Has your DJ business felt static of late? Maybe you’ve found yourself pining for better — not to mention more lucrative — gigs. It’s a common dilemma — no matter your career — to question what your next steps should be. That said, DJs face a lot of stiff competition. So, it’s essential that your game — and game plan — are tight. Otherwise, you can bet a tech-savvy counterpart is ready to snatch your gig.
Read on for our money-making recs to bolster your business and head — or redirect — down a successful path.
Set a Budget
Some things are necessary for business ventures regardless of industry. Creating — and adhering to— a budget is one of them. That means not just knowing what you’ll make, but also what you’ll spend. What, for example, are your marketing costs? What about insurance costs and corporate overhead? By realistically accessing your income and the cost of operation, you can make informed decisions about purchases, prices and expenses.
Know Your Expenditures
We’ve all heard the saying, “you need to spend money to make money.” In many ways, this rings true. The general rule of thumb is to set aside 5 to 7 cents per revenue dollar for equipment upgrades. This way, you’re not left unprepared — or financially unsound — when something goes on the fritz or your business needs a technological reboot.
Get Your Name Out There
When properly budgeted and thoroughly planned out, advertising can give your business a lift. That said, there are other ways to get your services noticed — for free. Try reaching out to media outlets — such as DJ, entertainment and music blogs — to lend expertise. By positioning yourself as an industry authority, your name and services may get noticed by watchful eyes — at no expense to you. Another tip? Consider joining local business organizations that help you network and spread the word, volunteer your services for a not-for-profit, or start an organization to support a cause you believe in.
Securing gigs is important — just not at the expense of being compensated for your worth. Beyond chipping away at your profits, discounting your services has another downside: it devalues your business. After all, clients (and those they recommend services to) are likely to expect the same down the line. On the rare occasion you do offer services at a reduced rate, it’s important to ensure expenses drop in kind.
Some Things are Too Good to Be True
There are responsible, smart ways to finance your DJ business, as well as others that are not-so-financially-sound. Steer clear of financing methods tied to short-term loans and credit card receipts, which can cost you over 25 percent. Remember instead that bank loans are best. Second to that are credit cards with competitive rates.
Diversify — When it Makes Sense
There’s nothing inherently wrong with diversifying your business — provided you know what you’re doing, what you’re getting into and what the associated costs will be. On the flipside, you don’t want to get suckered into a service or product that will negatively impact your bottom line. Before expanding your offerings, be sure you do the research and truly understand the fixed and variable expenses associated with diversification.
Put Your Best Face Forward
First impressions do matter, so your website needs to look polished and professional. It also should be free of grammatical errors, represent and clearly explain the scope of what you do, and make clear the value proposition hiring you will bring. Once that’s out of the way, methodically tie your site in to social networking, be it your own blog, your Twitter feed or your Facebook page. Then, capture potential clients’ email addresses, and drive business with special, pointed incentives.
At the end of the day, keeping things moving upward is key to a successful DJ business. Doing it in a way that positions you ahead of the fold not only establishes your presence but has the potential to bring in more bread.
Are you ready to take it to the next level? Score big deals on the latest DJ gear during our Make Some Noise DJ Promotion this March, or give us a shout at (800) 356-5844 with any questions you have.