle wrote: Great advice. You need to be making AT LEAST what you can live off of (like what you're making now). Plus, you need to have a buffer/emergency fund. Dave Ramsey has some great advice on this too, you can find his recommendations on many blogs. Just search "Dave Ramsey when to quit day job" or something like that. You might also check out his book EntreLeadership which might help. Quitting your day job with nothing on the books is possible, but can be very difficult and is not recommended! Hope that helps, Kevin |
Donald Dunphy Inner circle Victoria, BC, Canada 7563 Posts |
Here are just a few previous threads on the topic. I especially appreciate Jim Snack's input:
Café thread titled... Turning Pro.... Café thread titled... I will not fail... Not again Café thread titled... Attempting to go pro this year and I need some help. Café thread titled... How to start my own magic business? - Donald
Donald Dunphy is a Victoria Magician, British Columbia, Canada.
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Tim Friday Elite user 485 Posts |
Quote:
On May 26, 2015, Donald Dunphy wrote: Thanks Donald, there is really valuable info in these threads. Very different from what has been posted in this thread... It is also interesting to see how many of the people who posted in those threads are no longer around, no longer posting... |
Tim Friday Elite user 485 Posts |
Quote:
On May 26, 2015, dearwiseone wrote: Thanks Kevin, I am very familiar with Dave Ramsey and agree with what he teaches, I took your advice and found a post where he says: "Dave recommends coming up with an income goal that is a percentage of your salary, and then work like a crazy person to get there. When you reach it, you can concentrate 100% on your new venture. For example, if you make $75,000 a year, your goal could be to quit when your side business has an annual income of $50,000." |
BrianMillerMagic Inner circle CT 2050 Posts |
I've never had a "day job" so I can't speak to when you should quit yours. But I can tell you all about being a full time entertainer. No matter what anybody tells you, you will never be "comfortable". The market changes and so does your income with it. Besides the obvious (paying your own health insurance, liability insurance, IRA or some form of retirement, all the taxes yourself, etc) you should be able to set aside at least 6 months of living expenses in the event of accident/illness that prevents you from working.
Furthermore, you'll find that you can't easily plan vacations or extras far in advance, because you don't know what your income will look like. I'm planning a wedding right now, for example, and as we discuss the honeymoon for next March 2016, it's incredibly difficult. Business is booming... right now. But I have no idea if it will be booming 6-8 months from now. You will find yourself either 1) keeping such careful track of your finances that you drive yourself crazy, or 2) not paying enough attention to finances and going broke and/or running out of money for business expenses. Please consider the stress of self employment and the very serious toll that stress takes on your health. This has been and I'm sure will continue to be my biggest issue, now in my 11th year of professional magic, and 5th full year out of school. I make a very, very respectable income (well above the average for someone of my age) and live quite modestly. We cook healthy from home most of the time, maybe eat out twice a month, hardly drink at all, go to less than 3 concerts/year, own sturdy but modest cars (Hyundai Sonata), have digital cable but the lowest package, etc. And yet saving money or planning for extras is incredibly difficult. Just some thoughts, if they mean anything to you. |
charliecheckers Inner circle 1969 Posts |
I also think it comes down to an honest assessment of talent, business capability, and life style preferences.
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Tim Friday Elite user 485 Posts |
Quote:
On May 26, 2015, BrianMillerMagic wrote: Thanks for sharing this personal info Brian, I have a lot of respect for your posts. It sounds like as your business continues to grow you will not have to be concerned with some of the stresses you mention. It is definitely something I should be mindful of... |
latentimage Elite user No More Room In Hell.. 440 Posts |
Quote:
On May 26, 2015, charliecheckers wrote: I agree. I think that, if you are honest with yourself, you will know when and if the time comes. Additionally, so much depends on your personal situation and unique outlook on life. Some people are ok with struggling to get by and living paycheck to paycheck because they are willing to pay the price to do whatever it is they want to do, whether it's magic or whatever. If you are not one of those people, you won't find any advice better than given by Danny and Brian, I don't think.
"Come to the edge," he said, They Said "We Are Afraid," "Come to the edge," he said, They Came, He Pushed Them...And They Flew. -Apollinaire
"If there be a skeptical star, I was born under it. Yet I have lived all my days in complete astonishment." -W. MacNeile Dixon |
Gerry Walkowski Inner circle 1450 Posts |
Tim,
Not to scare you off, but if you study magic history you'll discover that a ton of magicians who performed magic for a living died dead broke. Sometimes things change and it's hard to adapt to these changes. Blackstone Sr. had a great illusion show. Several wives and years later, though, he was working old vaudeville houses performing 4 mini-shows a day in between movies. The glory days were over and it's my understanding he died completely broke. He had plenty of company, too. Personally, I love performing part-time. It allows me to "dip my toes into the water," while still enjoying great health benefits, a pension and a nice paycheck that the "golden handcuffs" provide. Gerry |
Tim Friday Elite user 485 Posts |
How much do you recommend making/week and for how long before quitting day job?
Average $500/week? $1,000/week, $2,000/week? For at least two months or longer than two months? |
BrianMillerMagic Inner circle CT 2050 Posts |
Quote:
On May 27, 2015, Tim Friday wrote: Depends on what you're currently making, what your current bills are, and what kind of quality of life you're looking to have. I would definitely be making whatever dollar amount you're aiming for consistently for at least 1 year. As the seasons change so does income, and it all depends on your target market, your geographic location, and the overall economy. I traditionally have dead summers but BOOMING Spring/Fall, with average winters. A lot of guys I know make 80% of their annual income June/July/August when I'm sitting at home. It all depends. |
sjbrundage Loyal user 239 Posts |
Quote:
On May 27, 2015, BrianMillerMagic wrote: Some awesome points here. So many things to factor in.. especially what market you are targeting. Without street performing last summer it would have been extremely tough to make a living. Due to the fact that I could perform 4 days a week and make consistently good money working the streets I was able to have a very lucrative summer. In my situation since I have only been a full time magician I have never relied on another source of income to get by. In my case that was easy because I am 24 year old male who rents an apartment and who owns a nice used car. I don't have much overhead cost to maintain.. so if I have a slow month it doesn't kill me. Obviously if I had kids, mortgage, car bills, baby sitters, and other mouths to feed... it would make life extremely hard. If I had other people relying on me.. I would defiantly give it a LOT of thought. |
Dannydoyle Eternal Order 21219 Posts |
You are asking questions nobody can answer.
What are you willing to get by n is the question. New car or used car. Nice dinners and shows and travel or basic cable package? Add up your monthly bi lls and multiply by 12 and you have the start of your answer. As just an opinion based on the questions my first thought is you may not be ready.
Danny Doyle
<BR>Semper Occultus <BR>In a time of universal deceit, telling the truth is a revolutionary act....George Orwell |
dearwiseone Inner circle Portland, OR 1143 Posts |
Quote:
On May 27, 2015, Tim Friday wrote: Tim - Nobody can answer this but you. Do you live with your parents? In that case, maybe $500/week is enough. Are you married, do you have a second income? Do you already have retirement? Savings? Do you eat out a lot? Are you comfortable operating without a profit for a while? Do you have kids? do you have debt? Are you making car payments? It just depends on your lifestyle. YOU need to do a budget and find out what you've been spending. In the past 24 months, what is your average income/outgo? How much do you spend per month? What are your monthly bills? How soon do you want to retire? What are your financial goals? You can't ask us to do this for you, YOU have to do it! |
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