Investing In the Right Equipment

June 2, 2017 by Stephen J Clayton

At the start of any new business venture, there is going to be risk. Financially (and not to mention mentally). Especially when diving into the competitive entertainment industry.  There’s always pressure to be the most advanced, have the newest equipment, the coolest set up… Technology changes so fast and it’s overwhelming and discouraging to many new young entrepreneur’s. In this blog I’m going to help you to identify what trends in equipment and branding are worth your investment.

First, what does your existing customer base look like?  It’s safe to assume that the equipment you’re using for your existing customer base is in demand, since they already hired you once and understand what it is you provide.

However, the question in growing to production services is: Is there any equipment that can compliment your equipment that’s already in demand? What about the upgrade?

You’ll have a much faster ROI if you’re investing in equipment that you already know works for your customer base

Here are some questions that you can answer to find out more about your next equipment investment….

 

  1. Get in touch with your customer. Survey them.  Ask: “What can I do next time to make your experience better?”
  2. Was there something they wanted to include in their event that you weren’t offering at the time? Now might be a good time to invest, and let them know that you did.
  3. Network with more than your friends, yes… you’re competitors as well! Find out what they have needs for?  Many times our competitors are our biggest customers.  When we first purchased LED Video Wall, the company we purchased them from sub-rented the tiles back from us for 4 jobs to fill big shows like EDC and Ultra Music Festival.  
  4. On the other hand, sometimes instead of matching their equipment AND trying to one-up them, you can find out what they don’t have, and invest in that if they have a need! That
    way they can sub rent from you.  For exam
    ple some larger production companies do not have DJ backline.  And, since we came from the DJ industry, we often times get calls to supply DJ backline for touring DJs from other companies.

By thinking about these questions, your answers will you choose what equipment to invest in.  Remember, look at your existing clients and competitors and fulfill the need!

Finally, we all got in this industry for the reason that we love events.  We love our work!  If you don’t love your work it is really work.  When you love your work, work is hardly work.  In our industry work can be a party.  
Don’t be so focused about the final destination.  Live in the moment and enjoy the journey.

Stephen J Clayton Stephen J Clayton (19 Posts)

Steve Clayton has been working with event professionals for over 16 years teaching, mentoring and consulting with them to help them get more out of their event business. Originally beginning his event career as a mobile entertainer, DJ, and manager, Steve has transformed his business into a full service event management and production company. His companies specialize in full service production, technology, consulting, and talent buying. Over the past 13 years, Steve’s companies have worked with clients such as the Rose Bowl, USC Football, The Holiday Bowl, Time Warner Cable, Hyatt Hotels, Chalice Festival, High Times, and The Neighborhood Awards. Steve and his team have been blessed to work and handle major talent artists. Steve has worked or purchased talent from Lo Cash and Frakie Ballard to Comedians Steve Harvey, and Wayans Brothers. And rappers from Dougie Fresh, B.O.B and Robin Thicke to Lil Wayne, Wu Tang Clan and Machine Gun Kelly. Steve has owned companies manufacturing and selling lighting products to companies to writing and teaching classes for University of San Diego. Steve’s current companies include Soundskilz and The Event Inventor. Steve currently teaches event management, marketing and technology classes at UC Riverside.


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