My seminar is going to be on 10 things you can do to increase your revenue…no matter what you are doing! Here’s a little teaser to entice you to stop by my presentation—one of the top 10 things you can do:
HIRE A YOUNG, GOOD, POTENTIAL DJ TO WORK WITH YOU
At first, this isn’t going to generate revenue, in fact, it will do the opposite. But, in the long run, it could be one of the best moves you make. Now, I’m not telling you to go out and start a multi-op company, far from it, but having a second DJ that can do smaller, cheaper events, allows you to still get the exposure of your company name, while teaching someone the skills needed to DJ one of your shows.
This is going to start really small for you. All you are going to do is have this “second” DJ tag along with you every single time you go out. Have them practice with the gear during the week. Give them little tests. Basically, you are letting them learn by simply watching you. And watching you for a long time. Six months should be the minimum. Again, you are not formally training them, so there is no program. The program is watching you on shows.
Once you feel comfortable enough with them, sit down with them and discuss compensation. If you know what you have to pay them, you will know what your profit margin will be on each show. Then, let them do an event. Give them an event that they can’t possibly mess up. Something small and easy. And have faith!
The idea is that this person will get good. Over the years they will continue to grow and get better. They are not going to stay the “entry level” DJ forever. Within a year or two, you may have the chance to let them do your school dances, or maybe some corporate events. But imagine, if after two years, they can do a wedding!
So let’s do the math:
How many events are you turning
down because they either can’t afford you or you are already booked? But now you have this second DJ. So you decide that you could take on that small school dance or church event next year if this DJ works out. But at a price much better for the client. Let’s say $300. You pay the DJ $125 and you keep the balance of $175. Now, it isn’t going to get you rich, but it’s the idea that your starting another form of revenue. It is going to take time.
Let’s just say that the same DJ, two years later, can now do a wedding at your $800 rate. And you pay him $350 and you keep the balance of $450. Again, not making you a millionaire, but you now have two weddings you can do in one day, making you 56% more than you would have if you didn’t have another person.
There are many advantages to having just one more person. The down sides just aren’t there. Because it is just one more person and not a “crew” of DJs, things can be a little less formal.As the owner, you can have a lot of control over what they do and can be consistently watching their growth. You are now able to take on the shows you couldn’t have done before, allowing you to be in two places in the same time. This will ultimately generate more potential prospects that would want to hire you. And we all know what an increase in demand does for your pricing!
The downsides that we all here over and over again are always the same. “You are training your competition” and “What happens if they mess up or worse, don’t show up.” Sometimes you have to take a chance. There are a few ways you can protect yourself from them leaving, so that can be managed. And as for the “not showing up or doing a bad job,” well, this is mitigated by you having them shadow you for as long as it is necessary, so you can confidently say that will never happen.
The most exciting thing that can happen is when the phone rings and they don’t ask for you to DJ, but the second DJ that you have been training for all those years. It will bring a smile to your face and revenue to your business.
Filed Under: Issue #146, Issues from 2012, Profiles
Leave a comment